Thursday, September 07, 2006
Bank of England Maintains Interest Rates at 4.75%
The Bank of England's Monetary Policy Committee today voted to maintain the official Bank rate paid on commercial bank reserves at 4.75%.
The minutes of the meeting will be published at 9.30am on Wednesday 20 September.
The previous change in interest rates was an increase of 0.25 percentage points to 4.75% on 3 August 2006.
DATED: 07.09.06
FEED: BoE
The minutes of the meeting will be published at 9.30am on Wednesday 20 September.
The previous change in interest rates was an increase of 0.25 percentage points to 4.75% on 3 August 2006.
DATED: 07.09.06
FEED: BoE
The return of "Rip off Britain"
Cars are still far more expensive in Britain than the rest of Europe, almost ten years after the “Rip off Britain” campaign was launched.
Some models can cost up to 30 per cent more here than on the Continent, according to European Commission figures.
On average a Volkswagen Golf costs £9,256 in the UK compared to £8,980 in Germany and £7,105 in Finland. The figures are unveiled in the latest issue of Which? The magazine is revisiting its “Rip off Britain” campaign.
DATED: 07.09.06
FEED: MT
Some models can cost up to 30 per cent more here than on the Continent, according to European Commission figures.
On average a Volkswagen Golf costs £9,256 in the UK compared to £8,980 in Germany and £7,105 in Finland. The figures are unveiled in the latest issue of Which? The magazine is revisiting its “Rip off Britain” campaign.
DATED: 07.09.06
FEED: MT
All eyes on September
Dealers should ignore the poor sales figures in August and look forward to a strong September, according to the RMIF.
Sue Robinson, director of the body's National Franchised Dealers Association, said the market was gearing up for a rush of new registrations in the plate-change month.
“As the summer holiday season draws to a close, dealers are looking forward to a solid September on the back of the British Motor Show,” she added.
DATED: 07.09.06
FEED: MT
Sue Robinson, director of the body's National Franchised Dealers Association, said the market was gearing up for a rush of new registrations in the plate-change month.
“As the summer holiday season draws to a close, dealers are looking forward to a solid September on the back of the British Motor Show,” she added.
DATED: 07.09.06
FEED: MT
Temporary boss steps up for Kia
Kia has appointed Hamish McCowan, aftersales director, to take on the interim position of operations director.
The budget brand is currently in the hunt for a permanent successor to Paul Williams, who left the company in July. McCowan joined Kia in 2000 and became head of aftersales in 2003.
DATED: 07.09.06
FEED: MT
The budget brand is currently in the hunt for a permanent successor to Paul Williams, who left the company in July. McCowan joined Kia in 2000 and became head of aftersales in 2003.
DATED: 07.09.06
FEED: MT
Nissan and Renault open door to further alliances
Nissan and Renault have not ruled out the possibility of opening up its alliance to other partners.
Speaking at the unveiling of the new Nissan Qashqai 4x4 in Paris, chief executive Carlos Ghosn said the alliance could open its doors to other parties.
He said: "Under the right conditions, the benefits of alliance can be extended and significant value can be created for all partners.” He added that Nissan was ready for a new phase of growth.
DATED: 07.09.06
FEED: MT
Speaking at the unveiling of the new Nissan Qashqai 4x4 in Paris, chief executive Carlos Ghosn said the alliance could open its doors to other parties.
He said: "Under the right conditions, the benefits of alliance can be extended and significant value can be created for all partners.” He added that Nissan was ready for a new phase of growth.
DATED: 07.09.06
FEED: MT
New CV boss for Volkswagen
Stephan Schaller has been appointed head of the Volkswagen commercial vehicles division and takes on his role in January next year.
The move follows Bernd Wiedemann's retirement.
Schaller has been a member of the board of management at the Volkswagen CV brand with responsibility for product manufacturing since 2004. Before this time he held various national and international management positions for the BMW Group and Linde.
DATED 07.09.06
FEED: MT
The move follows Bernd Wiedemann's retirement.
Schaller has been a member of the board of management at the Volkswagen CV brand with responsibility for product manufacturing since 2004. Before this time he held various national and international management positions for the BMW Group and Linde.
