Friday, July 11, 2008
Chrysler rumours have 'no merit'
Chrysler has squashed rumours that it’s at risk of bankruptcy.
Analyst reports earlier this month warned that the carmaker could face ruin, hit by high pump prices, an economic slowdown and an expected decline in sales of trucks.
But Chrysler has said the “the suggestion of a possible bankruptcy situation is without merit”.
US dealers were reassured by letter that liquidation was not on Chrysler’s agenda.
It also said the company will focus on higher-mileage model for the rest of the year.
The American manufacturer recently closed one of its St Louis plants and cut production at its other.
Soaring fuel prices have crippled sales of pickups, minivans and SUVs that make up more than 65 per cent of Chryslers volume.
DATED: 11.07.08
FEED: AM
Analyst reports earlier this month warned that the carmaker could face ruin, hit by high pump prices, an economic slowdown and an expected decline in sales of trucks.
But Chrysler has said the “the suggestion of a possible bankruptcy situation is without merit”.
US dealers were reassured by letter that liquidation was not on Chrysler’s agenda.
It also said the company will focus on higher-mileage model for the rest of the year.
The American manufacturer recently closed one of its St Louis plants and cut production at its other.
Soaring fuel prices have crippled sales of pickups, minivans and SUVs that make up more than 65 per cent of Chryslers volume.
DATED: 11.07.08
FEED: AM
Changes within BMW and Mini network
Dealership changes within BMW and Mini's franchised network, predicted following the end of dealers' franchise contract in April, have begun.
The carmaker would not confirm how many sites in its network will change hands before September, the point at which non-renewed dealers will be replaced.
However it confirmed to AM that Listers Group has completed its takeover of BMW and Mini in Boston, Lincolnshire, from Taylors Group, and that Pendragon has sold its Stratstone BMW outlet in Tring, Hertfordshire, to Specialist Cars.
DATED: 11.07.08
FEED: AM
The carmaker would not confirm how many sites in its network will change hands before September, the point at which non-renewed dealers will be replaced.
However it confirmed to AM that Listers Group has completed its takeover of BMW and Mini in Boston, Lincolnshire, from Taylors Group, and that Pendragon has sold its Stratstone BMW outlet in Tring, Hertfordshire, to Specialist Cars.
DATED: 11.07.08
FEED: AM
A year's jail for 25 offences of clocking
Scunthorpe used car dealer Jason Large has been jailed for 12 months for clocking cars.
Large traded as Select Motor Services and Trade Car in Moorwell Road, Scunthorpe.
A two-year investigation by Trading Standards officers was prompted by a complaint by a consumer, who found his car had a mileage anomaly.
Investigators subsequently discovered that Large bought cars with high mileage from various motor auctions, and re-sold them on auction sites and from his forecourt with the mileometers showing low mileage.
Some also had a false service history and MoT certificates showing lower mileages.
After admitting the offences, Large was sentenced this week at Sheffield Crown Court to 12 months imprisonment on each of 25 counts of clocking, to run concurrently.
The court heard Large made around £28,200 profit on the 25 vehicles, but after repairs and MoTs, his actual profit was more like £16,000.
DATED: 11.07.08
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Large traded as Select Motor Services and Trade Car in Moorwell Road, Scunthorpe.
A two-year investigation by Trading Standards officers was prompted by a complaint by a consumer, who found his car had a mileage anomaly.
Investigators subsequently discovered that Large bought cars with high mileage from various motor auctions, and re-sold them on auction sites and from his forecourt with the mileometers showing low mileage.
Some also had a false service history and MoT certificates showing lower mileages.
After admitting the offences, Large was sentenced this week at Sheffield Crown Court to 12 months imprisonment on each of 25 counts of clocking, to run concurrently.
The court heard Large made around £28,200 profit on the 25 vehicles, but after repairs and MoTs, his actual profit was more like £16,000.
DATED: 11.07.08
FEED: AM
'Mini goes electric'
The BMW Group has started field tests with electronic engines in its Mini vehicles.
Over the next few months, BMW will be carrying out tests on hundreds of electrically powered Minis built at its Oxford plant and then modified in Munich.
BMW originally planned to launch a separate brand away from its BMW, Mini and Rolls-Royce models at the start of this year. However, the new announcement shows that Mini will be the green focus for the group.
Dr. Norbert Reithofer, chairman of the board of management of BMW, said: "This step will allow the BMW Group to gain an initial knowledge of how mobility can be achieved efficiently using purely electrically powered vehicles.
"Our task here is to combine the ultimate driving experience with an efficient electrified drive with practically no emissions."
The tests on alternative drives in Mini models will be used over the next 12-18 months to refine the technology.
Details about the drive concept and its marketing will be published towards the end of the year.
DATED: 11.07.08
FEED: AM
Over the next few months, BMW will be carrying out tests on hundreds of electrically powered Minis built at its Oxford plant and then modified in Munich.
BMW originally planned to launch a separate brand away from its BMW, Mini and Rolls-Royce models at the start of this year. However, the new announcement shows that Mini will be the green focus for the group.
Dr. Norbert Reithofer, chairman of the board of management of BMW, said: "This step will allow the BMW Group to gain an initial knowledge of how mobility can be achieved efficiently using purely electrically powered vehicles.
"Our task here is to combine the ultimate driving experience with an efficient electrified drive with practically no emissions."
The tests on alternative drives in Mini models will be used over the next 12-18 months to refine the technology.
Details about the drive concept and its marketing will be published towards the end of the year.
DATED: 11.07.08
FEED: AM
Free advice for businesses in financial trouble during credit crunch11 July 2008
Insolvency advisors are offering a free hour of impartial guidance to business owners in financial trouble during the credit crunch.
The initiative is being co-ordinated by R3, the professional body for insolvency practitioners.
It wants businesses to seek advice as soon as they realise that they are in financial difficulty, as they may be able to negotiate informal solutions with creditors rather than wait until a corporate voluntary arrangement (CVA) or administration is unavoidable.
R3's website
DATED: 11.07.08
FEED: AM
Insolvency advisors are offering a free hour of impartial guidance to business owners in financial trouble during the credit crunch.
The initiative is being co-ordinated by R3, the professional body for insolvency practitioners.
It wants businesses to seek advice as soon as they realise that they are in financial difficulty, as they may be able to negotiate informal solutions with creditors rather than wait until a corporate voluntary arrangement (CVA) or administration is unavoidable.
R3's website
DATED: 11.07.08
FEED: AM
Gordon Brown backs electric cars
Prime Minister calls for electric car focus following G8 summit
Prime Minister Gordon Brown has urged motorists to switch to electric cars and learn more about eco-driving, following the G8 summit in Japan which spawned an agreement to adopt a target for reducing carbon emissions.
By 2020, Brown wants all new cars sold in Britain to be electric or hybrid, producing less than 100 grams of carbon dioxide per kilometre.
“This is not the odd vehicle that would be a hybrid but vehicles that are family cars,” he said.
