Friday, June 06, 2008
Cerberus denies Chrysler sale claims
Reports that 50 per cent stake has been sold are unfounded
Cerberus Capital Management has denied reports that said it sold half its stake in Chrysler and GMAC.
The Financial Times reported that the private equity firm had made the sale to about 90 investors for as much as $1bn (£510m), but Cerberus has said this is untrue.
The company said in a statement: “Cerberus has not reduced or made any changes to its equity stakes in GMAC or Chrysler since the closing of either transaction. Cerberus continues to have voting control over both investments.
“It is common knowledge, and has been widely reported, that Cerberus made these investments side-by-side with its co-investors at the time of closing.
“Our commitment to these companies has not changed.”
Cerberus has had problems with both companies, with Chrysler hit by the sharp downturn in US car sales and GMAC suffering losses.
Last year, Cerberus acquired 80 per cent of Chrysler and invested $7.4bn in the manufacturer.
DATED: 06.06.08
FEED: MT
Cerberus Capital Management has denied reports that said it sold half its stake in Chrysler and GMAC.
The Financial Times reported that the private equity firm had made the sale to about 90 investors for as much as $1bn (£510m), but Cerberus has said this is untrue.
The company said in a statement: “Cerberus has not reduced or made any changes to its equity stakes in GMAC or Chrysler since the closing of either transaction. Cerberus continues to have voting control over both investments.
“It is common knowledge, and has been widely reported, that Cerberus made these investments side-by-side with its co-investors at the time of closing.
“Our commitment to these companies has not changed.”
Cerberus has had problems with both companies, with Chrysler hit by the sharp downturn in US car sales and GMAC suffering losses.
Last year, Cerberus acquired 80 per cent of Chrysler and invested $7.4bn in the manufacturer.
DATED: 06.06.08
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SMMT welcomes BER changes
Trade body backs move to simplify legislation
The SMMT has backed the European Commission’s decision to simplify the Block Exemption Regulations.
The trade association said the move to accommodate motor vehicle distribution under the general regime on the vertical restraints that govern other markets was a welcome move.
'It added that the current legislation contained “complex and unattractive options” that were not used by businesses.
“The motor industry has come a long way since Block Exemption was first adopted and we welcome the Commission's desire to now simplify the regulation,” said SMMT chief executive, Paul Everitt.
“We look forward to engaging with government and other stakeholders in order to evaluate the report findings, with the aim of maintaining a healthy balance of the many and varied interests of the industry.”
DATED: 06.06.08
FEED: MT
The SMMT has backed the European Commission’s decision to simplify the Block Exemption Regulations.
The trade association said the move to accommodate motor vehicle distribution under the general regime on the vertical restraints that govern other markets was a welcome move.
'It added that the current legislation contained “complex and unattractive options” that were not used by businesses.
“The motor industry has come a long way since Block Exemption was first adopted and we welcome the Commission's desire to now simplify the regulation,” said SMMT chief executive, Paul Everitt.
“We look forward to engaging with government and other stakeholders in order to evaluate the report findings, with the aim of maintaining a healthy balance of the many and varied interests of the industry.”
DATED: 06.06.08
FEED: MT
BMW puts brakes on UK growth
BMW is capping volumes of popular models after deciding it has reached optimum size in the UK market.
In a move aimed at protecting its position as one of the leading premium brands, the German firm has drawn a line under the 127,000 registrations it achieved in Britain last year – its best result since taking charge of sales from importer TKM in 1980.
“We have enjoyed consistent expansion over three decades but the time has come to apply the brakes – we don’t want to jeopardise our position in the marketplace,” said BMW UK product and market planning chief Carl Sanderson.
Sanderson told AM that the company was no longer seeking higher volumes for core products.
“The 3 Series accounted for half our total sales in 2007 and the 1 Series won more than 23,000 registrations.
We would like to have as many cars as possible in the market, but there is an understanding that we have now achieved a level of business that is profitable for the company and the dealer network.
“We ask our 148 retailers to make considerable investments and it is not in the interests of anyone that they should be forced into discounting in order to move more volume.
“Equally, it would harm our reputation if there was a BMW on every street corner,” he said.
DATED: 06.06.08
FEED: AM
In a move aimed at protecting its position as one of the leading premium brands, the German firm has drawn a line under the 127,000 registrations it achieved in Britain last year – its best result since taking charge of sales from importer TKM in 1980.
