Saturday, November 10, 2007
Van sales up due to immigration to UK
The migration of workers into the UK has improved used van sales, according to leasing company Lex.
Lex, which disposes of over 10,000 used vans at auction each year, has reported a large demand from migrant workers for used vans to enable them to re-establish their trades in the UK.
“It’s interesting to see the positive impact that the increase in immigration has had on the used van market in 2007,” said Jon Walden, Lex managing director.
“Prices in the used van market have been very stable over recent years, but the older, higher mileage vehicles can sometimes be a little more difficult to sell.”
DATED: 10.11.07
FEED: MT
Car sales up in eastern Europe
Car markets in central and eastern Europe have grown by 14.9 per cent, 325,062 units, in the third quarter of 2007 compared to the same period last year, according to new data.
JATO Dynamics has reported that year to date the market has increased by 14 per cent, 981,052 units, in the emerging markets.
“Few global car markets are expanding at the rate currently experienced in central and eastern Europe,” said Nasir Shah, global business development director at JATO.
“Clearly, the region has been a sleeping giant that has now awakened. It will be fascinating to see if this growth can continue in the coming months."
DATED: 10.11.07
FEED: MT
Chinese MG owners make UK dealer progress
Chinese-owned NAC MG is claiming interest from over 100 dealers, and has over 40 letters of intent.
“There is still a huge interest in the MG brand,” said franchising manager Stephen Cox.
He said that many potential outlets were happy for its sportscars to be sold alongside other premium marques.
DATED: 10.11.07
FEED: MT
Thursday, November 08, 2007
Bank holds interest rates at 5.75 percent
Thu Nov 8, 2007 12:30pm GMT
LONDON (Reuters) - The Bank of England held interest rates at a six-year high of 5.75 percent for the fourth month running on Thursday, but expectations of a cut soon are growing as stocks slide and house prices fall.
Only a handful of analysts had expected the central bank to do anything but keep borrowing costs steady, although many were on alert for a surprise cut due to the troubles in financial markets which show no sign of ending.
As a result, the pound raced to a fresh 26-year high above $2.1079 while the FTSE-100 index of leading shares fell back. Government bonds also gave up some of their previous gains.
Most experts predict the Bank's Monetary Policy Committee will cut borrowing costs early next year as the economy slows in response to tighter lending conditions and rocketing oil prices.
DATED: 08.11.07
FEED: BoE
LONDON (Reuters) - The Bank of England held interest rates at a six-year high of 5.75 percent for the fourth month running on Thursday, but expectations of a cut soon are growing as stocks slide and house prices fall.
Only a handful of analysts had expected the central bank to do anything but keep borrowing costs steady, although many were on alert for a surprise cut due to the troubles in financial markets which show no sign of ending.
As a result, the pound raced to a fresh 26-year high above $2.1079 while the FTSE-100 index of leading shares fell back. Government bonds also gave up some of their previous gains.
Most experts predict the Bank's Monetary Policy Committee will cut borrowing costs early next year as the economy slows in response to tighter lending conditions and rocketing oil prices.
DATED: 08.11.07
FEED: BoE
Vertu makes strong debut
Vertu Motors praised the contribution of its workforce in ensuring the company has made good progress since it was founded in November 2006.
The group, which floated on the AIM in December, began trading under the Bristol Street name when it bought the group’s 35 outlets for £40m in March 2007.
In its debut interim results – covering the period from 27 March to 31 August - Vertu reported like-for-like growth in new volumes in the Bristol Street dealerships of 8.4 per cent and used sales growth of 12.4 per cent.
DATED: 08.11.07
FEED: MT
HR Owen: continuing interest.
Despite an announcement that takeover talks have been terminated, the company speculated to be HR Owen’s chief suitor has invested even more in the dealer group.
Australian wholesale vehicle company Balverona has acquired 100,000 ordinary shares in HR Owen, number 33 in the Motor Trader Top 200, this week.
This purchase has brought its total holding to 5,209,696 ordinary shares, representing 22.06 per cent of the voting rights of the luxury dealer group.
This development comes after HR Owen said that the unnamed interested party no longer had an interest in “making an offer for the company”.
DATED: 08.11.07
FEED: MT
Petrol prices go sky high
Petrol prices have risen to more than £1 a litre for the first time this week.
The rise to just under 101p on Tuesday was an increase of more than 17 per cent on last year, when a litre cost just 86p, according to the AA.
In the past two months drivers have seen a steep climb in prices due to an increase in the global price of crude oil. A barrel of crude oil was reported at $97 (£46) yesterday.