"I think a combination of car licence [road tax] and petrol costs could – if we could develop the new technology – be to the benefit of car drivers.”
Critics pointed out electric and hybrid cars' fuel consumption increases on long journeys, whereas diesel and petrol cars produce less pollution.
The government's own report – the King review of low-carbon cars – states that 'different fuels suit different uses'.
DATED: 11.07.08
FEED: MT
Prime Minister Gordon Brown has urged motorists to switch to electric cars and learn more about eco-driving, following the G8 summit in Japan which spawned an agreement to adopt a target for reducing carbon emissions.
By 2020, Brown wants all new cars sold in Britain to be electric or hybrid, producing less than 100 grams of carbon dioxide per kilometre.
“This is not the odd vehicle that would be a hybrid but vehicles that are family cars,” he said.
"I think a combination of car licence [road tax] and petrol costs could – if we could develop the new technology – be to the benefit of car drivers.”
Critics pointed out electric and hybrid cars' fuel consumption increases on long journeys, whereas diesel and petrol cars produce less pollution.
The government's own report – the King review of low-carbon cars – states that 'different fuels suit different uses'.
DATED: 11.07.08
FEED: MT
Road tax increases will affect nine million motorists
Around nine million motorists will pay more road tax under the recent changes to vehicle excise duty, the government has admitted.
Estimates say that VED will rise for 44 per cent of the vehicles built since 2001 but will fall for a third.
The Tories claimed Parliament had been misled over the new scheme but the government denied that, stating its aim was to reduce pollution and not raise revenues.
The official figures were revealed in Parliament by treasury minister Angela Eagle.
She said experts believed that in 2009-10 a third of cars will be better off in real terms and 55 per cent would be no worse off.
However, she added that just over 44 per cent of cars – equivalent to 8.7 million vehicles – would pay more.
It is estimated that the new tax bands will generate more than £1bn in additional revenue for the government by 2011.
Motoring groups have been highly critical of the tax changes, with the AA being particularly vociferous in its opposition.
AA president Edmund King said the figures “confirmed its worst fears” and described the VED as a “mean tax” that would hit millions of families.
DATED: 11.07.08
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Estimates say that VED will rise for 44 per cent of the vehicles built since 2001 but will fall for a third.
The Tories claimed Parliament had been misled over the new scheme but the government denied that, stating its aim was to reduce pollution and not raise revenues.
The official figures were revealed in Parliament by treasury minister Angela Eagle.
She said experts believed that in 2009-10 a third of cars will be better off in real terms and 55 per cent would be no worse off.
However, she added that just over 44 per cent of cars – equivalent to 8.7 million vehicles – would pay more.
It is estimated that the new tax bands will generate more than £1bn in additional revenue for the government by 2011.
Motoring groups have been highly critical of the tax changes, with the AA being particularly vociferous in its opposition.
AA president Edmund King said the figures “confirmed its worst fears” and described the VED as a “mean tax” that would hit millions of families.
DATED: 11.07.08
FEED: MT
Carmakers set to shun outdoor advertising?
Legislation change may harm billboard adverts
The outdoor advertising industry may lose a key source of revenue as car advertisers back away from using billboards following recent legislation.
The Department for Transport has said outdoor car adverts must display CO2 and fuel consumption information as prominently as the main text, which the Outdoor Advertising Association fears will dissuade carmakers from using billboards at all.
The DfT’s reconsideration came as a result of pressure from environmental groups Friends of the Earth and the Alliance Against Urban 4x4s, which threatened legal action if the government failed to adjust its policy.
Phil Michaels, head of legal at Friends of the Earth, said: “Until now the UK was getting away with flouting EU legislation on car advertising – we will be watching carefully to make sure that the law is now properly enforced.”
DATED: 11.07.08
FEED: MT
The outdoor advertising industry may lose a key source of revenue as car advertisers back away from using billboards following recent legislation.
The Department for Transport has said outdoor car adverts must display CO2 and fuel consumption information as prominently as the main text, which the Outdoor Advertising Association fears will dissuade carmakers from using billboards at all.
The DfT’s reconsideration came as a result of pressure from environmental groups Friends of the Earth and the Alliance Against Urban 4x4s, which threatened legal action if the government failed to adjust its policy.
Phil Michaels, head of legal at Friends of the Earth, said: “Until now the UK was getting away with flouting EU legislation on car advertising – we will be watching carefully to make sure that the law is now properly enforced.”
DATED: 11.07.08
FEED: MT
Horners uncertainty grows after Oldham Athletic deal collapses
Manchester car dealer pulls out of sponsorship deal
Uncertainty surrounds the future of Horners Motor Group, the Manchester-based retailer, following reports that it has pulled out of a major sponsorship deal with local football team Oldham Athletic.
The club released a statement earlier this week saying the sponsorship had been withdrawn as the group had “experienced financial difficulty”.
The motor group is believed to have had one year to run on its sponsorship of the main stand at the club's Boundary Park stadium.
It also supplied vehicles as the club's official car partner. It was one of the club's longest standing sponsors with Oldham fan and Horners managing director Richard Haytack backing the club for over ten years.
Established in 1922 as an Austin dealership, the group operates two sites – a Manchester showroom represents Skoda and Mitsubishi and a Rochdale sells Mitsubishis. Horners is believed to employ around 130 staff.
In its most recent accounts filed with Companies House, the group posted a £564,275 loss from £29.7m sales.
The Horners management team have, as yet, been unavailable for comment.
DATED: 11.07.08
FEED: MT
Uncertainty surrounds the future of Horners Motor Group, the Manchester-based retailer, following reports that it has pulled out of a major sponsorship deal with local football team Oldham Athletic.
The club released a statement earlier this week saying the sponsorship had been withdrawn as the group had “experienced financial difficulty”.
The motor group is believed to have had one year to run on its sponsorship of the main stand at the club's Boundary Park stadium.
It also supplied vehicles as the club's official car partner. It was one of the club's longest standing sponsors with Oldham fan and Horners managing director Richard Haytack backing the club for over ten years.
Established in 1922 as an Austin dealership, the group operates two sites – a Manchester showroom represents Skoda and Mitsubishi and a Rochdale sells Mitsubishis. Horners is believed to employ around 130 staff.
In its most recent accounts filed with Companies House, the group posted a £564,275 loss from £29.7m sales.
The Horners management team have, as yet, been unavailable for comment.
DATED: 11.07.08
FEED: MT
Horners in financial difficulties
Manchester-based dealer group Horners is in talks with its banks over the future viability of the business. It comes after the group posted a £564,275 loss from £29.7 million sales in its most recent accounts filed with Companies House.
The accounts also show had debts of around £9 million.
Horners has downsized considerably in recent years, after being badly hit by the collapse of main manufacturer partner MG Rover.
It currently has just two sites - Manchester (Mitsubishi, Mitsubishi LCV and Skoda) and Rochdale (Mitsubishi).