“We have enjoyed consistent expansion over three decades but the time has come to apply the brakes – we don’t want to jeopardise our position in the marketplace,” said BMW UK product and market planning chief Carl Sanderson.
Sanderson told AM that the company was no longer seeking higher volumes for core products.
“The 3 Series accounted for half our total sales in 2007 and the 1 Series won more than 23,000 registrations.
We would like to have as many cars as possible in the market, but there is an understanding that we have now achieved a level of business that is profitable for the company and the dealer network.
“We ask our 148 retailers to make considerable investments and it is not in the interests of anyone that they should be forced into discounting in order to move more volume.
“Equally, it would harm our reputation if there was a BMW on every street corner,” he said.
DATED: 06.06.08
FEED: AM
Peugeot takes a break from premium saloons
Peugeot UK plans to sever its link with the premium saloon market by prematurely ending imports of the 607 later this year.
Disappointing sales have prompted the decision to quit the brand-conscious segment dominated by Audi, BMW and Mercedes-Benz, though the move is not intended to be permanent.
Peugeot UK marketing director Christian Stein told AM: “We introduced our flagship car eight years ago and it reached annual registration volumes of more than 1,000.
But sales dipped to only 189 units last year, so we have decided to call it a day, though we still have big ambitions in this area of the market.”
He added: “The time may have come for us to leave the traditional luxury saloon sector, but we will return in 2011 with a replacement model.
In the meantime, our main hopes for upmarket business lie with 4007 SUV and 407 Coupé,” he said.
DATED: 06.06.08
FEED: AM
Disappointing sales have prompted the decision to quit the brand-conscious segment dominated by Audi, BMW and Mercedes-Benz, though the move is not intended to be permanent.
Peugeot UK marketing director Christian Stein told AM: “We introduced our flagship car eight years ago and it reached annual registration volumes of more than 1,000.
But sales dipped to only 189 units last year, so we have decided to call it a day, though we still have big ambitions in this area of the market.”
He added: “The time may have come for us to leave the traditional luxury saloon sector, but we will return in 2011 with a replacement model.
In the meantime, our main hopes for upmarket business lie with 4007 SUV and 407 Coupé,” he said.
DATED: 06.06.08
FEED: AM
IMI to launch new qualification scheme
The Institute of the Motor Industry (IMI) is introducing a management equivalent to its technician qualification, Automotive Technician Accreditation (ATA).
Automotive Management Accreditation (AMA) will begin as a pilot in September and is due to be rolled out across the marketplace by April 2009.
The test scheme will use at least 50 individuals from different sub-sectors.
When fully introduced, accreditation centres will include manufacturers and dealer groups.
Sarah Sillars, IMI chief executive, said: “Instead of training which says one qualification fits all, we’re going to try and apply a consistent standard – one where there are many different ways to reach that level.
“We know all the pitfalls from the ATA and we know all eyes are on us.”
She added that 14% of training is management-based, yet there was no umbrella qualification for recognition.
“Most businesses want four things – operational management, financial management, staff that are skilled at handling people issues and customer relationship issues.
This is what we are aiming at,” Sillars said.
The move follows the failure of Automotive Retail Management Standards (ARMS) programme, a venture for Automotive Skills in partnership with Chartered Management Institute and IMI.
It wasn’t well received in the industry, which Sillars attributes to “onerous assessment requirements which were a significant barrier to completing the qualification”.
However, ARMS has not been stopped and some participants are still working through the qualification.
Ultimately it will be replaced with AMA, which intends to demonstrate competence as an automotive manager, but with a much less intrusive and time-consuming assessment requirement.
Sillars described the scheme as “a similar approach to ATA which provides a leveller and occupational benchmark for technical training”.
ATA standard is set to reach 10,000 qualified technicians by July, following an 8,000 benchmark in April.
DATED: 06.06.08
FEED: AM
Automotive Management Accreditation (AMA) will begin as a pilot in September and is due to be rolled out across the marketplace by April 2009.
The test scheme will use at least 50 individuals from different sub-sectors.
When fully introduced, accreditation centres will include manufacturers and dealer groups.
Sarah Sillars, IMI chief executive, said: “Instead of training which says one qualification fits all, we’re going to try and apply a consistent standard – one where there are many different ways to reach that level.
“We know all the pitfalls from the ATA and we know all eyes are on us.”
