Thursday, July 06, 2006

Bank of England Maintains Interest Rates at 4.5%

The Bank of England's Monetary Policy Committee today voted to maintain the official Bank rate paid on commercial bank reserves at 4.5%.

The minutes of the meeting will be published at 9.30am on Wednesday 19 July.

The previous change in interest rates was a reduction of 0.25 percentage points to 4.5% on 4 August 2005.

DATED: 06.07.06

FEED: BoE

Wednesday, July 05, 2006

GM establishes alliance task force

General Motors has established a task force to investigate the advantages of an alliance with Nissan and Renault.

According to reports, GM’s chief financial officer Fritz Henderson is heading up the project to assess the existing Renault-Nissan alliance and the potential benefits it would bring to the US carmaker.

The boards of the three car manufacturers are due to meet in Detroit later this month to discuss the deal.

DATED: 05.07.06

FEED: MT

Inchcape completes Lind acquisition

Inchcape Retail, the second largest dealer group in the UK, has completed the acquisition of Lind Automotive, ranked 21 in the Motor Trader Top 200.

Inchcape announced its intention to snap up Lind in May.

The purchase of Lind will boost Inchcape’s portfolio in the south east and East Anglia by bringing on board five BMW, three Mini, four Volkswagen, four Audi and three Honda dealerships as well as single outlets for Land Rover and Mitsubishi.

DATED: 05.07.06

FEED: MT

Tuesday, July 04, 2006

Complex market creating confused buyers

The increasing complexity of cars for sale on British forecourts has led to a certain amount of confusion from buyers, according to EurotaxGlass’s.

Some ‘niche’ vehicles are experiencing limited demand in the used market and values are suffering as a result.

"The key question is whether this bewildering array of used cars will be able to establish a presence and a following in the used car market," says Adrian Rushmore, managing editor at EurotaxGlass’s.

“It is the vehicle’s ability to provide a unique selling proposition that remains crucial. It is in this respect that some models have been found wanting and used values have suffered as a result."

DATED: 04.07.06

FEED: MT

OFT criticised for ignoring used car warranties

The OFT has come under fire from Warranty Direct for continuing to overlook the warranty restrictions being applied to the dealer dominated used car market.

The criticism comes in response to the OFT’s self-administered "pat on the back" following its intervention into the issue of service restrictions applied to new car warranties.

Duncan McClure Fisher, managing director of Warranty Direct, claimed the OFT was still ignoring 5 million used car buyers.

He said: “They (the OFT) need to make sure the restriction lifted on new cars, is repeated for the used segment, especially those in the franchised dealer controlled 3-5 year old market.”


DATED: 04.07.06

FEED: MT

Business confidence rises in June

Business confidence has bounced back in June following its May slump.

According to the latest data from the Lloyds TSB Corporate Markets Business Barometer, the percentage of firms reporting an increase in confidence in the state of the wider economy jumped to 51 per cent in June, up from 37 per cent in May.

Confidence in business activity has also soared, with 62 per cent expecting their trading levels to increase this year.

DATED: 04.07.06

FEED: MT

Monday, July 03, 2006

GM proposes alliance with Renault Nissan

General Motors could be on the verge of striking a deal with Renault-Nissan that would create an alliance with control of almost 25 per cent of global car sales.

The tie up was proposed by GM shareholder Kirk Kerkorian who has a 9.9 per cent stake in the Detroit company.

According to reports, Kerkorian has claimed Carlos Ghosn, chief executive of Renault and Nissan, was receptive to buying a significant minority interest in GM.

DATED: 03.07.06

FEED: MT

Smart forfour comes to an end

Mitsubishi Motors and DaimlerChrysler have signed agreements concerning the end of production of the smart forfour model.

Production of the model at Mitsubishi’s European production facility in the Netherlands came to an end last week.

Mitsubishi has agreed compensation with Daimler Chrysler over the termination of the contract and says the end of production will not affect fiscal 2006 earnings.

The Nedcar factory will continue to produce the Mitsubishi Colt.

DATED: 03.07.06

FEED: MT

Motor finance market recovers in May

The motor finance market made a recovery in May following an exceptionally poor April.

According to the latest figures from the Finance and Leasing Association, the number of new cars purchased on finance increased by 4 per cent compared with May 2005.

Finance provision in the used car sector remained constant with May 2005 figures but fell 3 per cent in the latest twelve-month period.