Four years ago the group also had sites in Blackburn (MG Rover), Burnley (MG Rover, Fiat, Fiat LCV), Bury (Skoda) and Eccles (Mitsubishi and MG Rover).
An industry source told AM: "The problem is that its remaining sites were built for a franchise with a 10-12% market share, but it's left with franchises which combined have at most a 2.5% share.
"The business is arguably five-times over-facilitised, but it will be very sad if it goes into administration."
DATED: 11.07.08
FEED: AM
The accounts also show had debts of around £9 million.
Horners has downsized considerably in recent years, after being badly hit by the collapse of main manufacturer partner MG Rover.
It currently has just two sites - Manchester (Mitsubishi, Mitsubishi LCV and Skoda) and Rochdale (Mitsubishi).
Four years ago the group also had sites in Blackburn (MG Rover), Burnley (MG Rover, Fiat, Fiat LCV), Bury (Skoda) and Eccles (Mitsubishi and MG Rover).
An industry source told AM: "The problem is that its remaining sites were built for a franchise with a 10-12% market share, but it's left with franchises which combined have at most a 2.5% share.
"The business is arguably five-times over-facilitised, but it will be very sad if it goes into administration."
DATED: 11.07.08
FEED: AM
500 job cuts were ‘to fit the current market’
Pendragon’s 500 redundancies were essential because of falling sales of new cars to retail buyers and small businesses, said chief executive Trevor Finn.
He could not say whether more redundancies would be necessary. “We are the right size for the market now,” said Finn. “The action was highly significant for those affected, and the total looks a lot, but it must be put into perspective.”
Pendragon still employs more than 14,000 people and redundancies averaged about 1.5 jobs for each of its 333 dealerships.
A Pendragon trading statement at the end of June announced the job cuts and referred to May’s 9.5% fall in new retail and 15.4% for small-business registrations. It expects new car registrations to decline for the rest of the year.
The statement added that the group’s profit for the year was difficult to forecast in such volatile trading conditions, but said sales volumes were “robust relative to the market”.
There was an element of empathy across the motor retail sector because everyone faced the same difficulties, said Finn, and he expected car manufacturers to give support where they could, in ways such as reducing sales targets.
“A lot of dealers are losing money because a range of factors, including higher interest rates and council tax bills, are making many people reluctant to buy a new car,” he said.
DATED: 11.07.08
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He could not say whether more redundancies would be necessary. “We are the right size for the market now,” said Finn. “The action was highly significant for those affected, and the total looks a lot, but it must be put into perspective.”
Pendragon still employs more than 14,000 people and redundancies averaged about 1.5 jobs for each of its 333 dealerships.
A Pendragon trading statement at the end of June announced the job cuts and referred to May’s 9.5% fall in new retail and 15.4% for small-business registrations. It expects new car registrations to decline for the rest of the year.
The statement added that the group’s profit for the year was difficult to forecast in such volatile trading conditions, but said sales volumes were “robust relative to the market”.
There was an element of empathy across the motor retail sector because everyone faced the same difficulties, said Finn, and he expected car manufacturers to give support where they could, in ways such as reducing sales targets.
“A lot of dealers are losing money because a range of factors, including higher interest rates and council tax bills, are making many people reluctant to buy a new car,” he said.
DATED: 11.07.08
FEED: AM
Online remarketing service launched
Camden Fleet Solutions has launched an online remarketing tool, letsbid4cars.co.uk, in order to market ex-lease vehicles to motor retailers.
All vehicles featured are handled by Camden's specialist remarketing division. Stock includes cars and light commercials from six-months old to three or four years old.
The website is accessible to the 3,000+ dealers who are partners with Camden Fleet Solutions. Buyers can reserve a vehicle for a specific period, and can order delivery.
DATED: 11.07.08
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All vehicles featured are handled by Camden's specialist remarketing division. Stock includes cars and light commercials from six-months old to three or four years old.
The website is accessible to the 3,000+ dealers who are partners with Camden Fleet Solutions. Buyers can reserve a vehicle for a specific period, and can order delivery.
DATED: 11.07.08
FEED: AM
Mercedes to open training centre within two months
Mercedes-Benz is opening a new in-house training centre in Milton Keynes, which will take over the qualifications previously handled by training company Carter and Carter.
The centre, run in conjunction with the Learning and Skills Council and Stephenson College in Coalville, will open within the next two months according to a spokesperson for the manufacturer.
Mercedes-Benz had outsourced much of its training to Carter and Carter until the company went into administration in March, but had begun setting up the new centre beforehand.
The new centre will take on all of the existing 532 apprentices, and between 90 and 150 new admissions each year.
On completion of the 40 month programme, apprentices will be given certificates by Mercedes-Benz, and all qualifications are recognised by the IMI.
DATED: 11.07.08
FEED: AM
The centre, run in conjunction with the Learning and Skills Council and Stephenson College in Coalville, will open within the next two months according to a spokesperson for the manufacturer.
Mercedes-Benz had outsourced much of its training to Carter and Carter until the company went into administration in March, but had begun setting up the new centre beforehand.
The new centre will take on all of the existing 532 apprentices, and between 90 and 150 new admissions each year.
On completion of the 40 month programme, apprentices will be given certificates by Mercedes-Benz, and all qualifications are recognised by the IMI.
DATED: 11.07.08
FEED: AM
Ling Valentine to star in Viz
Ling Valentine, the owner of online car leasing company LingsCars.com, has revealed her latest whacky marketing ploy - becoming a real-life character in Viz magazine.
Valentine, best known for her appearance on TV show Dragons’ Den last year, is getting her second taste of fame after being selected to become Viz’s Business Ambassador.
Viz editor Hampton Doubleday said: “She was chosen on the basis of being completely barking mad. Her lunacy and character is evident from her website, Lingscars.com. She’s also quite short, so we save on ink.”
Valentine, whose other marketing initiatives include offering customers free Chinese takeaways by post and promoting her company on a Chinese military truck complete with imitation nuclear missile, will feature alongside such classic names as Roger Mellie and Sid the Sexist.
“To celebrate my appointment as Viz’s ethic business ambassador, I have bought a flagpole and Chinese flag and I fly it outside my Gateshead office,” she said.
DATED: 11.07.08
FEED: AM
Valentine, best known for her appearance on TV show Dragons’ Den last year, is getting her second taste of fame after being selected to become Viz’s Business Ambassador.
Viz editor Hampton Doubleday said: “She was chosen on the basis of being completely barking mad. Her lunacy and character is evident from her website, Lingscars.com. She’s also quite short, so we save on ink.”
Valentine, whose other marketing initiatives include offering customers free Chinese takeaways by post and promoting her company on a Chinese military truck complete with imitation nuclear missile, will feature alongside such classic names as Roger Mellie and Sid the Sexist.
“To celebrate my appointment as Viz’s ethic business ambassador, I have bought a flagpole and Chinese flag and I fly it outside my Gateshead office,” she said.
DATED: 11.07.08
FEED: AM
Thursday, July 10, 2008
Bank of England Base Rate News
The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 5.0%.
