Wednesday, March 07, 2007
Car Shop Megastore closes in Manchester
The Car Shop Megastore Manchester closed today.
Directors were on site refusing entry to Customers and Visitors
Security Guards posted at gates were telling visitors that the business had ceased
trading and contact would be made regarding all exisitng orders in due course
from another Car Shop location.
DATED: 07.03.07
FEED: AT
Directors were on site refusing entry to Customers and Visitors
Security Guards posted at gates were telling visitors that the business had ceased
trading and contact would be made regarding all exisitng orders in due course
from another Car Shop location.
DATED: 07.03.07
FEED: AT
Cherished plate transfers to be simplified
Buying and keeping a cherished number plate for a vehicle could soon be made easier and safer for consumers and dealers. A bill which aims to simplify the process and provide more protection is currently passing through Parliament. Along with the Cherished Number Dealers Association - part of the RMIF – the bill also has support from government and the DVLA. MP Richard Ottaway, who presented the bill, said: “These changes would give consumers more confidence in the process, and allow dealers to reassure their customers.” The bill gets its second reading on 23 March 2007.
DATED: 07.03.07
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DATED: 07.03.07
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Car supermarket announces expansion plans
Car Shop Megastore has announced expansion plans that will see the car supermarket firm double in size by the end of 2008. The company already operates sites in Manchester, Cardiff and Northampton and will soon open an additional site in Swindon. Car Shop Megastore claimed the Swindon branch would be the biggest indoor car showroom in the country at 123,000sqft.
DATED: 07.03.07
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DATED: 07.03.07
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Carshock problems leaves charity all at sea
PLANS BY the Hartlepool charity, the Mission For Seafarers, to buy a people carrier, have been sunk by the troubles at Carshock supermarket group.
The small charity spent 2-years raising £16,500 in order to buy the vehicle but, along with several hundred other Carshock customers, is now wondering if it will get its money back as the supermarket group is unable to fulfil orders.
DATED: 07.03.07
FEED: AW
The small charity spent 2-years raising £16,500 in order to buy the vehicle but, along with several hundred other Carshock customers, is now wondering if it will get its money back as the supermarket group is unable to fulfil orders.
DATED: 07.03.07
FEED: AW
Administrators appointed at Carshock
BDO STOY Hayward has been appointed joint administrators at the Carshock supermarket group.
Toby Underwood, business restructuring partner at BDO Stoy Hayward, said it was carrying out an immediate business review of the company.
"Over recent years, the motor vehicle sector has become increasingly competitive and, as a result, margins have tightened which has a knock-on effect on companies like Carshock.
A total of 50 staff have been made redundant and stock from the seven sites across the North towed away.
DATED: 07.03.07
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Toby Underwood, business restructuring partner at BDO Stoy Hayward, said it was carrying out an immediate business review of the company.
"Over recent years, the motor vehicle sector has become increasingly competitive and, as a result, margins have tightened which has a knock-on effect on companies like Carshock.
A total of 50 staff have been made redundant and stock from the seven sites across the North towed away.
DATED: 07.03.07
FEED: AW
Private car buyers were missing in February
WHILST THE February market in the UK declined 3.2%, year-to-date, registrations are still showing a 2.5% increase over this time in 2006.
Private sales in February declined 8.7% to 24,238 and business sales plummeted 20% to just 3,178 units. Fleet sales held-up at 46,170 a modest 1.5% increase.
DATED: 07.03.07
FEED: AW
Private sales in February declined 8.7% to 24,238 and business sales plummeted 20% to just 3,178 units. Fleet sales held-up at 46,170 a modest 1.5% increase.
DATED: 07.03.07
FEED: AW
Tuesday, March 06, 2007
British businesses confident of buoyant year
British Businesses are confident about their prospects for growth in the upcoming year, according to the latest Business Barometer from Lloyds TSB Corporate Markets. Over two-thirds of the companies surveyed said they believed their business activity would rise during the next twelve months. "UK businesses have good reason to be optimistic. Over the coming year we can expect to see the economy gaining strength, with the possibility that GDP could rise by around three per cent," Trevor Williams, chief economist, Lloyds TSB Corporate Markets, said.