She added that 14% of training is management-based, yet there was no umbrella qualification for recognition.
“Most businesses want four things – operational management, financial management, staff that are skilled at handling people issues and customer relationship issues.
This is what we are aiming at,” Sillars said.
The move follows the failure of Automotive Retail Management Standards (ARMS) programme, a venture for Automotive Skills in partnership with Chartered Management Institute and IMI.
It wasn’t well received in the industry, which Sillars attributes to “onerous assessment requirements which were a significant barrier to completing the qualification”.
However, ARMS has not been stopped and some participants are still working through the qualification.
Ultimately it will be replaced with AMA, which intends to demonstrate competence as an automotive manager, but with a much less intrusive and time-consuming assessment requirement.
Sillars described the scheme as “a similar approach to ATA which provides a leveller and occupational benchmark for technical training”.
ATA standard is set to reach 10,000 qualified technicians by July, following an 8,000 benchmark in April.
DATED: 06.06.08
FEED: AM
Fuel costs 'favour smaller cars'
High fuel prices and the threat of extra taxes on larger cars may be making smaller cars more popular, new car registration figures suggest. The Society of Motor Manufacturers and Traders (SMMT) said 4x4 registrations fell 18% in May compared with May 2007. Meanwhile, registrations of cars in the mini category, such as Hyundai I10 and Chevrolet Matiz, rose 120%. Analysts caution against reading too much into one month's figures and sales of 4x4s have risen over the past year. Also, the mini category is a relatively small one with only 2,912 of them registered in May, compared with 11,126 4x4s. Some of the rise in sales of smaller cars can be attributed to the launch of the new Hyundai I10 during the month.
DATED: 06.06.08
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DATED: 06.06.08
FEED: AW
Car sales down but market buoyant, says RMI
'Current economic uncertainty, and increasing household costs mean that many consumers may be taking a "wait and see" attitude on all major purchases, but growth in some new car segments shows that there is still a lot of life in the new car market,' said Sue Robinson, Director of the RMI National Franchised Dealers Association (NFDA), commenting today on car sales figures for May. While overall new car sales dropped 3.5 per cent in May to 179,272 units, the mini segment saw a 120 per cent increase during the month.
DATED: 06.06.08
FEED: AW
DATED: 06.06.08
FEED: AW
Wednesday, June 04, 2008
A4 and Ibiza gets Euro NCAP five stars
The new Audi A4 and Seat Ibiza have received the maximum five stars for adult occupant protection from Euro NCAP.
Both were awarded 34 points for front, side and pole impact tests, and rated highly for child protection.
However, Euro NCAP criticised unclear information about airbag deactivation on both and poorly labelled ISOFIX points on the Ibiza.
The Ibiza received three stars for pedestrian protection, and the A4 received two, both were penalised for partially poor areas of the bonnet.
DATED: 04.06.08
FEED: AM
Both were awarded 34 points for front, side and pole impact tests, and rated highly for child protection.
However, Euro NCAP criticised unclear information about airbag deactivation on both and poorly labelled ISOFIX points on the Ibiza.
The Ibiza received three stars for pedestrian protection, and the A4 received two, both were penalised for partially poor areas of the bonnet.
DATED: 04.06.08
FEED: AM
Get the best and keep them
People are your most important asset – they make your business stand out from the competition.
It’s an irrefutable fact, one that is acknowledged by the majority of employers.
But with many companies experiencing staff turnover of a third, and some suffering more than 50% churn each year, the cost to business is huge.
Retailers and repairers with the worst staff retention levels often suffer from the lowest levels of customer satisfaction and loyalty – people really do make all the difference.
How do you attract and retain the best people?
How do you get access to the thousands of pounds of funding available for training?
And what role does the Government have to play in raising the profile of the automotive industry and ensuring it has relevant qualifications?
The answers to these questions – and more – will be provided at the AM People Skills conference Investing in people, investing in your future.
Supported by headline sponsor the Institute of the Motor Industry, the conference is split into three key sessions looking at qualifications, funding and staff loyalty and features training experts and leading motor industry employers.
Session 1 - qualifications
Speakers will look at the skills vision and Government overview and the strategy for qualifications that meet the needs of employers.
Session 2 – funding
The Learning and Skills Council will outline the funding support available to your business while the IMI will reveal how you can get access to that funding.
This session will include a case study of a retail group that has successfully drawn funding – they will reveals the issues and solutions to speed up the process.