The minutes of the meeting will be published at 9.30am on Wednesday 23 July.
DATED: 10.07.08
FEED: BoE
The minutes of the meeting will be published at 9.30am on Wednesday 23 July.
DATED: 10.07.08
FEED: BoE
Wednesday, July 09, 2008
Camden Group sets sights on £1bn turnover
Camden Group Services is planning a combined £1 billion turnover for its retail and fleet divisions following a rebranding announcement.
It was ninth in this month’s new AM100, with a turnover of £910 million.
Ian Wardle, chief executive, said the group wanted to add other volume brands – it already has Ford, Vauxhall and Renault dealerships.
“We do not intend to take premium brands,” he said. “I cannot say which brands we hope to acquire.”
Camden Group buys cars from the manufacturers for major fleet customers through its retail division, which Wardle said will focus on increasing the scale of business registrations to small and medium companies. The group has been known as Camden Corporate Fleet Services since September’s management buy out.
Wardle said a clearer division of the business between Camden Retail (which includes the multi-brand used unit Camden Car Store at Milton Keynes) and Camden Fleet Solutions was planned from the MBO.
“The group rebranding gives a sharper focus for our staff as well as customers,” said Wardle. “Our growth will be across the retail and fleet divisions. ”
Simon Rutherford, group managing director and part of the buy-out team, will continue to head Camden Retail. Its outlets are branded Camden followed by the manufacturer’s name.
Camden Group has moved to new headquarters at Leighton Buzzard. Barclays Private Equity and the senior management team combined for the MBO from Paul Dunkley’s Camden Motor Group.
DATED: 09.07.08
FEED: AM
It was ninth in this month’s new AM100, with a turnover of £910 million.
Ian Wardle, chief executive, said the group wanted to add other volume brands – it already has Ford, Vauxhall and Renault dealerships.
“We do not intend to take premium brands,” he said. “I cannot say which brands we hope to acquire.”
Camden Group buys cars from the manufacturers for major fleet customers through its retail division, which Wardle said will focus on increasing the scale of business registrations to small and medium companies. The group has been known as Camden Corporate Fleet Services since September’s management buy out.
Wardle said a clearer division of the business between Camden Retail (which includes the multi-brand used unit Camden Car Store at Milton Keynes) and Camden Fleet Solutions was planned from the MBO.
“The group rebranding gives a sharper focus for our staff as well as customers,” said Wardle. “Our growth will be across the retail and fleet divisions. ”
Simon Rutherford, group managing director and part of the buy-out team, will continue to head Camden Retail. Its outlets are branded Camden followed by the manufacturer’s name.
Camden Group has moved to new headquarters at Leighton Buzzard. Barclays Private Equity and the senior management team combined for the MBO from Paul Dunkley’s Camden Motor Group.
DATED: 09.07.08
FEED: AM
Arnold Clark signs new deal
HPI has won a three-year contract with Arnold Clark.
It won the tender process against rival Experian, after previous provider Trader Data Systems closed in February.
This is the third top dealer group win for HPI recently.
The company will provide Arnold Clark with its vehicle and mileage checks.
Kenny McLean, Arnold Clark financial director, said: “The level of service from HPI is second to none, making it the obvious choice. We will be able to give our network the confidence to sell, supported by the power of the HPI brand.”
Daniel Burgess, HPI’s director of automotive, added: “The commitment of the HPI team means all our dealers gain a personal service backed by years of experience.”
DATED: 09.07.08
FEED: AM
It won the tender process against rival Experian, after previous provider Trader Data Systems closed in February.
This is the third top dealer group win for HPI recently.
The company will provide Arnold Clark with its vehicle and mileage checks.
Kenny McLean, Arnold Clark financial director, said: “The level of service from HPI is second to none, making it the obvious choice. We will be able to give our network the confidence to sell, supported by the power of the HPI brand.”
Daniel Burgess, HPI’s director of automotive, added: “The commitment of the HPI team means all our dealers gain a personal service backed by years of experience.”
DATED: 09.07.08
FEED: AM
Fuel costs put spotlight on LPG
LPG converter companies are looking forward to doubling business this year as the dramatic increase in the petrol makes it even more competitive.
The current price of LPG is 58p per litre, compared with 118p a litre for petrol.
Last year, 13,000 LPG conversions were carried out in the UK by converters approved by the Liquified Petroleum Gas Association (LPGA).
This year, that figure is expected to double, based on the level of enquiries received so far, according to Mike Chapman, head of its autogas operation.
In 1998, the UK’s LPG vehicle parc stood at only 3,500 but Chapman claims the figure is now around 150,000.
The number of LPGA approved converters in the UK is around 200.
DATED: 09.07.08
FEED: AM
The current price of LPG is 58p per litre, compared with 118p a litre for petrol.
Last year, 13,000 LPG conversions were carried out in the UK by converters approved by the Liquified Petroleum Gas Association (LPGA).
This year, that figure is expected to double, based on the level of enquiries received so far, according to Mike Chapman, head of its autogas operation.
In 1998, the UK’s LPG vehicle parc stood at only 3,500 but Chapman claims the figure is now around 150,000.
The number of LPGA approved converters in the UK is around 200.
DATED: 09.07.08
FEED: AM
Summer deals at SsangYong
SsangYong is offering money-saving deals until the end of September, aimed at tempting customers ahead of the end of summer sales rush.
Kyron buyers will be able to add up to £1,500 of equipment to the model at no extra cost, while the seven seat Rodius range gains a limited edition S+ trim, adding alloy wheels and leather seats for £1,000 over the standard S.
Satellite navigation upgrades will also be offered on selected models for the duration of the offer, with three years or 30,000 miles of free servicing for the 2.7 litre turbo diesel Rexton.
As part of the offer, both the Kyron and Rodius are also available with a zero deposit finance scheme, spread over 59 months.
DATED: 09.07.08
FEED: AM
Kyron buyers will be able to add up to £1,500 of equipment to the model at no extra cost, while the seven seat Rodius range gains a limited edition S+ trim, adding alloy wheels and leather seats for £1,000 over the standard S.
Satellite navigation upgrades will also be offered on selected models for the duration of the offer, with three years or 30,000 miles of free servicing for the 2.7 litre turbo diesel Rexton.
As part of the offer, both the Kyron and Rodius are also available with a zero deposit finance scheme, spread over 59 months.
DATED: 09.07.08
FEED: AM
Citroën appointing 20 specialist van dealers
Citroën will have a 20-strong network of specialist commercial vehicle dealers by the end of this month as part of the drive to build on its record LCV sales last year.
The network, which is currently being finalised, has 16 sites so far and will provide a greater focus on LCV sales and service with enhanced training for dealership staff and added value benefits for customers.
Citroën already sells and services LCVs throughout its 200-plus dealer network. Last year it hit 25,501 sales.