DATED: 08.11.07
FEED: MT
GM reports record losses
General Motors has announced a loss of $39bn (£18.4bn) in its third quarter.
A charge involving unused tax credits ended a profitable period, with three good quarters behind the US's largest carmaker.
The downturn represented a huge loss for GM, which has suffered an overall net loss of nearly $69 per share.
In the third quarter of last year, the company recorded a loss of only 26 cents per share.
DATED: 08.11.07
FEED: MT
Strong new car sales surprise motor industry
STRONG October new car sales surprised the marketplace and has resulted in the Society of Motor Manufacturers and Traders raising its 2007 registrations forecast.However, the new prediction that 2.375 million new cars will be sold this year - up 1.3% on last year’s 2.344m - was accompanied by an economic warning of a potential slowdown.
DATED: 08.11.07
FEED: HC
DATED: 08.11.07
FEED: HC
LDV concept takes manufacturer forward
LDV could expand its Maxus line-up up to 7.5 tonnes following the unveiling of the concept MX100 at the European Road Transport Show in Amsterdam.The vehicle has been designed in conjunction with leading automotive styling and engineering company UltraMotive and is based on the tried and tested Valday chassis from parent company GAZ. The commercial vehicle has been developed as part of a study to evaluate the opportunities for developing a Maxus commercial vehicle of up to 7.5 tonnes for the European market.
DATED: 08.11.07
FEED: HC
DATED: 08.11.07
FEED: HC
Government sets-up low carbon van fund
CLEANER, greener van fleets could be a reality on Britain’s roads with the launch of a new Department for Transport fund. The programme, which will be worth an initial £20 million, will procure lower carbon vehicle models for use in public sector fleets - thereby using the public sector’s purchasing power to kickstart the market for lower carbon vans. Should initial trials be successful, an additional £30m has been earmarked to be used to develop the programme further.
DATED: 08.11.07
FEED: HC
DATED: 08.11.07
FEED: HC
Arnold Clark buys Patterson Motor Group
ARNOLD Clark Automobiles, the UK’s largest privately-owned motor retailer, has acquired Patterson Motor Group, which is headquartered in Newcastle and employs 370 people, for an undisclosed sum. The £250m turnover Patterson Motor Group, which also has showrooms in Hexham and Shiremoor, was founded almost 100 years ago. Patterson’s managing director Ashley Winter and finance director Cliff Thornton will leave the firm after serving as consultants for a few months during the transition period.
DATED: 08.11.07
FEED: HC
DATED: 08.11.07
FEED: HC
Renewable fuels agency starts up
A NEW agency to manage Britain’s commitment to biofuels has been established by Transport Secretary Ruth Kelly. The Renewable Fuels Agency will be responsible for the day-to-day running of the Renewable Transport Fuels Obligation, coming into force in April next year. By 2010, the Obligation will mean that 5% of all the fuels sold in the UK should come from biofuels, which could save 2.6-3 million tonnes of carbon dioxide a year.
DATED: 08.11.07
FEED: HC
DATED: 08.11.07
FEED: HC
Tax-free mileage rates to be cut, says BVRLA boss
THE Government is considering reducing the tax-free mileage reimbursement rates to drivers who use their own cars for company use, according to John Lewis, director general of the BVRLA.Lewis, who has worked closely with HM Treasury and HM Revenue & Customs during a long running review of the Approved Mileage Allowance Payments system, has predicted the basic rate of 40p a mile will remain in place, but only for the first 5,000 business miles each year. After that the rate will fall to 20p a mile.The current AMAP rates are 40p a mile for the first 10,000 mile and then 25p a mile thereafter.Speaking to representatives of the major leasing companies at a CAP Focus seminar, he said: ‘The Government’s aim is to cut the compensation available so that higher mileage drivers would be encouraged to use a smaller car.’Lowering the mileage threshold, but leaving the basic rate untouched, would also have the advantage of maintaining compensation rates to lower mileage drivers, such as local government and public sector workers - many of whom use their own cars for occasional business use.The Treasury said it would not comment on speculation about AMAP rates. A final decision on future AMAP rates is expected to be announced in the March 2008 Budget.
DATED: 08.11.07
FEED: HC
DATED: 08.11.07
FEED: HC
Used car values threatened by financial turmoil
THE state of the economy and in particular the housing market may hit residuals values with some contract hire and leasing firms privately expressing fears that the coming months could be extremely tough, with used values dropping and thousands of cars remaining unsold. Recently, EurotaxGlass’s reported that the weakening in trade demand and prices was more ferocious than expected. However, Colin Whelan, business research manager at CAP, said any talk of a ‘glut’ of cars remaining unsold was alarmist. He said: ‘Leasing companies are experienced in these patterns and while we are in no position to comment on the likely impact of a period of weaker used car prices on leasing rates, significant alterations to rate books seems an unlikely response to a seasonal market slowdown.