DATED: 06.03.07
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DATED: 06.03.07
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Subaru Secures Fleet Deal
Subaru UK has secured a multi-million pound fleet deal with car insurance firm the Helphire Group. The £2m contract - Subaru’s biggest ever - will see Helphire take on 50 Legacy, Tourer and Outback models, which will be hired through the group’s network of 28 UK locations across the country. Subaru said that at showroom prices the 50 models would normally retail at £2.15m
DATED: 06.03.07
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DATED: 06.03.07
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PSA drops alliance talks with Proton
PSA Peugeot Citroen has terminated discussions with Proton over a possible cooperative venture. The talks, which began in September last year, focused on co-producing Peugeot and Citroen cars in Malaysia with a view to it serving as a production base for the brands’ sales operations in the south east Asian region. PSA said an in-depth study of the market concluded that the project would not be successful.
DATED: 06.03.07
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DATED: 06.03.07
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Blackstone looks over Chrysler's books
DaimlerChrysler has been approached by the world’s biggest buyout firm with a possible £13.6bn bid. According to reports, Blackstone, which has just acquired the owner of Madame Tussauds for £1bn, has been allowed access to the Chrysler books and is now believed to be mulling over a multi-million pound approach for the ailing carmaker. Cerberus, the hedge fund, is also thought to be in the running and General Motors is continuing the takeover talks it began in December.
DATED: 06.03.07
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DATED: 06.03.07
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Perrys acquires four Vauxhall sites
Perrys has expanded its footprint in Lancashire with the acquisition of four new Vauxhall dealerships. The deal will see sites in Bury, Burnley, Colne and Clitheroe transfer from the Vantage Group for an undisclosed sum. Perrys now operates 14 Vauxhall dealerships making it one of the largest Vauxhall dealer groups in the country. All 125 staff will be retained
DATED: 06.03.07
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DATED: 06.03.07
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Inchcape announces major overhaul
Inchcape Retail is to dispose of up to 47 sites across the UK and its logistics arm as it looks to focus on the premium segment. Inchcape said it planned to dispose of non core franchises, including luxury brands Bentley, Ferrari, Maserati as well as volume franchises like Renault, Vauxhall, Ford and Kia. The group also plans to shed its Inchcape Automotive UK operation. The announcement came as the UK’s second largest dealer group produced a strong set of preliminary results, achieving an 11.7 per cent growth in sales to £1.7bn for the year ended 31 December 2006. The group delivered trading profit improvement of 57 per cent to £45.9m – a record level for the group.
DATED: 06.03.07
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DATED: 06.03.07
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Friday, March 02, 2007
New Mondeo receives RV boost
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
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DATED: 02.03.07
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Inchcape keeps the Mercedes customers satisfied
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
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DATED: 02.03.07
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Yorkshire dealer hits expansion trail
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
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DATED: 02.03.07
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TVR owner sells out to US firm
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
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DATED: 02.03.07
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'Major challenges' at Carshock
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
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"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
Ford tops pre-registrations in January
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
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Ford -93
BMW - 4
Fiat - 1
DATED: 02.03.07
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Audi ready to challenge BMW and Mercedes
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
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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
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Saab now has a full-house of Bio Power available
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
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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
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Now Americans talk of buying TVR
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
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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
Thursday, March 01, 2007
Bristol St chief to have Vertu board seat
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
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
CarShock close to collapse
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
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DATED: 01.03.07
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Saab names its best dealers
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
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DATED: 01.03.07
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Vertu Motors to snap up Bristol Street
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
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DATED: 01.03.07
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Cathedral Motors rapped by FSA
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
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DATED: 01.03.07
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CarShock close to collapse
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
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DATED: 01.03.07
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