But the new specialist commercial vehicle network, taken from its current dealer network, will provide a focus for sales expansion backed up by its biggest ever van range, which includes the new Nemo compact high cube van and Berlingo.
However, Robert Handyside, Citroën’s commercial vehicle operations manager, said the network was about more than selling greater numbers of vans.
He said: “With increasing competition, customers are demanding ever higher levels of sales and aftersales service.
“Compared to the existing dealer network, it will add further value and focus. This will take our service even further.”
The specialist dealers will hold a larger array of stock, including the Citroën Ready to Run range and have a larger selection of demonstrators, along with more approved used LCVs.
Handyside added: “There will be more specially trained staff in sales and service.
“It is not just about putting signs up or selling more vehicles. It is all areas of customer experience that are being focused on.”
DATED: 09.07.08
FEED: AM
The network, which is currently being finalised, has 16 sites so far and will provide a greater focus on LCV sales and service with enhanced training for dealership staff and added value benefits for customers.
Citroën already sells and services LCVs throughout its 200-plus dealer network. Last year it hit 25,501 sales.
But the new specialist commercial vehicle network, taken from its current dealer network, will provide a focus for sales expansion backed up by its biggest ever van range, which includes the new Nemo compact high cube van and Berlingo.
However, Robert Handyside, Citroën’s commercial vehicle operations manager, said the network was about more than selling greater numbers of vans.
He said: “With increasing competition, customers are demanding ever higher levels of sales and aftersales service.
“Compared to the existing dealer network, it will add further value and focus. This will take our service even further.”
The specialist dealers will hold a larger array of stock, including the Citroën Ready to Run range and have a larger selection of demonstrators, along with more approved used LCVs.
Handyside added: “There will be more specially trained staff in sales and service.
“It is not just about putting signs up or selling more vehicles. It is all areas of customer experience that are being focused on.”
DATED: 09.07.08
FEED: AM
Renault axes 2008 sales growth target
French brand blames "highly uncertain" economic environment
Renault has dropped its 2008 sales growth target due to rising concerns over the severity of the economic crisis.
Despite recording a 4.3 per cent sales rise in the first half of the year, the French carmaker has abandoned its full-year target of 10 per cent.
Renault said in a statement that the “highly uncertain” economic environment meant that it was unable to predict that it would achieve its target.
“Globally, the conditions are right for Renault to pursue growth in the second half of the year,” it said.
“But the rate will depend to a large extent on economic and financial developments, still highly uncertain, and their impact on the main automotive markets, notably in Europe and particularly in France.”
Renault added that it expected sales outside of Europe to remain robust and the impact of seven new model launches this year would intensify in the latter part of 2008.
DATED: 09.07.08
FEED: MT
Renault has dropped its 2008 sales growth target due to rising concerns over the severity of the economic crisis.
Despite recording a 4.3 per cent sales rise in the first half of the year, the French carmaker has abandoned its full-year target of 10 per cent.
Renault said in a statement that the “highly uncertain” economic environment meant that it was unable to predict that it would achieve its target.
“Globally, the conditions are right for Renault to pursue growth in the second half of the year,” it said.
“But the rate will depend to a large extent on economic and financial developments, still highly uncertain, and their impact on the main automotive markets, notably in Europe and particularly in France.”
Renault added that it expected sales outside of Europe to remain robust and the impact of seven new model launches this year would intensify in the latter part of 2008.
DATED: 09.07.08
FEED: MT
Boris Johnson scraps £25 congestion charge plans
New London Mayor abandons toll increase
Boris Johnson, the newly-elected London Mayor, has axed proposals for a £25 per day congestion charge for the capital’s most polluting vehicles.
The plans, introduced by his predecessor Ken Livingstone, would have seen a hike from £8 per day to £25 per day for vehicles in Band G.
They also offered complete exemption from the charge for low-polluting vehicles in Band A and B. Johnson pledged to scrap the increase as part of his election campaign, backing it up with research from King's College, which showed that the new charge would increase CO2 emissions by encouraging an increase in car mileage.“I believe the proposal would actually have made congestion worse by allowing thousands of small cars in for free,” said Johnson. He added that abandoning the proposal would save Transport for London £10m
DATED: 09.07.08
FEED: MT
Boris Johnson, the newly-elected London Mayor, has axed proposals for a £25 per day congestion charge for the capital’s most polluting vehicles.
The plans, introduced by his predecessor Ken Livingstone, would have seen a hike from £8 per day to £25 per day for vehicles in Band G.
They also offered complete exemption from the charge for low-polluting vehicles in Band A and B. Johnson pledged to scrap the increase as part of his election campaign, backing it up with research from King's College, which showed that the new charge would increase CO2 emissions by encouraging an increase in car mileage.“I believe the proposal would actually have made congestion worse by allowing thousands of small cars in for free,” said Johnson. He added that abandoning the proposal would save Transport for London £10m
DATED: 09.07.08
FEED: MT
General Motors considering job cuts?
Carmaker could lay off staff as home market sales falter
General Motors is considering thousands of job cuts in North America as business in its home market falters.
The carmaker’s financial stability has been thrown into question after Merrill Lynch warned that bankruptcy was “not impossible” if GM failed to secure a $15bn (£7.6bn) cash injection.
GM said it would have to reconsider its position if sales worsened, but that it currently had enough capital to take it through this year.
The manufacturer’s American sales dropped 18 per cent in June.
Despite struggles at home, however, GM’s other divisions worldwide have been doing relatively well.
GM is not the only American giant to be considering such a move - Ford recently said it was cutting 2,000 managerial positions.
DATED: 09.07.08
FEED: MT
General Motors is considering thousands of job cuts in North America as business in its home market falters.
The carmaker’s financial stability has been thrown into question after Merrill Lynch warned that bankruptcy was “not impossible” if GM failed to secure a $15bn (£7.6bn) cash injection.
GM said it would have to reconsider its position if sales worsened, but that it currently had enough capital to take it through this year.
The manufacturer’s American sales dropped 18 per cent in June.
Despite struggles at home, however, GM’s other divisions worldwide have been doing relatively well.
GM is not the only American giant to be considering such a move - Ford recently said it was cutting 2,000 managerial positions.
DATED: 09.07.08
FEED: MT
Fiat announces car production cuts
Plants will temporarily close due to falling demand
Fiat has told unions that it will be shutting four of its five plants in Italy for one week per month from September to November due to falling car sales, the Financial Times has reported.
While the carmaker did not say how many workers would be affected, there have been reports saying thousands could be laid off temporarily on reduced salaries.
Fiat has already announced a four-day closure at the end of July at its plant in Melfi and last week Fiat chief Sergio Marchionne described a “perfect storm” of tough market conditions hurting the brand.
Fiat registered a 16.5 per cent drop in car sales in June.
Marchionne also said the brand would be raising its car prices to account for the skyrocketing costs of raw materials.
DATED: 09.07.08
FEED: MT
Fiat has told unions that it will be shutting four of its five plants in Italy for one week per month from September to November due to falling car sales, the Financial Times has reported.