Session 3 – attracting and retaining staff
Sarah Sillars, IMI chief executive, will outline the key people challenges in the sector while IMI head of professional development Lesley Woolley will explain how employers can work with schools and other stakeholders to promote careers.
Four heads of industry, including Duncan Wilkes, chief executive of Nationwide Autocentres, Neil Fletcher, head of the Honda Institute, and Melvin Rogers, head of HR at AM employer of the year Sytner Group, will share best practice and reveal the secrets to their success.
To close the conference, delegates will hear from a leading organisation from another industry sector about the challenges facing their business and how they attract and retain the best people.
The AM People Skills conference will be held on September 17, 2008, at Sopwell House Hotel in St Albans, Hertfordshire.
DATED: 04.06.08
FEED: AM
It’s an irrefutable fact, one that is acknowledged by the majority of employers.
But with many companies experiencing staff turnover of a third, and some suffering more than 50% churn each year, the cost to business is huge.
Retailers and repairers with the worst staff retention levels often suffer from the lowest levels of customer satisfaction and loyalty – people really do make all the difference.
How do you attract and retain the best people?
How do you get access to the thousands of pounds of funding available for training?
And what role does the Government have to play in raising the profile of the automotive industry and ensuring it has relevant qualifications?
The answers to these questions – and more – will be provided at the AM People Skills conference Investing in people, investing in your future.
Supported by headline sponsor the Institute of the Motor Industry, the conference is split into three key sessions looking at qualifications, funding and staff loyalty and features training experts and leading motor industry employers.
Session 1 - qualifications
Speakers will look at the skills vision and Government overview and the strategy for qualifications that meet the needs of employers.
Session 2 – funding
The Learning and Skills Council will outline the funding support available to your business while the IMI will reveal how you can get access to that funding.
This session will include a case study of a retail group that has successfully drawn funding – they will reveals the issues and solutions to speed up the process.
Session 3 – attracting and retaining staff
Sarah Sillars, IMI chief executive, will outline the key people challenges in the sector while IMI head of professional development Lesley Woolley will explain how employers can work with schools and other stakeholders to promote careers.
Four heads of industry, including Duncan Wilkes, chief executive of Nationwide Autocentres, Neil Fletcher, head of the Honda Institute, and Melvin Rogers, head of HR at AM employer of the year Sytner Group, will share best practice and reveal the secrets to their success.
To close the conference, delegates will hear from a leading organisation from another industry sector about the challenges facing their business and how they attract and retain the best people.
The AM People Skills conference will be held on September 17, 2008, at Sopwell House Hotel in St Albans, Hertfordshire.
DATED: 04.06.08
FEED: AM
Caution urged despite Camden’s VAT win
VAT experts are warning motor retailers that a tribunal victory for Camden Motors Group does not automatically guarantee success with other claims.
Camden’s action could mean a saving of £1.5 million relating to three years of payments, according to chief operating officer David Hammond.
“We are saying VAT payments should be assessed on a fair basis,” he said.
“We believe the tribunal agreed, but there could be an appeal.”
The case is the latest in a series within the retail motor industry, brought about by confusion over what is liable for VAT and what is exempt.
Camden’s challenge could change the way motor retailers can set VAT-exempt transactions against those where VAT needs to be paid.
Camden objected to HMRC’s ruling that dealer groups should consider only the level of profit on exempt activities – and compare it with that on others.
HMRC focused on finance and insurance income, saying margins were typically higher than on car sales.
Michelle Malone, VAT manager at accountants Trevor Jones, said: “The ruling may appear to relate equally to many other motor dealers but HMRC views each set of circumstances in isolation.
“The complication in the motor trade is the combination of income from the sale of a vehicle and any associated F&I income – and how much is exempt from VAT payment. ”
David Raistrick, automotive partner at Deloitte, viewed the tribunal decision as potentially important because HMRC’s new approach could cost dealers millions of pounds. He also warned that HMRC might appeal.
DATED: 04.06.08
FEED: AM
Camden’s action could mean a saving of £1.5 million relating to three years of payments, according to chief operating officer David Hammond.
“We are saying VAT payments should be assessed on a fair basis,” he said.
“We believe the tribunal agreed, but there could be an appeal.”
The case is the latest in a series within the retail motor industry, brought about by confusion over what is liable for VAT and what is exempt.