DATED 07.09.06
FEED: MT
Ford appoints new boss
The shake-up at Ford continues apace with Bill Ford stepping down as chief executive and being replaced by head of Boeing’s commercial aircraft division.
Alan Mulally is to take over Ford’s role, while the latter will remain on board as executive chairman.
The move is believed to have been prompted by shareholder unrest at the troubled manufacturer.
The appointment comes just weeks before Ford is due to unveil a radical plan aimed at reversing the current sales decline that is plaguing its vital North American market.
Mulally has led a major restructuring at Boeing and now faces similar difficult circumstances at Ford.
DATED: 07.09.06
FEED: MT
Alan Mulally is to take over Ford’s role, while the latter will remain on board as executive chairman.
The move is believed to have been prompted by shareholder unrest at the troubled manufacturer.
The appointment comes just weeks before Ford is due to unveil a radical plan aimed at reversing the current sales decline that is plaguing its vital North American market.
Mulally has led a major restructuring at Boeing and now faces similar difficult circumstances at Ford.
DATED: 07.09.06
FEED: MT
New Nissan model boosts UK jobs
Nissan is looking to recruit up to 200 additional workers at its plant in Sunderland to help produce its new Qashqai model.
The announcement comes as the manufacturer unveils the new vehicle to the press in Paris this week, ahead of its public debut at the Paris Motor Show later this month.
The jobs boost follows plans revealed by Nissan last week to recruit 100 additional trainees at its plant on Wearside. Development and manufacturing of the Qashqai model has also been boosted by a £5m grant from the Department of Trade and Industry.
DATED: 07.09.06
FEED: MT
The announcement comes as the manufacturer unveils the new vehicle to the press in Paris this week, ahead of its public debut at the Paris Motor Show later this month.
The jobs boost follows plans revealed by Nissan last week to recruit 100 additional trainees at its plant on Wearside. Development and manufacturing of the Qashqai model has also been boosted by a £5m grant from the Department of Trade and Industry.
DATED: 07.09.06
FEED: MT
Drivers holding onto cars for longer
The downward trend in new car sales will continue through September because drivers are holding onto their cars for longer.
Finance company Warranty Direct said it had recorded a 110 per cent increase in motorists looking to extend their manufacturer warranty against the same period last year.
“The trend is a clear indication that car owners are keeping hold of their current models for longer, 22 per cent of our most recent policies have been on September ‘53’ plate cars,” said Duncan McClure Fisher of Warranty Direct.
DATED: 07.09.06
FEED: MT
Finance company Warranty Direct said it had recorded a 110 per cent increase in motorists looking to extend their manufacturer warranty against the same period last year.
“The trend is a clear indication that car owners are keeping hold of their current models for longer, 22 per cent of our most recent policies have been on September ‘53’ plate cars,” said Duncan McClure Fisher of Warranty Direct.
DATED: 07.09.06
FEED: MT
Independents surge ahead in used car market
Franchised dealers are seeing their share of the used car market stagnate as independents continue to grab a larger proportion of sales.
Independents’ market share has risen to 34 per cent over the last decade, according to a new MFBI study by Trend Tracker, while franchised dealers have stuck at 28 per cent.
The report also forecast that used car demand would grow by 8 per cent between 2006 and 2011. But despite an upturn in the number of used car sales, the number of outlets selling used cars would continue to fall.
DATED: 07.09.06
FEED: MT
Independents’ market share has risen to 34 per cent over the last decade, according to a new MFBI study by Trend Tracker, while franchised dealers have stuck at 28 per cent.
The report also forecast that used car demand would grow by 8 per cent between 2006 and 2011. But despite an upturn in the number of used car sales, the number of outlets selling used cars would continue to fall.
DATED: 07.09.06
FEED: MT
Dealers invited to claim for overpaid VAT
Dealers have been presented with another opportunity to recover overpaid VAT on demonstrator vehicles.
According to motor trade accountancy firm Trevor Jones, Her Majesty’s Revenue and Customs (HMRC) has issued a business brief inviting taxpayers to submit a claim for overpaid VAT.
This means that dealers can now reopen claims that were previously rejected.
