Friday, May 02, 2014
Japan’s Extraordinary Monetary Experiment
Japan’s economy, the third largest in the world, is in serious trouble. The Bank of Japan (BOJ), the country’s central bank, has embarked on what may well be the most aggressive monetary experiment in history to try to save it.
In this blog, we’ll glance at the grave economic problems confronting Japan and examine the BOJ’s strategy for overcoming them. Let me tell you from the beginning that I believe there is more to the BOJ’s plan than has been announced publicly thus far.
This subject is important because if the BOJ’s strategy works, the rest of the world is likely to adopt it; that would be a game changer.
Let’s start with Japan’s economic problems:
- Japan’s economy has not grown at all in nominal terms since 1993.
- Its population is shrinking. The workforce is expected to contract by 0.6% a year during this decade and by 0.8% a year during the next decade.
- 25% of the population is over 65 years old.
- Japan began experiencing deflation in 1995 and, on an annual basis, prices have fallen more often than not since then.
- After the bubble economy popped in 1990, government deficit spending has prevented the economy from collapsing into depression. The budget deficit has averaged 6% a year since 1993.
- Consequently, the ratio of government debt to GDP has climbed from 60% in 1990 to nearly 250% now.
- To bring the deficit under control, the government increased the “sales tax” form 5% to 8% on April 1st this year. Consumption will decline as a result. That may cause the economy to fall back into recession.
- Japan has traditionally run large trade surpluses. It now has a significant trade deficit. This happened because Japan closed its nuclear power stations after the meltdown of the Fukushima nuclear plant in 2011. It must now import much more oil and gas.
Against this very troubling background, the BOJ launched its extraordinarily aggressive program of fiat money creation at the end of 2012. It announced that it would create about Yen 60 – 70 trillion (the equivalent of roughly $60 -70 billion) a year for two years, thereby doubling the monetary base.
This program is similar to the Fed’s program of Quantitative Easing, but it is three times largerrelative to the size of Japan’s economy than the Fed’s program was (at its peak) relative to the size of the US economy.
The BOJ uses the money it creates to buy Japanese government bonds. By the end of this year, it is expected to own Yen 190 trillion worth of Japanese government bonds or 16% of the total.
The BOJ’s policy clearly boosted Japan’s economy during 2013. The creation of so much fiat money caused the Yen to depreciate by 30% by the end of 2013. The weaker Yen improved the export earnings and profits of Japanese corporations, and thereby fuelled a stock market boom.
The Nikkei rose 60% in 2013. Higher stock prices created a wealth effect, which, combined with some fiscal stimulus last year, brought about a nice pick up in GPD growth, which accelerated to 4% during the first half of the year.
However, this policy appears to have run out of steam. The Yen stopped falling at the beginning of 2014 and the stock market is down 11% so far this year. Moreover, the April sales tax hike will cause a significant economic slowdown. Without further policy action, the economy is going to go right back into the doldrums.
Therefore, I believe the BOJ will soon announce that it will begin printing even more fiat money each month. That should cause the Yen to begin falling again. If so, prices will continue to rise (inflation) and corporate profits will improve further and the stock market rally will resume.
You must be thinking, “This can’t be sustainable. It can’t be possible for a country to print its way to prosperity.” If this were the entire plan, you would be right. But, I believe there is more to this plan than has been announced thus far. I believe that the BOJ will eventually simply write off all the Japanese government bonds that it has acquired. After all, it did not really cost the BOJ anything to buy them. They were purchased with fiat money that the BOJ created from thin air.
If I am right, when the BOJ does write off 30% to 40% of Japan’s government debt, Japan’s economic prospects will be dramatically improved. The amount of interest that the Japanese government has to pay on its debt will fall very sharply and the government will be able to continue stimulating the economy with large budget deficits without risking a fiscal crisis.
I believe this is what the Japanese policymakers are planning to do. It is the best option they have. Moreover, I think it will work.