DATED: 03.07.06

FEED: MT

Bramall gets on board with Lookers

Tony Bramall has been appointed as a non-executive director of Lookers.

Bramall was chairman and a director of CD Bramall until February 2004.

The appointment was agreed at a Lookers’ extraordinary general meeting last week.

Earlier this year, Bramall acquired a 24.4 per cent stake in Lookers, helping ward off a hostile takeover approach from Pendragon.

DATED: 03.07.06

FEED: MT

Carlyle Finance to boost dealer finance confidence

Motor finance provider Carlyle Finance is to benchmark its APR rates against mainstream lenders.

Each month the firm will produce an APR rate comparison table for dealers, to illustrate how they can offer similar deals to direct and supermarket lenders.

Managing director Mark Standish said: “Dealers need to be aware that they can really compete in used car financing and armed with the rate comparison table they will see they are able to offer a better value proposition to their customers.”

DATED: 03.07.06

FEED: MT

Ford Credit Rating falls again.

Ford has had its credit rating downgraded yet again plunging the troubled carmaker further into junk status.

Standard & Poor’s, the credit rating agency, lowered Ford’s rating one notch to B+ amid concerns over the carmaker’s ability to stem market share losses and the viability of its recovery plan.

S&P's credit analyst Robert Schulz said: “The downgrade reflects our view that 2006 will be a more difficult year for Ford than previously anticipated.”

DATED: 03.07.06

FEED: MT

Ryton workers turn on Citroen

In a change of tactic, workers from the threatened Ryton plant in Coventry are turning their attention to a Citroën dealership in Rugby today (Friday 30 June).

It forms the latest in a string of protest actions by workers who will be demonstrating outside Murely Citroën.

A union spokesman said: “PSA Peugeot Citroën should remember that prior to building cars in the UK their market share here was minuscule. Without the hard work and effort of the workers at Ryton over many years, Citroën cars would still be as rare as hens’ teeth in the UK.”

DATED: 03.07.06

FEED: MT

Government 'quids in' as drivers ignore phone law

The number of motorists caught using a mobile phone while driving has risen by 75%.

Figures from 45 of Britain’s 52 police forces show that the number of fixed penalty notices issued to drivers caught using phones on the road has risen from 80,000 in 2004 to more than 140,000 last year. The proceeds for the Treasury exceed £7 million.

Some forces have been checking speed camera pictures for drivers using mobile phones while others are using routine automatic number plate recognition checks to catch motorists talking and driving.

Next year penalties for driving while using a handheld mobile will rise from £30 to £60. On top of this the offence will carry a three-point driving licence endorsement.

DATED: 03.07.06

FEED: CCD

Police wrong on crash figures

Health experts say the number of people seriously injured in road crashes has not changed since 1996, contrary to Government assertions that the roads are getting safer.

A paper in the British Medical Journal compared police statistics, used by the Government for its figures, with hospital statistics from 1996 to 2004.

Police figures showed that by 2004 the number killed or seriously injured (KSI) on the roads had dropped by almost a third, with a 32% drop in serious but non-fatal injuries.

But the researchers from Oxford University and the South East Regional Public Health Group found hospital figures for non-fatal road injuries showed that rates hardly changed over the same period.

The authors think the discrepancies were down to an increase in under-reporting of injuries by the police.

They recommend more investigation is needed on the Government’s progress towards reducing the number of deaths and serious injuries by 40% by 2010.

Paul Smith, founder of the Safe Speed road safety campaign, said the news was evidence of the Government’s failing road safety policy.
He said: ‘The roads are not getting safer.

‘Government road safety policy, supported only by dodgy statistics, has failed. The Government measures road safety and sets targets in KSIs.

‘The new data shows no improvement at all in KSI despite the proliferation of speed cameras and lower speed limits. Clearly these measures are not delivering the safety improvements claimed and promised.

‘Speed cameras are at the centre of the failure. The Department for Transport must immediately pull the plug on the failed and dangerous speed camera programme.’

A Department for Transport report into potential statistical inaccuracies concluded that both police and health databases had their weaknesses.

It said: ‘No perfect database exists. ‘However, the STATS19 [police] database is cross-checked and validated to a certain extent both at local and at national level, whereas the health databases are essentially a descriptive record for health audit purpose and are not internally validated as such.’

DATED: 03.07.06

FEED: CCD

Fastest Beemer

BMW will launch its fastest ever convertible at next month’s British International Motor Show in London.