DATED: 08.11.07
FEED: HC
DATED: 08.11.07
FEED: HC
Longbridge revival hit by delays
THE long-awaited restarting of production at the former MG Rover car factory at Longbridge in the West Midlands has been delayed.Nanjing Automobile Corporation, the Chinese carmaker that bought the assets of the defunct MG Rover business had intended to start selling the revamped MG TF sports car this autumn. However, after problems with parts being shipped from China, the launch has been put back to next March. It is now hoped that cars will be produced in readiness for the March 1 registration plate change.The company says it now intends to source some components from Europe after parts were damaged on the 6,200-mile journey from China.
DATED: 08.11.07
FEED: HC
DATED: 08.11.07
FEED: HC
Three companies fight for Jaguar and Land Rover
THREE companies are believed to have been shortlisted by Ford Motor Company as the potential owners for its up-for-sale Jaguar and Land Rover brands.As the sale process moves into its final stages the three companies battling it out are understood to be: Indian vehicle manufacturer Tata and its carmaking rival Mahindra & Mahindra and private equity company One Equity, which is fronted by ex-Ford chief executive Jac Nasser.Ripplewood and Cerberus, both private equity groups, which have expressed an interest in owning the two companies are thought to be outsiders.Unions, which are pressing for guaranteed work for factories at Dagenham, Halewood and Bridgend, are due to meet the shortlisted bidders later this month. Ford plans to sell the businesses by the end of the year or early in 2008.
DATED: 08.11.07
FEED: HC
DATED: 08.11.07
FEED: HC
Prices revealed for all-new Fiat 500
THE all-new Fiat 500 will cost from £7,900 on-the-road when it goes on sale in the UK in January next year.Fiat says that the starting price for the entry-level 1.2 Pop ‘represents outstanding value for money and positions the car well below its benchmark rivals’. At the top end of the range, the 1.3 litre MultiJet Sport and Lounge and 1.4 litre Sport and Lounge all cost £10,700 and feature air conditioning and alloy wheels as standard.
DATED: 08.11.07
FEED: HC
DATED: 08.11.07
FEED: HC
Audi launches cleaner Q7 TDI, hybrid to follow
A PETROL/electric hybrid Audi sports utility vehicle waits in the wings as a new cleaner, more economical TDI engine joins the range.A production version of the Q7 hybrid, which is claimed to reduce fuel consumption and emissions by more than 20%, is expected to go on sale towards the end of next year.Meanwhile, a new version of the Q7’s 3.0 litre V6 TDI engine bringing lower emissions, higher power and torque and improved performance and fuel economy is available to order now in standard, SE and S line trim priced from £38,075 on-the-road to £41,475.
DATED: 08.11.07
FEED: HC
DATED: 08.11.07
FEED: HC
Tuesday, November 06, 2007
New car prices continue to soar
Drivers across Europe have seen a 2.1 per cent increase in new car prices in the past year.
The latest survey by Polk Roadtodata Euro Index, which tracks new car prices in 19 European markets, showed that prices rose steadily between October 2006 and October 2007.
Germany showed the highest increase in prices, with a 4 per cent rise.
The Netherlands and Sweden also recorded price increases equal to or higher than the European average, with 3.2 per cent and 2.1 per cent rises, respectively.
DATED: 06.11.07
FEED: MT
Skoda reports record highs
Skoda has reported record profits up to the end of September in 2007.
The carmaker produced nearly 450,000 cars in the first nine months of 2007, up 9.3 per cent on the same period last year.
The number of vehicles delivered to customers was up as well, with a 13 per cent rise year-on-year. Altogether, 462,400 vehicles were delivered.
DATED: 06.11.07
FEED: MT
Ford shortlist speculated to have third bidder
Mahindra & Mahindra is thought to have emerged as one of three bidders that have been shortlisted by Ford for the purchase of Jaguar and Land Rover.
The carmaker has been listed alongside Tata, the Indian conglomerate, and OneEquity, fronted by the former Ford chief executive Jacques Nasser.
Mahindra & Mahindra is a carmaking rival of Tata.
Unions are scheduled to meet the shortlisted bidders later this month.
DATED: 06.11.07
FEED: MT
Arnold Clark reaches further south
Arnold Clark, the largest privately owned dealer group in the UK, is continuing its drive south into England from its heartland north of the border.