Camden’s challenge could change the way motor retailers can set VAT-exempt transactions against those where VAT needs to be paid.
Camden objected to HMRC’s ruling that dealer groups should consider only the level of profit on exempt activities – and compare it with that on others.
HMRC focused on finance and insurance income, saying margins were typically higher than on car sales.
Michelle Malone, VAT manager at accountants Trevor Jones, said: “The ruling may appear to relate equally to many other motor dealers but HMRC views each set of circumstances in isolation.
“The complication in the motor trade is the combination of income from the sale of a vehicle and any associated F&I income – and how much is exempt from VAT payment. ”
David Raistrick, automotive partner at Deloitte, viewed the tribunal decision as potentially important because HMRC’s new approach could cost dealers millions of pounds. He also warned that HMRC might appeal.
DATED: 04.06.08
FEED: AM
Listers may seek Lincolnshire growth
Listers Group is thought to have its sights set on Taylors BMW and Mini in Boston.
The acquisition, if successful, would give Listers its second dealership for the brands.
The top 20 AM100 retailer took on its first franchise for the prestige marques when it bought Sorensons BMW and Mini in King’s Lynn last October.
That prompted speculation that it would seek further bolt-on acquisitions in East Anglia and Lincolnshire.
A source close to the business claimed the talks were at an advanced stage.
The sale would leave current owner Taylors Service Garages focused on its Peugeot, Citroën, Ford and Vauxhall businesses at three remaining sites in Lincolnshire.
Managing director Nigel Taylor said it was “too premature” to discuss the sale.
DATED: 04.06.08
FEED: AM
The acquisition, if successful, would give Listers its second dealership for the brands.
The top 20 AM100 retailer took on its first franchise for the prestige marques when it bought Sorensons BMW and Mini in King’s Lynn last October.
That prompted speculation that it would seek further bolt-on acquisitions in East Anglia and Lincolnshire.
A source close to the business claimed the talks were at an advanced stage.
The sale would leave current owner Taylors Service Garages focused on its Peugeot, Citroën, Ford and Vauxhall businesses at three remaining sites in Lincolnshire.
Managing director Nigel Taylor said it was “too premature” to discuss the sale.
DATED: 04.06.08
FEED: AM
Vauxhall cuts production at Ellesmere Port
Vauxhall is cutting 3,000 units from its annual production target for Ellesmere Port's Astra assembly lines.
The move means workers will be laid off on full pay for two days this month and two further days in July.
The Liverpool Echo reports one worker as saying management blame the cut on the state of the economy and the weakness of the pound against the Euro.
DATED: 04.06.08
FEED: AM
The move means workers will be laid off on full pay for two days this month and two further days in July.
The Liverpool Echo reports one worker as saying management blame the cut on the state of the economy and the weakness of the pound against the Euro.
DATED: 04.06.08
FEED: AM
Consumer Credit Act 2006 – further information
On April 6 new provisions were introduced under the Consumer Credit Act 2006.
The financial limit of £25,000 credit was removed.
The Office of Fair Trading has a strengthened licensing regime
A new consumer credit appeals tribunal was set up (for appeals against licensing decisions).
There is an unfair relationships test for all credit agreements
On October 1 lenders will be obliged to give more information to borrowers about accounts such as annual statements.
DATED: 04.06.08
FEED: AM
The financial limit of £25,000 credit was removed.
The Office of Fair Trading has a strengthened licensing regime
A new consumer credit appeals tribunal was set up (for appeals against licensing decisions).
There is an unfair relationships test for all credit agreements
On October 1 lenders will be obliged to give more information to borrowers about accounts such as annual statements.
DATED: 04.06.08
FEED: AM
Monday, June 02, 2008
CEO for Jaguar and Land Rover
Tata Motors has named David Smith as its new chief executive for Jaguar and Land Rover.
Smith was Jaguar and Land Rover's chief financial officer, and had been the company’s acting chief executive since the death of Geoff Polites on April 20.
Smith’s appointment was announced today as Tata also revealed its acquisition of Jaguar and Land Rover from Ford had been completed.
DATED: 02.06.08
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Smith was Jaguar and Land Rover's chief financial officer, and had been the company’s acting chief executive since the death of Geoff Polites on April 20.
Smith’s appointment was announced today as Tata also revealed its acquisition of Jaguar and Land Rover from Ford had been completed.