The M6 Convertible is powered by a 5.0-litre V10 engine delivering 507bhp – enough for 0-62mpg in just 4.8 seconds and a top speed electronically limited to 155mph.

Pricing and specification will be announced nearer to its September on-sale date.

DATED: 03.07.06

FEED: CCD

Caterham available interest free

Caterham Cars is offering customers 0% finance on all new models, powered by the K-series engine, for the first time.

This means an entry level Caterham Classic is available for a deposit of £3,374 and 24 monthly payments of £399.

Also, in a first for the specialist sports car market, Caterham has introduced 12 months RAC breakdown cover as standard on its range of new and used cars.

Ansar Ali, managing director of Caterham, said: 'Driving a Seven is all about the heart; excitement, passion and drama. With our outstanding 0% finance offer and breakdown cover, a Seven will also appeal to your head.'

DATED: 03.07.06

FEED: CCD

Chrysler rival for Mondeo

Chrysler has announced it will launch a rival to the Ford Mondeo and the Vauxhall Vectra next year.

The Sebring, a four-door saloon which will be available in right-hand drive and with the option of a diesel engine, will make its debut at next month’s British International Motor Show in London.

Chrysler plans to launch the car in the UK in the middle of next year.

Sister company Dodge will also debut a new model at the London show – the Nitro. Although only a concept car at the moment, a production version will go on sale in the UK in 2007, again offering right-hand drive and diesel power.

DATED: 03.07.06

FEED: CCD

'Hottest' Leon given world premiere in London

Seat will unveil the Leon Cupra, its most powerful production car ever, at the British International Motor Show next month.
It will also be showing off the new Leon FR and Altea FR, to coincide with the launch of the full FR Series in the UK.
Seat is keeping the new Leon Cupra under wraps until Tuesday, July 18.

It has a power output from its 2.0-litre T FSI petrol engine exceeding that of its predecessor, the Leon Cupra R, which boasted 225 PS. Full details will be revealed at the show.
The Leon FR has a choice of two engines – a 200 PS 2.0-litre T FSI petrol and a 170 PS 2.0-litre TDI diesel. Prices start at £16,995 RRP for the Leon T FSI FR. Also on show will be the Toledo, sporting a new optional body kit.
The British International Motor Show is open to the public from Thursday, July 20 to Sunday, July 30; for further details, visit www.britishmotorshow.co.uk.

DATED: 03.07.06

FEED: CCD

New Freelander

Land Rover’s next Freelander is likely to have an entry-level point £5,000 more expensive than the model it will replace at the end of the year. But the upmarket, more sophisticated SUV will represent greater value to fleets, claim officials.

Available initially as a five-door only, with all-new petrol and diesel power units and features new to the compact 4x4 sector, the car is set to be priced from £22,000, compared with the £16,995 entry price of the current model.

On sale from December, it will come with two engines – a 3.2-litre straight-six petrol with 233bhp, which is claimed to be 30% more powerful than the old V6 and 10% more economical, and a 2.2-litre four-cylinder turbodiesel with 160bhp (43% more power than the old TD4 unit).
Terrain response, the push-button aid to off-road driving, will be standard on all but the entry-level model and options will include keyless start, adaptive front lighting, automatic wipers and parking assistance.


DATED: 0307.06

FEED: CCD

Mini unveiling at UK motor show

Mini is to unveil its most powerful production car ever, the Mini GP (Mini Cooper S with John Cooper Works GP kit) at the British International Motor Show.

There will only be 444 GPs available in the UK and number 001 will be on display at ExCeL London in July.

The motor show will also see the UK debut of the Mini Concept that hints at a third Mini model which is confirmed for production at Oxford. The concept, unveiled at the 2006 Geneva Motor Show, celebrates Paddy Hopkirk’s famous 1964 Monte Carlo victory.

DATED: 03.07.06

FEED: CCD

New Mercedes-Benz CL

The new Mercedes-Benz CL-Class set to arrive in the UK in spring 2007.

Innovations included as standard include Active Body Control (ABC) suspension system, the Intelligent Light System with five lighting functions and Pre-Safe anticipatory occupant protection, moving the passenger seat so that seatbelt and airbags have maximum effect on impact.

A new innovation is ‘pre-safe’ brakes that automatically brakes the Coupé before an imminent rear-end collision.

The CLS comes with the most powerful Mercedes engines to date. The eight-cylinder powerplant in the CL 500 delivers 388bhp and generates a maximum torque of 530Nm from 2,800 rpm.