While the carmaker did not say how many workers would be affected, there have been reports saying thousands could be laid off temporarily on reduced salaries.
Fiat has already announced a four-day closure at the end of July at its plant in Melfi and last week Fiat chief Sergio Marchionne described a “perfect storm” of tough market conditions hurting the brand.
Fiat registered a 16.5 per cent drop in car sales in June.
Marchionne also said the brand would be raising its car prices to account for the skyrocketing costs of raw materials.
DATED: 09.07.08
FEED: MT
Monday, July 07, 2008
Autoparc secures finance deal
Tyneside car hypermarket is providing customers with on-site funding
North-East based car hypermarket Tyneside Autoparc has signed a contract with One Stop Shop Finance to provide funding for customers from one central source on-site.
Established in 2003, the 10-acre premises stocks over 1,200 cars, with 25 individual used car dealerships trading under the umbrella of Tyneside Autoparc.
All of the dealerships on the premises have a centralised finance facility and have now adopted DealTrak Broker, a one-stop application processing system for finance brokers from frontline Solutions.
Dealers confirm customer requirements for financing, which is then passed on to the Autoparc Bank located on site.
One Stop Shop Finance staff then liaise with finance companies directly, and give feedback to the dealers to conclude the sale.
DATED: 07.07.08
FEED: MT
North-East based car hypermarket Tyneside Autoparc has signed a contract with One Stop Shop Finance to provide funding for customers from one central source on-site.
Established in 2003, the 10-acre premises stocks over 1,200 cars, with 25 individual used car dealerships trading under the umbrella of Tyneside Autoparc.
All of the dealerships on the premises have a centralised finance facility and have now adopted DealTrak Broker, a one-stop application processing system for finance brokers from frontline Solutions.
Dealers confirm customer requirements for financing, which is then passed on to the Autoparc Bank located on site.
One Stop Shop Finance staff then liaise with finance companies directly, and give feedback to the dealers to conclude the sale.
DATED: 07.07.08
FEED: MT
Car dealer: credit crunch survival guide
Car dealers need to adopt a “credit crunch plan” to identify areas in which they can increase profitability, according to Network Automotive.
The motor industry consultancy said dealers were now paying the price for having ignored many potential profit opportunities during the last few years.
'Managing director Colin Bruder said: “One way of beating the credit crunch is to take a structured approach where dealers look at their business, identify where more profits can be generated, put a plan in action and monitor the results.
“For most dealers, it is becoming clear they will not ensure future profitability by doing more of what they have done in recent years. They need to find new avenues to maximise their potential.”
Network Automotive suggested dealers improve their F&I penetration as a means of boosting revenue and the company said selling more service hours could also pay dividends..
Cleansing databases and increasing average parts invoices were also advised, along with considering a dealer rental business and driving school.
“This is just a short list and most dealers will have many more ideas,” said Bruder.“These are areas most dealers did not consider when the economy was doing better but which could ensure survival in a downturn.”
Bruder warned, however, that making advances in these areas required a structured approach.
“It is not enough to just tell staff that they should be doing more,” he said.
“You need a credit crunch plan with buy-in from all across your dealership where the responsibility for putting the key elements of the plan in place and seeing how well it works is clearly allocated and regularly reviewed.”
DATED: 07.07.08
FEED: MT
The motor industry consultancy said dealers were now paying the price for having ignored many potential profit opportunities during the last few years.
'Managing director Colin Bruder said: “One way of beating the credit crunch is to take a structured approach where dealers look at their business, identify where more profits can be generated, put a plan in action and monitor the results.
“For most dealers, it is becoming clear they will not ensure future profitability by doing more of what they have done in recent years. They need to find new avenues to maximise their potential.”
Network Automotive suggested dealers improve their F&I penetration as a means of boosting revenue and the company said selling more service hours could also pay dividends..
Cleansing databases and increasing average parts invoices were also advised, along with considering a dealer rental business and driving school.
“This is just a short list and most dealers will have many more ideas,” said Bruder.“These are areas most dealers did not consider when the economy was doing better but which could ensure survival in a downturn.”
Bruder warned, however, that making advances in these areas required a structured approach.
“It is not enough to just tell staff that they should be doing more,” he said.
“You need a credit crunch plan with buy-in from all across your dealership where the responsibility for putting the key elements of the plan in place and seeing how well it works is clearly allocated and regularly reviewed.”
DATED: 07.07.08
FEED: MT
Jeep avoids advertising rap
ASA rejects consumer complaints over 4x4 adverts
Jeep has escaped a rap on the knuckles from the Advertising Standards Authority over its latest advertising campaign.
The media watchdog received a series of complaints over Jeep presenting its 4x4 range as “green”.
Complainants said they found the claim misleading, as they understood that the range had high CO2 emissions compared with other cars.
The ASA did not uphold the complaint, as the ad referred to two awards given by 4x4 & MPV Driver magazine and one of the awards was for the Green 4x4 Range of the Year.
DATED: 07.07.08
FEED: MT
Jeep has escaped a rap on the knuckles from the Advertising Standards Authority over its latest advertising campaign.
The media watchdog received a series of complaints over Jeep presenting its 4x4 range as “green”.
Complainants said they found the claim misleading, as they understood that the range had high CO2 emissions compared with other cars.
The ASA did not uphold the complaint, as the ad referred to two awards given by 4x4 & MPV Driver magazine and one of the awards was for the Green 4x4 Range of the Year.
DATED: 07.07.08
FEED: MT
Car insurance fraud costs £5m a week
Car insurance fraud in the UK amounts £5m a week, according to the industry trade body.
The Association of British Insurers said its members uncovered 24,000 fraudulent motor insurance claims last year at a cost of £5 million every week.
The ABI estimated that the number of dishonest motor claims detected had risen by 70 per cent over the last three years to a high in 2007.
One of the “cheats” reported by the association was a car owner who claimed his car had been stolen.
It was proved later that he had actually pushed it over a cliff and planned to use the insurance payout to meet his hire purchase payments.
Another case saw a policyholder claiming for damage to her Land Rover when it hit the front of her house.
While she said it was caused when her foot slipped off the brake, insurers discovered the damage was caused deliberately, following an argument with her partner.
Nick Starling, the ABI's director of general insurance and health, said: “Insurance fraud is no victimless crime.
“Honest motorists pay through higher insurance premiums – an extra £40 a year on average. This is why insurers are ramping up their crackdown to weed out the cheats.”
DATED: 07.07.08
FEED: MT
The Association of British Insurers said its members uncovered 24,000 fraudulent motor insurance claims last year at a cost of £5 million every week.
The ABI estimated that the number of dishonest motor claims detected had risen by 70 per cent over the last three years to a high in 2007.
One of the “cheats” reported by the association was a car owner who claimed his car had been stolen.
It was proved later that he had actually pushed it over a cliff and planned to use the insurance payout to meet his hire purchase payments.
Another case saw a policyholder claiming for damage to her Land Rover when it hit the front of her house.