DATED: 02.06.08
FEED: AM
Non-executive director appointed by Lookers
Lookers has appointed Bill Holmes as a non-executive director of the group with immediate effect. He also becomes chairman of its remuneration committee.
Holmes is currently managing partner of the Leeds office of BDO Stoy Hayward whom he joined in 2002 from Arthur Andersen where he had been a partner since 1988.
Prior to joining Arthur Andersen he qualified as an inspector of taxes with HM Revenue & Customs. His appointment follows the retirement from the David Mace as a non-executive director at the AGM on May 13.
In April Lookers appointed Peter Jones, former chief executive of CD Bramall and Bramall & Jones, as an operations director.
DATED: 02.06.08
FEED: AM
Holmes is currently managing partner of the Leeds office of BDO Stoy Hayward whom he joined in 2002 from Arthur Andersen where he had been a partner since 1988.
Prior to joining Arthur Andersen he qualified as an inspector of taxes with HM Revenue & Customs. His appointment follows the retirement from the David Mace as a non-executive director at the AGM on May 13.
In April Lookers appointed Peter Jones, former chief executive of CD Bramall and Bramall & Jones, as an operations director.
DATED: 02.06.08
FEED: AM
Caffyns nearly doubles pre-tax profits
VAT rebate helps offset £197,000 trading loss
Caffyns, ranked 52 in the Motor Trader Top 200, nearly doubled pre-tax profits in the year ended 31 March 2008 despite making a trading loss.
Profit before tax reached £2.58m, up from £1.44m in 2007, which was equivalent to a 79 per cent rise and principally due to VAT refunds worth £2.78m.
Aside from the exceptional items the dealer group made a trading loss of £197,000, despite a 3.4 per cent rise in turnover to £182m.
Gross profit remained virtually unchanged year-on-year at almost £25m.
Caffyns’ chairman Brian Carte blamed difficult trading conditions in the latter part of the year for the poor underlying result and warned that moving forward the market would remain challenging. “The year ahead promises to be difficult for all retailers,” said Carte.
DATED: 02.06.08
FEED: MT
Caffyns, ranked 52 in the Motor Trader Top 200, nearly doubled pre-tax profits in the year ended 31 March 2008 despite making a trading loss.
Profit before tax reached £2.58m, up from £1.44m in 2007, which was equivalent to a 79 per cent rise and principally due to VAT refunds worth £2.78m.
Aside from the exceptional items the dealer group made a trading loss of £197,000, despite a 3.4 per cent rise in turnover to £182m.
Gross profit remained virtually unchanged year-on-year at almost £25m.
Caffyns’ chairman Brian Carte blamed difficult trading conditions in the latter part of the year for the poor underlying result and warned that moving forward the market would remain challenging. “The year ahead promises to be difficult for all retailers,” said Carte.
DATED: 02.06.08
FEED: MT
Black Horse appoints new motor finance MD
Chris Sutton will take on the new role immediately
Black Horse has appointed Chris Sutton as the new managing director of its motor & Leisure division.
For the past four years Sutton has been managing director of expatriate banking at Lloyds TSB’s international banking business.
Previously he held executive roles in wealth management, regulated sales and UK retail banking. His career in the group has spanned over 20 years.
“I’m very excited about my new role and am looking forward to building further upon the position that Black Horse Motor & Leisure enjoys at the point of sale,” said Sutton.
DATED: 02.06.08
FEED: MT
Black Horse has appointed Chris Sutton as the new managing director of its motor & Leisure division.
For the past four years Sutton has been managing director of expatriate banking at Lloyds TSB’s international banking business.
Previously he held executive roles in wealth management, regulated sales and UK retail banking. His career in the group has spanned over 20 years.
“I’m very excited about my new role and am looking forward to building further upon the position that Black Horse Motor & Leisure enjoys at the point of sale,” said Sutton.
DATED: 02.06.08
FEED: MT
Online dealer goes bust
New Car Discount, an online retailer based in Lancashire, has collapsed, leaving customers worried they might never see the car they ordered.
Administrators from DTE are at the company's offices in Nelson after director David Scholfield filed for voluntary liquidation.
New Car Discount's phone lines and website are no longer active.
The internet address now provides a web page stating that administrators have appointed Steve Durkin Vehicle Sales as their handling agent to match cars to customers.
The collapse comes two years after the closure of Virgin Cars, a high profile venture into online new car retailing by Richard Branson's Virgin Group.