Ranked fourth in the Motor Trader Top 200, Arnold Clark has acquired Patterson Motor Group, based in Newcastle, which the Scottish group hopes will add around £250m to its turnover.
Patterson will bring one Seat and three Ford dealerships to Arnold Clark, and no redundancies are planned within the Newcastle company.
DATED: 06.11.07
FEED: MT
GAZ to invest $2bn
The Gaz Group says it will spend $2bn to renew 90% of its product range as part of a four-year plan. It aims to use a combination of acquisitions, partnerships and strategic alliances to grow to world status. It recently took a stake in the Canadian automotive parts maker, Magna International and has a partnership deal with AVL in Austria to develop a new, medium-sized diesel engine. The group bought the LDV Group in 2006.
DATED: 06.11.07
FEED: TNB
DATED: 06.11.07
FEED: TNB
7.5 tonner from LDV
LDV showed a new 7.5 tonne truck at the recent Rai Show. Called the Maxus MX100, the concept vehicle on show was a chassis-cab with drop-side body. Based on the Russian Valday range, the cab exterior and interior is based on and looks very similar to the Maxus. It is part of the firm's plans to extend its European product range beyond its present 2.8 to 3.9 tonne range.
DATED: 06.11.07
FEED: TNB
DATED: 06.11.07
FEED: TNB
Ford reaches union agreement
Ford agreed on a four-year labour contract with the United Auto Workers union this weekend.
While details of the tentative agreement were not disclosed pending ratification by union members, it appears to follow the outlines of deals at General Motors and Chrysler.
One difference, however, is that Ford has said the deal includes an independent retiree healthcare trust.
The company can transfer its healthcare liabilities to this trust, an amount estimated at about $23bn (£11bn).
DATED: 06.11.07
FEED: MT
Chrysler cuts more jobs
Chrysler announced last week its intention of slashing 15 per cent of its workforce in the US, over 10,000 jobs.
The carmaker is also cutting overtime hours and reducing purchased services.
These cuts come after the company’s announcement of 13,000 job losses in February, which formed part of Chrysler’s three-year restructuring programme – about 6,500 of these jobs will have gone by the end of 2007.
The combination of these cuts amounts to about a quarter of Chrysler’s workforce since the start of 2007.
DATED: 06.11.07
FEED: MT
Drivers continue to fill up, despite price
Motorists are unlikely to alter their driving habits, despite rocketing fuel prices in the UK, according to new research.
The vast majority of motorists polled – 79 per cent – have not changed their attitude to buying petrol even though there has been a threat of prices rising.
Indeed, 55 per cent said they would never part with their cars in favour of public transport, regardless of cost.
The study conducted by esure determined that fuel prices would have to almost double to an £1.83 a litre to stop drivers from filling up and driving on.
DATED: 06.11.07
FEED: MT
Gas guzzlers dodge C-charge
An investigation by Clean Green Cars claims to show that a large number of expensive luxury cars are being registered as private hire vehicles in London to avoid paying the daily congestion charge.
By paying an £82 application fee and £27 per year licence, owners can avoid paying the £8 per day Congestion Charge – which is planned to rise to £25 per day for the highest polluting vehicles in 2008. The investigation found 31 Bentleys,18 BMW X5s, 52 Range Rovers, and eight Rolls- Royce Phantoms, among others, registered as private hire vehicles.
DATED: 06.11.07
FEED: MT
(DFT) Renewable Fuels Agency starts up
A new Agency to manage Britain's commitment to biofuels was established today by Transport Secretary Ruth Kelly. The Renewable Fuels Agency will be responsible for the day to day running of the Renewable Transport Fuels Obligation, coming into force in April next year. By 2010, the Obligation will mean that 5% of all the fuels sold in the UK should come from biofuels, which could save 2.6m to 3m tonnes of carbon dioxide a year. The Chairman of the Agency will be Professor Ed Gallagher, former Chief Executive of the Environment Agency. Joining Professor Gallagher on the Board of the Agency are:
Greg Archer, Director of the Low Carbon Vehicle Partnership,
Paul Jefferiss, Director of Environmental Policy at BP,
Gareth Llewellyn, Director for Safety, Health, Environment and Corporate Responsibility for the National Grid
Brian White, Director of a biofuel trading company, BionerG Ltd.
DATED: 06.11.07
FEED: AW
Greg Archer, Director of the Low Carbon Vehicle Partnership,
Paul Jefferiss, Director of Environmental Policy at BP,
Gareth Llewellyn, Director for Safety, Health, Environment and Corporate Responsibility for the National Grid
Brian White, Director of a biofuel trading company, BionerG Ltd.
DATED: 06.11.07
FEED: AW