While she said it was caused when her foot slipped off the brake, insurers discovered the damage was caused deliberately, following an argument with her partner.
Nick Starling, the ABI's director of general insurance and health, said: “Insurance fraud is no victimless crime.
“Honest motorists pay through higher insurance premiums – an extra £40 a year on average. This is why insurers are ramping up their crackdown to weed out the cheats.”
DATED: 07.07.08
FEED: MT
Used Car Supermarket chooses Mapfre Abraxas
Mapfre Abraxas has gained a contract to supply warranty and GAP insurance products to AM award-winning used car supermarket Available Car.
The products will be offered to customers at Available Car's sites in Castle Donington and Sutton In Ashfield, which sell in excess of 15,000 vehicles per year.
DATED: 07.07.08
FEED: AM
The products will be offered to customers at Available Car's sites in Castle Donington and Sutton In Ashfield, which sell in excess of 15,000 vehicles per year.
DATED: 07.07.08
FEED: AM
'Bankruptcy' fear hits GM shares
General Motors shares have fallen to their lowest level in more than 53 years amid concerns about the carmaker's future. Investment bank Merrill Lynch warned that GM needs to raise funds and that bankruptcy was "not impossible". GM has suffered from falling sales as US consumers have cut back on spending and record fuel costs have seen them switch to smaller, more efficient cars. GM's shares hit a low of $9.96, before closing down 15% at $9.98 on Wednesday. The share price touched its lowest level since September 1954, when the stock hit $9.92 during trading. GM shares have fallen 60% so far this year and Merril Lynch predicted that the shares could fall even further. "We believe there is potential downside in the stock below $7 and that bankruptcy is not impossible if the market continues to deteriorate and significant incremental capital is not raised," said analyst John Murphy. Merrill's had previously predicted a value of $28 for GM's shares.
DATED: 07.07.08
FEED: AW
DATED: 07.07.08
FEED: AW
New car registrations: June
Demand for new cars slowed in June, with registrations dropping by 6.1% to 209,190 units.
Year-to-date registrations were also down by 1.6% to 1,247,479 units.
Paul Everitt, Society of Motor Manufacturers and Traders chief executive, said: "We are now seeing concerns about rising fuel bills and household costs dampening consumer confidence, leading to slower demand for new cars.
“This slow- down is not unexpected, but signals an increasingly tough retail environment.”
The SMMT is now considering the latest figures and will review its forecast for full year registrations this month.
The fleet sector was the only one to maintain growth in June and now accounts for over half the market in the first half of the year, following 2% growth.
Both private and business demand has shown similar rates of decline over the past six months. Private demand fell by 7.9% in quarter two and the weakening position reflects growing concerns about the health of consumer spending.
Vauxhall took the top two slots of the best sellers’ list in June for the first time since February 2000. The Corsa was the best selling model for the first time since September 2004, although Ford’s Focus remained the best seller over the first six months of 2008.
In fifth position BMW’s 3 Series recorded its best placing of the year. BMW has seen the largest volume rise of 2008. Kia, Nissan, smart and Volvo are amongst others also recording strong gains.
Everitt said: "Cost pressures, environmental concerns and technological advances have ensured consumers have taken the choice of buying more efficient vehicles, and record numbers of cars are now in the lowest CO2 VED bands.
“The share of cars in the A band has increased more than tenfold in the past year."
While the overall market has fallen, diesel registrations have continued to improve. Diesel is now noticeably more expensive than petrol at the pumps, but better fuel efficiency and lower tax rates (due to lower CO2 emissions) has sustained growing demand. The BMW 3 Series was June’s top selling diesel.
Demand for alternatively fuelled vehicles (AFV) declined for a second successive month in June, down 6.7% to 1,444 units.
Robinson, director of the RMI national franchised dealers association (NFDA), said: "Uncertainty over the rising cost of motoring, along with higher overall living costs, have made consumers more cautious about buying a new car, but this could be eased if Government clarified its intentions towards the motorist." Robinson believes changes to the way that Vehicle Excise Duty (VED) is calculated, along with rising fuel costs and economic and environmental concerns have led to consumers taking a wait-and-see stance. She said: "Confusion over VED changes due to come into force next year mean that it is more difficult to calculate how much motoring is going to cost. In combination with rising household costs, this means that many consumers will wait to see how the cost of motoring and the overall economy plays out over the next few months.
"Reductions in interest rates, efforts to stabilize fuel costs, and clarification over the future cost of motoring are all within the Government's remit, and we urge them to look into these areas urgently."
To download the full June manufacturer registration figures from the SMMT’s data click here.
DATED: 07.07.08
FEED: AM
Year-to-date registrations were also down by 1.6% to 1,247,479 units.
Paul Everitt, Society of Motor Manufacturers and Traders chief executive, said: "We are now seeing concerns about rising fuel bills and household costs dampening consumer confidence, leading to slower demand for new cars.
“This slow- down is not unexpected, but signals an increasingly tough retail environment.”
The SMMT is now considering the latest figures and will review its forecast for full year registrations this month.
The fleet sector was the only one to maintain growth in June and now accounts for over half the market in the first half of the year, following 2% growth.
Both private and business demand has shown similar rates of decline over the past six months. Private demand fell by 7.9% in quarter two and the weakening position reflects growing concerns about the health of consumer spending.
Vauxhall took the top two slots of the best sellers’ list in June for the first time since February 2000. The Corsa was the best selling model for the first time since September 2004, although Ford’s Focus remained the best seller over the first six months of 2008.
In fifth position BMW’s 3 Series recorded its best placing of the year. BMW has seen the largest volume rise of 2008. Kia, Nissan, smart and Volvo are amongst others also recording strong gains.
Everitt said: "Cost pressures, environmental concerns and technological advances have ensured consumers have taken the choice of buying more efficient vehicles, and record numbers of cars are now in the lowest CO2 VED bands.
“The share of cars in the A band has increased more than tenfold in the past year."
While the overall market has fallen, diesel registrations have continued to improve. Diesel is now noticeably more expensive than petrol at the pumps, but better fuel efficiency and lower tax rates (due to lower CO2 emissions) has sustained growing demand. The BMW 3 Series was June’s top selling diesel.
Demand for alternatively fuelled vehicles (AFV) declined for a second successive month in June, down 6.7% to 1,444 units.
Robinson, director of the RMI national franchised dealers association (NFDA), said: "Uncertainty over the rising cost of motoring, along with higher overall living costs, have made consumers more cautious about buying a new car, but this could be eased if Government clarified its intentions towards the motorist." Robinson believes changes to the way that Vehicle Excise Duty (VED) is calculated, along with rising fuel costs and economic and environmental concerns have led to consumers taking a wait-and-see stance. She said: "Confusion over VED changes due to come into force next year mean that it is more difficult to calculate how much motoring is going to cost. In combination with rising household costs, this means that many consumers will wait to see how the cost of motoring and the overall economy plays out over the next few months.