When it does work, I believe the US Federal Reserve, the Bank of England and the European Central Bank will follow suit and write off the assets they have accumulated with the trillions of dollars worth of fiat money they have created since this crisis began.
If they do, government finances will be greatly improved everywhere and the outlook for our economic future will be much brighter.
DATED: 02.05.2014
FEED: RDPD
Thursday, May 01, 2014
SMMT Transport News Brief - CV Show Daily Bulletin
Visitors flooded in to the second day of the Commercial Vehicle Show packing the NEC's halls and adding to the buzz of optimism that filled the first day of the event.
Today, Transport Minister Stephen Hammond MP, visited the Show. The Minister met a wide range of exhibitors, taking more than two hours out of his busy schedule to soak up the new product launches and big industry issues.
Headlines have come thick and fast, so if you prefer to sit back and soak up the news, TNB has filmed industry leaders from Vauxhall, Renault Trucks, Citroen and the SMMT. All the short films are on www.TransportNewsBrief.co.uk and there will be more tomorrow.
The TNB team will be scouring the halls tomorrow for more news, so stay tuned to @TNB_News on Twitter for all the latest.
Top Stories
Can a tiny one-litre petrol engine really deliver power and torque equivalent to a 1.6-litre diesel? That's the question that Ford has set out to answer by inviting visitors to the CV Show to compare the vehicles on a special test circuit at the NEC. The goal is to get as many members of the [...]
The Commercial Vehicle Show is the ideal place for manufacturers in the sector to launch new products and services to market, and Transport News Brief caught up with some of the tyre firms to find out what's new. Continental, Goodyear and Michelin have all brought new products to the exhibition this year, with many using [...]
At the CV Show, Mercedes-Benz is celebrating record registrations with a dominating presence that covers 5,000 sq m of space, inside the halls and outside too, where 53 vehicles sit. Michael Kamper, Managing Director for Mercedes-Benz trucks in the UK told TNB, "The Birmingham show is a great sounding board for us, and we have [...]
Features
Nissan has announced at the CV Show that British Gas will invest in 100 pure electric e-NV200 vans, following a successful six-month trial of 28 prototype vehicles. Initially, 50 vans will be delivered over the coming weeks, with the remainder arriving later in the year. Further orders could follow as the energy giant has re-iterated [...]
CV News
Click the links below for the full story:
DATED: 01.05.14
FEED: HA
Fleet Managers look at Mazda to boost ‘green’ agenda
- All-new Mazda3, Mazda6 and Mazda CX-5 in demand at Fleet Show
- SKYACTIV technology delivers tax and MPG savings
- On road performance further boosts fleet appeal
Fleet managers were queuing up at the recent Fleet World Show, held at the world famous Silverstone complex in Northamptonshire on Wednesday, 9 April, to put Mazda's sixth generation SKYACTIV-D diesel engined models - all-new Mazda3, Mazda6 and Mazda CX-5 - through their paces.
Mazda's emission-cutting, fuel-saving SKYACTIV technology powering its key company cars - the all-new Mazda3, Mazda6 and Mazda CX-5 - is one of the reasons why fleet decision-makers and company car drivers are so attracted to the brand.
Operating company cars that deliver financial savings to both employers and employees as a result of low emissions and excellent fuel economy as well as reducing an organisation's carbon footprint is among the key issues on fleet managers' agendas.
Both the all-new Mazda3 and the ever-popular fleet favourite Mazda6 deliver CO2 emissions from just 104g/km* from their 2.2-litre SKYACTIV-D diesel engines meaning company car tax bills for drivers from just £44 a month**, while simultaneously returning up to an incredible 72.4 mpg* - unmatched performance and economy from the available power.
Meanwhile, the Mazda CX-5 powered by the same 2.2-litre 150ps SKYACTIV- D diesel engine mated to 2WD returns up to 61.4mpg*** and emissions from 119g/km***, which outclasses models from rival marques. Company car benefit-in-kind tax bills are from only £71^ a month.