DATED: 07.09.06
FEED: MT
According to motor trade accountancy firm Trevor Jones, Her Majesty’s Revenue and Customs (HMRC) has issued a business brief inviting taxpayers to submit a claim for overpaid VAT.
This means that dealers can now reopen claims that were previously rejected.
DATED: 07.09.06
FEED: MT
Lookers reports sharp rise in first-half profits
Lookers has reported a sharp rise in half year profits.
Turnover at the Manchester-based dealer group rose 12 per cent to £723.6m compared to the same period last year with adjusted profit before tax rising by 55 per cent to £17m.
Lookers chief executive Ken Surgenor said the results vindicated the company’s decision to rebuff Pendragon’s takeover bid earlier this year.
Lookers has appointed Phil White, chief executive of National Express, as chairman. He replaces Fred Maguire who has retired from the role.
DATED: 07.09.06
FEED: MT
Turnover at the Manchester-based dealer group rose 12 per cent to £723.6m compared to the same period last year with adjusted profit before tax rising by 55 per cent to £17m.
Lookers chief executive Ken Surgenor said the results vindicated the company’s decision to rebuff Pendragon’s takeover bid earlier this year.
Lookers has appointed Phil White, chief executive of National Express, as chairman. He replaces Fred Maguire who has retired from the role.
DATED: 07.09.06
FEED: MT
Car dealers seek to woo women into showrooms
Car makers and dealers are stepping up initiatives to woo female car buyers.
Market analyst EurotaxGlass’s claimed women account for 45 per cent of UK drivers and influence 80 per cent of car purchases but often feel alienated from dealers and let down by poor levels of customer service.
EurotaxGlass’s said retail networks were now investing more heavily in dealer training and female focused market initiatives and singled out General Motors as leading the way with its FBI (Female Buyer Initiative) scheme.
DATED: 07.09.06
FEED: MT
Market analyst EurotaxGlass’s claimed women account for 45 per cent of UK drivers and influence 80 per cent of car purchases but often feel alienated from dealers and let down by poor levels of customer service.
EurotaxGlass’s said retail networks were now investing more heavily in dealer training and female focused market initiatives and singled out General Motors as leading the way with its FBI (Female Buyer Initiative) scheme.
DATED: 07.09.06
FEED: MT
Aston Martin boss eyes MBO
The chief executive of Aston Martin could be about to launch a management buy-out of the luxury car brand.
Reports suggest that Ulrich Bez is preparing to lead a consortium after Ford put the company up for sale last week.
But industry speculation suggests that Bez may face a challenge from former Ford chief executive Jac Nasser.
He now fronts a private equity group in the US and may be interested in acquiring the Warwickshire-based carmaker.
DATED: 07.09.06
FEED: MT
Reports suggest that Ulrich Bez is preparing to lead a consortium after Ford put the company up for sale last week.
But industry speculation suggests that Bez may face a challenge from former Ford chief executive Jac Nasser.
He now fronts a private equity group in the US and may be interested in acquiring the Warwickshire-based carmaker.
DATED: 07.09.06
FEED: MT
Sytner snaps up Ryland sites
The UK’s second largest dealer group Sytner has snapped up nine outlets from Ryland Group in a move that has resulted in the vendor re-branding under the new name of Rybrook Holdings.
With consolidation rife in the industry the acquisition would appear to be a good fit for Sytner because both companies operate in the prestige sector.
For an undisclosed sum the group has added DaimlerChrysler Group dealerships in Carlisle, Newcastle-upon-Tyne, Stockton-on-Tees and Sunderland to its portfolio and taken on BMW and Mini businesses in Cardiff, Newport, Birmingham Central, Warley and Sutton Coldfield.
DATED: 07.09.06
FEED: MT
With consolidation rife in the industry the acquisition would appear to be a good fit for Sytner because both companies operate in the prestige sector.
For an undisclosed sum the group has added DaimlerChrysler Group dealerships in Carlisle, Newcastle-upon-Tyne, Stockton-on-Tees and Sunderland to its portfolio and taken on BMW and Mini businesses in Cardiff, Newport, Birmingham Central, Warley and Sutton Coldfield.
DATED: 07.09.06
FEED: MT