"Reductions in interest rates, efforts to stabilize fuel costs, and clarification over the future cost of motoring are all within the Government's remit, and we urge them to look into these areas urgently."
To download the full June manufacturer registration figures from the SMMT’s data click here.
DATED: 07.07.08
FEED: AM
Parker's Forecourt Focus
I wonder if it was part of the Government’s plan to make the cars owned by thousands of families worthless through changes in Vehicle Excise Duty.
Probably not, but it’s likely to be the case for many owners of older cars.
Cars which would have seemed like cost-conscious purchases a year or two ago will have their values wiped out altogether by the new road tax bands coming into force from next year.
There are many vehicles that illustrate the point well, but perhaps the starkest example is something like the Daewoo Tacuma automatic.
Plenty of these versions would have been registered in 2001 on a Y-plate – after March 1 – perhaps spent three years as a Motability vehicle and then arrived on the used market in 2004.
Its most recent owner could have a young family and was tempted by the Tacuma’s low price and practical features.
When buying the car he or she would have had no idea of the forthcoming changes.
They are now running the car because it was the cheapest way into a compact people carrier with twin airbags, ABS and air conditioning.
We currently put the value of a 2001/Y Daewoo Tacuma 2.0 CDX auto at £1,305 as a trade-in at 70,000 miles.
The road tax rate for 12 months on this car is £210. Next year it will increase to £300, and in 2010 it will be £455.
If the car is worth just £1,300 now, in two years’ time with perhaps an extra 20,000 miles on the clock it will be scrap.
No one will want a car that will cost them more to tax than it’s worth.
There will be dozens of models facing the same fate over the next couple of years and given the lack of information provided by the Government, the families that use the cars are probably still unaware of the bad news ahead.
DATED: 07.07.08
FEED: AM
Probably not, but it’s likely to be the case for many owners of older cars.
Cars which would have seemed like cost-conscious purchases a year or two ago will have their values wiped out altogether by the new road tax bands coming into force from next year.
There are many vehicles that illustrate the point well, but perhaps the starkest example is something like the Daewoo Tacuma automatic.
Plenty of these versions would have been registered in 2001 on a Y-plate – after March 1 – perhaps spent three years as a Motability vehicle and then arrived on the used market in 2004.
Its most recent owner could have a young family and was tempted by the Tacuma’s low price and practical features.
When buying the car he or she would have had no idea of the forthcoming changes.
They are now running the car because it was the cheapest way into a compact people carrier with twin airbags, ABS and air conditioning.
We currently put the value of a 2001/Y Daewoo Tacuma 2.0 CDX auto at £1,305 as a trade-in at 70,000 miles.
The road tax rate for 12 months on this car is £210. Next year it will increase to £300, and in 2010 it will be £455.
If the car is worth just £1,300 now, in two years’ time with perhaps an extra 20,000 miles on the clock it will be scrap.
No one will want a car that will cost them more to tax than it’s worth.
There will be dozens of models facing the same fate over the next couple of years and given the lack of information provided by the Government, the families that use the cars are probably still unaware of the bad news ahead.
DATED: 07.07.08
FEED: AM
Siemens provides finance to SsangYong
Siemens Motor Contracts has been appointed sole provider of business finance to SsangYong’s dealer network.
Siemens will tailor its online contract hire quotation tool for SsangYong vehicles with each dealer having access.
Thirty dealers will be provided with a business finance solution, enabling them to provide SsangYong vehicles to a wide range of business users – from sole traders to fleets of many hundreds of vehicles, said Siemens.
Ian Nicholson, operations and finance director at Koelliker UK, SsangYong’s distributor, said: "As we look to establish ourselves in the highly competitive UK market, we need to be very focused in targeting particular market segments and users with SsangYong.
"The business market is a core example and Siemens’ vast experience is ideally suited to supporting us in this endeavour."
He added: "Take their online quotation tool – it’s light years ahead of the rest of the vehicle leasing industry and will give us a significant competitive advantage."
DATED: 07.07.08
FEED: AM
Siemens will tailor its online contract hire quotation tool for SsangYong vehicles with each dealer having access.
Thirty dealers will be provided with a business finance solution, enabling them to provide SsangYong vehicles to a wide range of business users – from sole traders to fleets of many hundreds of vehicles, said Siemens.
Ian Nicholson, operations and finance director at Koelliker UK, SsangYong’s distributor, said: "As we look to establish ourselves in the highly competitive UK market, we need to be very focused in targeting particular market segments and users with SsangYong.
"The business market is a core example and Siemens’ vast experience is ideally suited to supporting us in this endeavour."
He added: "Take their online quotation tool – it’s light years ahead of the rest of the vehicle leasing industry and will give us a significant competitive advantage."
DATED: 07.07.08
FEED: AM
Vertu boss increases stake
Robert Forrester, Vertu Motors managing director, has raised his stake in the company to 3.21% after buying 70,000 shares.
Vertu Motors’ shares are valued at 29p last week, giving the company a market capitalisation of £26.99 million.
DATED: 07.07.08
FEED: AM
Vertu Motors’ shares are valued at 29p last week, giving the company a market capitalisation of £26.99 million.
DATED: 07.07.08
FEED: AM
Could Volvo yet be sold?
Ford has had talks with Renault and Chinese vehicle manufacturer Dongfeng Motor Group over the sale of Volvo, reports Reuters.
The news agency quotes sources as saying Ford and Renault have talked again since their initial discussions last August.
However Ford reiterated its statement made earlier this year that Volvo was not for sale, and that it was focused on improving the brand's business results.
Volvo, which lost $151m in the first quarter of this year, is the only brand remaining from Ford's Premier Automotive Group portfolio after it sold Jaguar and Land Rover to Tata Motors earlier this year.
Last year it sold Aston Martin.
DATED: 07.07.08
FEED: AM
The news agency quotes sources as saying Ford and Renault have talked again since their initial discussions last August.
However Ford reiterated its statement made earlier this year that Volvo was not for sale, and that it was focused on improving the brand's business results.
Volvo, which lost $151m in the first quarter of this year, is the only brand remaining from Ford's Premier Automotive Group portfolio after it sold Jaguar and Land Rover to Tata Motors earlier this year.
Last year it sold Aston Martin.
DATED: 07.07.08
FEED: AM
Motor retailers' share prices take a hit
Share values of motor retailers listed on the London Stock Exchange took a hit this morning, a day after Pendragon's gloomy statement and revelations of its redundancy programme.
Within two hours of the market opening, share prices began to slide for all dealers except HR Owen and Caffyns.
Lookers dropped 4.9%, Pendragon 5%, Vertu Motors 15.1% and Inchcape 4.3%
DATED: 07.07.08
FEED: AM
Within two hours of the market opening, share prices began to slide for all dealers except HR Owen and Caffyns.
Lookers dropped 4.9%, Pendragon 5%, Vertu Motors 15.1% and Inchcape 4.3%
DATED: 07.07.08
FEED: AM
