Tuesday, February 26, 2008
Inchcape reports record profits
Group eyes further expansion following sixth record year
Inchcape beat market forecasts with a 9.9 per cent rise in profits in 2007 – the group’s sixth consecutive year of record results.
Profit before tax and exceptional items rose to £235.1m in the year ended December 31, up from £213.9m in 2006.
The headline figures beat analysts’ expectations, which had anticipated profits of around C£228.5m.
DATED: 26.02.08
FEED: MT
Ford and Tata to announce Jaguar deal?
Ford could announce the sale of luxury brands Land Rover and Jaguar to Indian carmaker Tata Motors as early as next week, a source familiar with the matter told Reuters.
The deal has been set to go ahead since a meeting between Unite, the UK’s largest trade union, and Tata took place last week and could be announced as early as 5 or 6 March.
Tata has been the favoured bidder for Land Rover and Jaguar since the beginning of 2008.
It had been up against fellow Indian carmaker Mahindra and Mahindra and American company OneEquity.
DATED: 26.02.08
FEED: MT
Low carbon vehicles to boost UK
Development of low carbon vehicles could yield major business opportunities for UK manufacturers, according to a new report from EEF, the manufacturers’ organisation, and Deloitte, the business advisory firm.
Debate and concern surrounding the environment along with increasing demands for energy have made lower-carbon energy a high priority and selling point for different kinds of businesses.
EEF and Deloitte have pointed out that the automotive sector can play a leading role in such development with its manufacturing, R&D and skill base.
DATED: 26.02.08
FEED: MT
Motoring costs soar in UK
Drivers pay 40 per cent more than in 1988
Motorists in the UK are paying 40 per cent more to be on the road than 20 years ago, according to new research from Auto Express.
Price hikes in many areas account for this spike, with taxes and the cost of service and repairs rising higher than ever.
MoTs are up by a whopping 134 per cent and London parking and speeding fines are up by 20 per cent.
DATED: 26.02.08
FEED: MT
Hartwell Automotive Group expands in Humberside
Hartwell Automotive Group has opened a new multi-dealership franchise in Grimsby, creating 30 jobs.
Having sold Ford cars at the site since the early 1970s, the dealership will now additionally stock Renault, Peugeot and Nissan cars, offering parts, service, MoTs and repairs.
“We are delighted to have joined the Renault network and can offer new facilities that meet the manufacturer’s stringent standards,” said general manager Ken Scarratt.
DATED: 26.02.08
FEED: MT
HR Owen shareholder could launch bid
Australian-based car dealer Neville Crichton, who is the biggest shareholder in luxury UK car dealer HR Owen, could make a bid for the group. He has increased his stake in the dealership group to more than 27% and has said that HR Owen is a company with 'extremely good brands'. He added: "I'm not making a takeover bid at this point, but it's certainly worth a premium. [It] is like the Harrods of the car business in the UK. It certainly interests me." HR Owen franchises include Bentley, Alfa Romeo, Maserati, Bugatti, Rolls-Royce, Ferrari and Lamborghini. The company has been the subject of much ownership speculation over the past two years.
DATED: 26.02.08
FEED: AW
DATED: 26.02.08
FEED: AW
Testers say recall 'unsafe' truck
The European body responsible for testing new cars has demanded a pick-up truck be recalled after it received one of the worst ever crash safety scores. Euro NCap said the Nissan Navara's poor design made deaths and serious injuries more likely in an accident. The tests showed its airbags opened too slowly and seatbelts did not provide enough protection during a collision. But Nissan said the airbag problem was limited to 2008 models and invited owners to have settings changed.
DATED: 26.02.08
FEED: AW
DATED: 26.02.08
FEED: AW
Monday, February 25, 2008
Pendragon set to stabilise in 2008
Analyst claims giant dealer group set for important year
Pendragon, the UK’s largest dealer group, faces a year of stabilising its business and is unlikely to embark on any major acquisitions in 2008, according to an industry analyst.
Despite the downturn in profits announced last week, Pendragon said it would maintain its policy of growth through acquisition.
But Mike Allen, analyst from stockbroker Panmure Gordon, predicted any further buys would only be “bolt-on” acquisitions and on a far smaller scale than the mega-deals that saw Pendragon swallow up CD Bramall and Reg Vardy in recent years.
DATED: 25.02.08
FEED: MT
Honda breaks 2 million production milestone
Honda has celebrated producing the two millionth car from its Swindon car factory.
A silver CR-V rolled off the production line on last week, 16 years after manufacturing at that location started in October 1992.
Building on its 22 year history, Honda has invested a further £80m to upgrade and improve its manufacturing processes.
DATED: 25.02.08
FEED: MT
World's first wooden car can outrun Porsche and Lamborghini
The Splinter
The world’s first wooden supercar has been unveiled and its creators claim it can outrun a Porsche or Lamborghini.
The Splinter’s top speed of 240mph is partly due to its amazingly light body – a mere 1,134kg, about 240kg less than the super lightweight Porsche.
Despite its power, the Splinter is relatively eco-friendly, doing up to 20mpg.
DATED: 25.02.08
FEED: MT
Drivers are clueless over CO2 emissions
The vast majority of British drivers “do not have a clue” how much CO2 is produced by their car, according to a study conducted on behalf of the Environmental Transport Association.
The survey discovered that the least well informed drivers are in the south, particularly London, with 67 and 68 per cent respectively not aware of how much CO2 their car produces.
Drivers in the north of Britain were more aware.
DATED: 25.02.08
FEED: MT
Pendragon profits are halved
Pendragon, the UK’s largest dealer group, has reported that year-on-year profits have halved.
Pre-tax profits for the year ended 31 December 2007 fell to £34.8m down from £69.4m in 2006 as an increasingly competitive UK car market took its toll.
Revenues for the group remained flat at £5.1bn - a figure in line with analysts' expectations.
DATED: 25.02.08
FEED: MT
Car dealers turn to used sales
Car dealers expect to sell more used cars in 2008 as a result of the economic downturn.
According to the latest Motortrader.com poll, 49 per cent of franchised dealers expect to retail more used vehicles because of the credit crunch.
The on-going popularity of new diesel models is expected to continue and 27 per cent of dealers said they expected to sell more oil burners this year as concerns over rising fuel prices increasingly affect consumers.
Almost a quarter of respondents said new small cars would be their bestseller as car buyers look to downsize to smaller, more economical models.
DATED: 25.02.08
FEED: MT
Car buying is 11 per cent cheaper online
Internet car sales brokers are undercutting dealers on price but many buyers are using them to research prices before visiting showrooms, according to a study by the Which? consumer magazine.
It researched prices of fifteen new cars online and at dealerships, and although every dealer bar Mini retailers were prepared to offer discounts, Which? found it could still save an average 11 per cent online.
One Audi dealer was prepared to sell an Audi A6 2.0 TDI listed at £28,550 for £26,605 but online an identical car was found for £25,771.
DATED: 25.02.08
FEED: MT
Pendragon to focus on older cars after profits slide
Britain's largest car dealership group, Pendragon, is to focus on selling cheaper and older cars this year as the economic downturn hits consumers. The move has been revealed on the back of financial results for 2007, which were announced on Wednesday (February 20) and revealed a halving of pre-tax profits to £34.8 million, despite revenues remaining flat at £5.1 billion. The company will now focus on cars that could be as much as 10 years old and sell for £3,000. The company, which in recent years has swallowed up rival dealer groups Reg Vardy and CD Bramall, will also curb its aggressive expansion.
DATED: 25.02.08
FEED: AW
DATED: 25.02.08
FEED: AW