DATED: 02.06.08
FEED: AM
Administrators from DTE are at the company's offices in Nelson after director David Scholfield filed for voluntary liquidation.
New Car Discount's phone lines and website are no longer active.
The internet address now provides a web page stating that administrators have appointed Steve Durkin Vehicle Sales as their handling agent to match cars to customers.
The collapse comes two years after the closure of Virgin Cars, a high profile venture into online new car retailing by Richard Branson's Virgin Group.
DATED: 02.06.08
FEED: AM
Car dealers stand to lose control if BER is dropped
Question mark over EU rules as industry considers de-regulation
Car dealers in the UK could be thrown into disarray if the EU decides not to renew the Block Exemption Regulations in 2010.
The likelihood of the rules being abandoned are gaining credence with Sid Hopper, automotive partner at BDO Stoy Hayward, the accountancy firm, warning that some dealers may start to feel exposed.
“A number of dealers fear that the 2010 BER might be totally removed, altering the balance of power between manufacturer and dealer,” he said.
“This is a real threat to dealers who do not find favour with the manufacturers.”
He said prices charged to car buyers were the main criteria being used by European lawmakers and they considered the impact on dealers of abandoning the BER as largely irrelevant.
Hopper predicted that some big dealer groups will be forced to reduce regional representation of certain brands, and weaker players will be weeded out.
“Basically the EU wants to deregulate competition law -- in other industries manufacturers are able to control their distribution networks.”
DATED: 02.06.08
FEED: MT
Car dealers in the UK could be thrown into disarray if the EU decides not to renew the Block Exemption Regulations in 2010.
The likelihood of the rules being abandoned are gaining credence with Sid Hopper, automotive partner at BDO Stoy Hayward, the accountancy firm, warning that some dealers may start to feel exposed.
“A number of dealers fear that the 2010 BER might be totally removed, altering the balance of power between manufacturer and dealer,” he said.
“This is a real threat to dealers who do not find favour with the manufacturers.”
He said prices charged to car buyers were the main criteria being used by European lawmakers and they considered the impact on dealers of abandoning the BER as largely irrelevant.
Hopper predicted that some big dealer groups will be forced to reduce regional representation of certain brands, and weaker players will be weeded out.
“Basically the EU wants to deregulate competition law -- in other industries manufacturers are able to control their distribution networks.”
DATED: 02.06.08
FEED: MT
New consumer protection rules now in force
Car dealers must make sure that they abide by new consumer protection rules that came into force this week, according to the RMI National Franchised Dealers Association (NFDA). The Unfair Commercial Practices Directive (UCPD) provides better protection for the consumer. The Directive harmonises unfair trading laws across all EU Member States, and introduces a general prohibition on traders not to treat consumers unfairly. This prohibition is intended to act as safety-net consumer protection legislation. Under the Directive businesses must not mislead consumers through acts or omissions, or use pressure-selling techniques. Unfair commercial practices as defined by the Directive include:
Conduct below a level which may be expected towards consumers
Misleading practices, false or deceptive messages, and the omission of important information
Aggressive sales techniques that use harassment, coercion or undue influence
DATED: 02.06.08
FEED: AW
Conduct below a level which may be expected towards consumers
Misleading practices, false or deceptive messages, and the omission of important information
Aggressive sales techniques that use harassment, coercion or undue influence
DATED: 02.06.08
FEED: AW
Brown's role in MG Rover crash
The group of four businessesmen - John Towers, Peter Beale, John Edwards and Nick Stephenson - who have been blamed for the collapse of MG Rover are to launch a campaign to clear their names. Frustrated at the delay in the Department of Trade and Industry publishing a report into the April 2005 collapse, the quartet - known as the 'Phoenix Four' - are drawing up a campaign that they believe will reveal the role played by Prime Minister Gordon Brown and one of his senior advisers in the April 2005 collapse of the company. The DTI report, which is being compiled by BDO Stoy Hayward and a barrister, is not expected to be completed until the end of this year at the earliest. The quartet, who have so far refused to discuss the collapse publicly, have appointed lawyers and a public relation teams. A number of Freedom of Information requests are being compiled that the businessmen believe will reveal how some people in Government killed off Mr Towers' plan to save Rover and sell it to a Chinese company.
DATED: 02.06.08
FEED: AW
DATED: 02.06.08
FEED: AW