Robert Lucas-Garner, director and general manager of Telford-based adhesive applications business Valco Cincinnati, which operates a small user-chooser fleet, said after driving the Mazda6 2.2-litre SKYACTIV-D 150ps Sport: "The old Mazda6 was a good car, but the new model is a great car."
The company has on its fleet a Tourer version of the current and previous generation Mazda6 and, he added: "The SKYACTIV model is extremely smooth and the fit and finish of the interior is fantastic.
"Company car benefit-in-kind tax is an important issue for staff and the business. We also continue to offer drivers a fully expensed company car although we now also offer the option to make a contribution towards their private fuel use to reduce their overall tax bill and more are making that choice, which means that fuel efficiency is important to them. The Mazda ticks both boxes; it is an extremely good car."
Tony Overton, fleet manager at Sutton Coldfield-based Contract Fire Security, is looking to further "green" the company's vehicle choice list.
In charge of a fleet of 145 company cars and 40 light commercial vehicles, Overton said both the all-new Mazda3 and Mazda6 could potentially feature on the new fleet policy.
"The CO2 and MPG figures on both models are very attractive," he said. "We are aiming to give our company car drivers increased model choice with the new policy, while also delivering benefit-in-kind tax savings to employees compared with current models.
"Additionally, as a business we want to be seen to be "greener" in our choice of cars because that is important from our customers' perspective."
After viewing the Mazda6 diesel, which delivers benefit-in-kind tax bills from £59 a month in 2014/15, Overton said: "It is a good looking car I think that our drivers will be attracted to the model if we decide to include it on our choice list."
James Jeffery, fleet manager at Northampton-headquartered Travis Perkins, was also visiting the Show on an environmental fact-finding mission as the company continues to seek out opportunities to further "green" its 2,000-strong car fleet.
After driving the all-new Mazda3 Sport diesel, Jeffrey said: "Both the all-new Mazda3 and the Mazda6 would fit into our company car choice list. The MPG and CO2 figures stack up very well and the car was very comfortable to drive."
Sheffield-based steel company Cogne UK operates a 22-strong user-chooser company car fleet, and is also seeking to introduce an environmental element to the policy.
Group transport manager Robert Mulgrew said after driving the Mazda6 diesel: "Our current company car policy is cost led, but that is changing to also include CO2 and MPG factors. We want to encourage our drivers into "cleaner" cars.
"I was very impressed with the Mazda6. Visiting the Show it was one of the cars I wanted to drive. The power, ride and handling were all very good and it definitely ticks all the boxes."
Chris Stableford, Mazda's National Fleet Sales Manager, said: "Interest in our cars at the Fleet World Show has been fantastic and we are confident that the new business opportunities created will translate into sales."
DATED: 01.05.14
FEED: HA
New Jeep Cherokee prices announced
Pricing for the new Jeep Cherokee has just been announced by Fiat Group Automobiles UK as order books for the mid-size SUV open this week.
And with a starting price of just £25,495 OTR for the front-wheel drive 2.0-litre Longitude 140 6-speed, the new car, which goes on sale in the UK in June, represents outstanding value for money.
At the top end of the completely revised Cherokee range, the highly specified 2.0-litre Limited 170 Automatic 4x4 version costs £35,695 OTR, and features BiXenon headlamps, power tailgate, 18-inch alloy wheels, Nappa leather seats, eight-way power driver's seat, front and rear park assist with back-up camera, automatic headlights and rain sensors, Wireless Phone Charging pad, and keyless Enter 'n' Go, among other equipment, as standard.
Available initially with a choice of two 2.0-litre MultiJet 2 diesel engines - with 140bhp or 170bhp power outputs - the Cherokee range will be expanded to include a 3.2-litre V6 petrol Trailhawk variant later in the year.
