F&I Management & Training

The residual value of the new Ford Mondeo will be considerably higher than the outgoing model and will outperform some of its key rivals, according to analysis from EurotaxGlass’s. Certain models in the line-up will retain up to 36 per cent of their original value after 36,000 miles or three-years. Rivals such as the Toyota Avensis and Vauxhall Vectra all retain a smaller percentage over the same period. EurotaxGlass’s said the Mondeo had benefited from a new “premium” feel.

DATED: 02.03.07

FEED: MT

Inchcape Retail has topped the Mercedes-Benz CSI (customer satisfaction index) for the second successive year. The group’s six Mercedes outlets in its north west territory produced the winning performance with a combined 96.45 per cent satisfaction rating. However the highest scoring individual dealership was Inchcape’s dealership for the brand in Loughborough.

DATED: 02.03.07

FEED: MT

Yorkshire dealer Meridian Motor Group has bought three Toyota sites in Lancashire from the Vantage Group for an undisclosed sum. The privately-owned group, which already represents the brand in Knaresborough, York and Bridlington, has now taken on sites in Preston, Blackburn and Colne. Managing director Mark Robinson said the acquisition had effectively doubled the size of the company, in terms of turnover, representation points and customer base.

DATED: 02.03.07

FEED: MT

A week after regaining control of TVR, Russian owner Nikolai Smolenski has sold it to two American investors. Smolenski is reported to have sold out to Adam Burdette and Jean Michel Santacreu, based in Orlando, Florida, who had already declared an interest in importing TVRs to North America. Burdette and Santacreu are reported to be planning sales of 5,000 cars a year, with exports of around 2,000 a year to the US and only low-volume sales in the UK. The factory in Blackpool will remain closed, though management headquarters will remain at the site.

DATED: 02.03.07

FEED: MT

MIKE PORRITT, managing director of car supermarket chain, Carshock, last night, denied that the 7-site chain is in administration.

"If you are asking if the company is in administration, then the answer is `no' but, if you are asking has the company faced major challenges then the answer is yes.

I will be able to comment further in a few days," he said.

DATED: 02.03.07

FEED: AW

JUST THREE car-makers pre-registered vehicles in January, accounting for 98 vehicles with a gross revenue of £811,798.

Ford -93
BMW - 4
Fiat - 1

DATED: 02.03.07

FEED: AW

AUDI'S NEW chief executive, Rupert Stadler, yesterday reported a net profits jump of 63%, to $1.75bn.
Group revenues rose 17.1%, to $40.7bn, after strong sales growth in Europe, the US and Asia.
The car-maker's operating margin rose to 6.2%, up from 4.9% in 2005.
Stadler forecast that sales will climb from 924,085 cars in 2006 to 1.5 million by 2015.
"If one of our competitors is selling more than Audi in 2015, I wouldn't worry about it," he said. "This is not a volume-based strategy alone." He was referring to rivals BMW and Mercedes.

DATED: 02.03.07

FEED: AW

SAAB RETAILERS have become the only car-maker network in the UK to offer an alternative fuel engine choice in every single model in its line-up.
With the launch of the 1.8t Bio Power engine across the Saab 9-3 range, to be announced at the Geneva Motor Show, the car-maker now has a full house of alternative fuel engine choice.

DATED: 02.03.07

FEED: AW

NIKOLAI SMOLENSKI, having re-acquired the assets of the TVR production company, a week ago, is now planning a sale to an American duo.
Florida-based business partners, Adam Burdette and Jean Michel Santacreu, who have a background of importing specialist sports cars to the US, are in talks with Smolenski.
They are talking about TVRs being produced at the rate of 5,000 a year but as, yet, are not disclosing where production will take place, only that it will not be in the UK. The pair see production starting within 3-months.

DATED: 02.03.07

FEED: AW

PAUL WILLIAMS, chief executive of Bristol Street Motors, now the subject of a conditional take-over by Vertu Motors, will become a director and non-executive chairman of Vertu on completion of the deal.
William Teasdale will step down as Vertu chairman but will remain on the board as a non-executive director.
Vertu said today that it intends to pursue a strategy of organic growth of Bristol Street Group, identifying and capitalising upon performance improvement opportunities.
It said opportunities include increasing used car sales, development of fleet and contract hire businesses, further development of the Bristol Street Group internet retail presence and centralisation of procurement and marketing.
The group will also continue to focus on identifying and acquiring additional UK motor retail businesses in order to benefit from additional economies of scale and to achieve further geographical concentration.

DATED: 01.03.07

FEED: AW

Car supermarket CarShock is thought to be on the brink of collapse. Managing director Mike Porritt admitted the group was facing major challenges. He said: “At the moment the company has not technically or legally called in the administrators or entered into receivership, but this may change.” One staff member, who did not wish to named, said the company was in administration. He said that cars had been towed away and that the Darlington outlet had shut its doors.

DATED: 01.03.07

FEED: MT

01 Mar 2007Saab has announced the winners of its regional and national dealer of the year awards. County Saab in Ayr, Scotland was named dealer of the year for sales while Southampton Saab picked up the aftersales award. It is the fourth time that County Saab has been awarded the title. Dealers from five different territories were named as the regional winners.

DATED: 01.03.07

FEED: MT

Newly formed dealer group Vertu Motors is set to acquire Bristol Street group for a total consideration of £40m. The consideration is estimated at £31m in cash and up to £9m in shares. It is anticipated that the cash consideration will be paid from a combination of new bank facilities, existing cash reserves and the proceeds of a placing of new shares. On completion the deal will see Bristol Street chief executive. Paul Williams become a director and non-executive chairman of Vertu. Completion is expected to take place on 27 March.

DATED: 01.03.07

FEED: MT

The Financial Services Authority has imposed a public censure on Cathedral Motor Company over failures regarding the sale of payment protection insurance. The Midlands group, which trades under the Arbury name, was ticked off for failing to organise and control its regulated business responsibly and effectively. The watchdog identified problems at the group during an FSA visit in May 2006. "We have taken a number of enforcement actions relating to PPI recently and more cases are in the pipeline," warned the regulatory authority.

DATED: 01.03.07

FEED: MT

Car supermarket CarShock is thought to be on the brink of collapse. Managing director Mike Porritt admitted the group was facing major challenges. He said: “At the moment the company has not technically or legally called in the administrators or entered into receivership, but this may change.” One staff member, who did not wish to named, said the company was in administration. He said that cars had been towed away and that the Darlington outlet had shut its doors.

DATED: 01.03.07

FEED: MT