The newly developed engine outperforms the existing V8 unit by 26 per cent in terms of output and 15 per cent when it comes to torque. The CL 500 accelerates from zero to 62.5 mph in just 5.4 seconds (previous model: 6.3 seconds).

In the CL600 power comes from a biturbo 12-cylinder engine. Compared to the predecessor model, power has been increased 17bhp to /517bhp. The maximum torque has been improved further by 30Nm to 830Nm and remains constant up to 3,500 rpm.

The new CL 600 accelerates from 0 to 62.5 mph in just 4.6 seconds (previous model: 4.8 seconds).
Fuel consumption is 23.3mpg combined for the CL500 and for the CL600 19.8.

DATED: 03.07.06

FEED: CCD

Citroen and Volvo unveilings

Citroën is bringing two concepts to the UK for the very first time at this year’s British International Motor Show (July 20-30, ExCel, London).
The C-Buggy and C-AirPlay will feature on the company’s stand, alongside the latest in Citroën technology and the new flagship of the range, the executive C6.


The C-Buggy 4WD concept has no roof, windscreen or windows, the 155bhp C-Buggy is Citroën’s take on an adventurous two-seater of the future, with wide wheel arches and large 17-inch wheels.
The C-AirPlay concept car is a futuristic urban supermini, featuring white bodywork, see-through ‘portholes’ in the lower sections of the doors, touch sensitive controls moulded into a single-piece silicone front seat and a massive glazed area.
The C6 executive saloon will be appearing at its first major UK show. Just launched in this country.

The latest technological developments from Citroën - a new diesel engine and advanced electronic gearbox system - will also be on display.
Volvo will have on display two all-new cars, two refreshed models and a design concept.

The line-up from Volvo includes:
Volvo S80 luxury saloon.

XC90 – UK debut of 2007 model (with new 3.2 and V8 engines); plus world debut of stylish new XC90 variant

S60 saloon – world debut of revised 2007 model
C30 Design Concept – UK debut

all-new Volvo C70 – coupe and convertible with retractable metal roof.

DATED: 03.07.06

FEED: CCD

Kia motor show debut

Kia will unveil a new MPV and SUV at the British International Motor SHow in July.
The range of new models which have never before been seen in the UK, include the all-new Carens mid-range MPV, the new facelifted Sorento 4x4, and the cee’d concept vehicle.

The show takes place at ExCel in London’s docklands from July 18.
The new Kia Carens is larger than the out-going model, is designed especially with British and European drivers and will be available as a five or seven seater.

The new Sedona MPV, which made its world premiere at this year’s Geneva Motor Show, will go on sale in the UK on July 1. Like Carens, the Sedona has been redesigned from the ground up and has been created especially for European drivers. With seven individual seats, mounted in a 2+3+2 layout, all five middle and back row seats can be individually moved, reclined, folded or removed for maximum space.

Also making its UK debut at ExCel is the cee’d concept car (pronounced ‘seed’), based on the forthcoming all-new C-segment model which goes into production at the new factory in Slovakia in December.

'Kia’s stand at this British Motor Show will be one of the best ever seen on UK soil,' said Paul Williams, managing director, Kia Motors UK. 'The broad and exciting range of cars we now have to show, coupled with the reveal of the new Carens and Sorento, make our stand a must-visit, for journalists and for the thousands of show-goers planning a visit to Docklands.'


DATED: 03.07.06

FEED: CCD

DVLA unites with National Car Parks to spot untaxed vehicles

The DVLA has signed a new contract with NCP designed to double the number of untaxed cars removed from Britain’s roads.

The rate of removal will be increased to 2,000 vehicles a week. Unclaimed vehicles will be crushed.

NCP's new fleet of vans is equipped with Automatic Number Plate Reader (ANPR) technology and will scan number plates, automatically checking them against a list of untaxed vehicles.

Those identified as untaxed will be clamped and impounded. Those not claimed after seven days can be crushed.

DATED: 03.07.06

FEED: CCD

Dealer F&I Improvement Techniques

Profit Training announces the launch of two bespoke solutions for UK motor dealers, focussing on dealership people, processes and business partners.

The first analyses the current aspects of the business and makes specific recommendations for change to improve F&I Profitability.

The second offers an off the shelf training solution of 14 modules, each designed to take no more than half a day, and which can be mixed and matched as per the dealers requirements.

All 14 modules run concurrently in one residential week to complete a full Business Management Residential course held at locations around the UK every month

DATED: 03.07.06

FEED: PTL

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