The new SUV comes in a simplified line-up of Longitude, Longitude+ and Limited specifications. Standard equipment in the well-equipped entry-level Longitude includes body-coloured door mirrors, LED tail lights, 17-inch alloy wheels, dual zone climate control, Bluetooth, DAB radio, leather-wrapped steering wheel and rear park assist.
Longitude+ adds a Uconnect media centre with 8.4-inch touch screen,satellite navigation with Bluetooth voice recognition, and nine speakers with Alpine sub-woofer.
A trail-rated Trailhawk version will also be available in late 2014, offering best-in-class off-road capability, with a distinctive look, suspension lift and special off-road equipment including Jeep's Active Drive Lock system, along with a host of other standard equipment.
"Cherokee has always been - and still is - an important car in the Jeep line-up, and we're delighted now to be able to reveal the highly competitive prices of this stunning latest version," says Damien Dally, head of brand, Jeep UK.
"It is up against some tough competition in its sector but Jeep is the original 'Go Anywhere, Do Anything' brand, and we are confident that we can offer an attractive package at exceptional value-for-money prices to keep it at the front of our potential customers' minds."
On the road pricing (OTR) for the range is as follows:
Cherokee 2.0 Longitude 140 6 Speed Manual FWD
|
£25,495
|
Cherokee 2.0 Longitude 140 6 Speed Manual 4X4
|
£27,495
|
Cherokee 2.0 Longitude 170 Automatic
|
£29,995
|
Cherokee 2.0 Longitude Plus 140 6 Speed Manual FWD
|
£27,695
|
Cherokee 2.0 Longitude Plus 140 6 Speed 4X4
|
£29,695
|
Cherokee 2.0 Longitude Plus 170 Automatic 4X4
|
£32,195
|
Cherokee 2.0 Limited 140 6 Speed Manual FWD
|
£31,195
|
Cherokee 2.0 Limited 140 6 Speed Manual 4X4
|
£33,195
|
Cherokee 2.0 Limited 170 Automatic 4X4
|
£35,695
DATED: 01.05.14
FEED: HA
|
ŠKODA deliveries, sales and operating profit increase in first quarter
- Record Quarter: ŠKODA delivers 247,200 vehicles to customers in the first quarter; 12.1% increase
- Sales increase by 23.7% between January and March to three billion euros
- Operating profit increases by 65.2% to 185 million euros
- Model campaign picks up the pace in 2014
Mladá Boleslav, 30 April 2014 - ŠKODA's deliveries, sales revenue and operating profit increased dramatically in the first quarter of 2014. ŠKODA sold a total of 247,200 vehicles in the first quarter; more than ever before in the first three months of a year. This is an increase of 12.1% over the same period last year. The carmaker's sales revenue was a record high, increasing 23.7% over the same period in 2012 to three billion euros (2.986 billion euros).
"ŠKODA has made an excellent start to 2014, continuing on its road to success," says ŠKODA CEO Prof. Dr. h.c. Winfried Vahland. "Our model campaign is coming into fruition. The best first sales quarter in our corporate history and the excellent developments in sales revenue and profit have been the result of a strong team performance and working consistently on renewing our model range. Our new models have been very well received on the international markets, especially the new Octavia. We are delighted that we are inspiring new consumer groups who are becoming increasingly interested in our brand. We plan to grow further and lay increased emphasis on ŠKODA's most comprehensive model campaign ever."
Between January and March 2014, ŠKODA's sales revenues grew by 23.7% to nearly three billion euros (2.986 billion euros). The operating profit stood at 185 million euros, representing an increase of 65.2% over the first three months of 2013 (112 million euros). The operating margin, at 6.2%, was well above the previous year's figure of 4.6%. Alongside the increase in sales figures, the improved model line-up also contributed significantly to the better operating profit. The company's investments reached 73 million euros.
"ŠKODA continued on the road of profitable growth during the first quarter," explains ŠKODA CFO Winfried Krause. "The investments into products over the last year to renew the model range are now leading to an increase in sales revenue and operating profit.
"These positive developments prove the company's strength and will be the financial basis for continuing our model campaign. At the same time, we remain committed to strict cost discipline."
ŠKODA AUTO Group - key figures in the quarterly comparison, January-March 2014/2013:
January - March
|
2014/2013
| |||||
2014
|
2013
|
change
in %
| ||||
Deliveries to customers
|
cars
|
247,200
|
220,400
|
12.2
| ||
Del. to customers, w/o China
|
cars
|
185,200
|
162,700
|
13.8
| ||
Production
|
cars
|
199,000
|
159,600
|
24.7
| ||
Sales
|
cars
|
214,000
|
178,800
|
19.7
| ||
Sales revenue
|
mil EUR
|
2,986
|
2,414
|
23.7
| ||
Operating Profit
|
mil EUR
|
185
|
112
|
65.2
| ||
Operating Profit (% of sales revenue)
|
%
|
6.2
|
4.6
|
-
| ||
Investments
(w/o capitalized development costs)
|
mil EUR
|
73
|
84
|
- 13.1
| ||
Net liquidity
|
mil EUR
|
1,754
|
1,593
|
10.1
| ||
DATED: 01.05.14
FEED: HA
Sprinter safety stands out in Trade Van Driver Awards
Mercedes-Benz Vans has been recognised for its pioneering safety systems, collecting the Safety Award at the Trade Van Driver Awards 2014, as well as the accolade for Best Large Van for the unbeatable Sprinter for the third year in a row.
The Trade Van Driver Awards are judged by a panel of readers who use light commercial vehicles as part of their business, alongside an expert panel of journalists.
Matthew Eisenegger, Editor of Trade Van Driver, commented: "Mercedes-Benz has long been in the lead in the safety stakes, but the seven new safety systems available on the upgraded Sprinter make the three-pointed star an obvious winner of the Safety Award.
"The Sprinter now boasts the biggest array of safety features of any van on sale at present and wins the Best Large Van award for the third year running. The Sprinter has legendary build quality, admirable road manners and the kudos that goes with the three-pointed star."
Steve Bridge, Managing Director, Mercedes-Benz Vans, said: "Sprinter has won Best Large Van at the Trade Van Driver Awards for all three years that the Awards have taken place - a fantastic achievement and testament to the popularity of this tough workhorse.
"To also be honoured in recognition to the safety innovation that we have led the field in, is an Award that I am truly delighted to receive. Mercedes-Benz was offering ESP as standard on Vans more than a decade ago, so we are incredibly proud of the safety legacy we started, and are continuing to pioneer, with Crosswind Assist available as standard on the new Sprinter."
DATED: 01.05.14
FEED: HA
Dacia shocks the establishment on its debut in Auto Express Driver Power survey
On its debut, Dacia storms to 5th overall in Auto Express Driver Power survey
Racks up top place finishes across the board, including running costs, practicality, reliability and even in-car tech
In only its debut year in Auto Express' Driver Power survey, Dacia, the UK's most "shockingly affordable" car brand has blasted straight into the top five car manufacturers for owner satisfaction.
Racking up a stunning overall score of 88.04%, Renault Group's upstart brand blasted past hordes of other car firms, including considerably pricier brands like Audi, BMW, Mercedes and Porsche. In the process, it overtook most of its direct competitors across a wealth of individual categories too, ranging from in-car tech to practicality and reliability.
Renault Group's "function over frivolity" brand has already taken the UK's new and used car market by storm since its launch last January. Dacia's already sold over 24,000 cars, picking up a series of impressive media awards for its Sandero range and Duster along the way. Now, for the first time, the survey results allowed real life UK customers to dish out the Dacia plaudits. And funnily enough, in true James May-style, the "good news" just keeps on coming.
As might be expected given its keen prices, from just £5,995, its four-model range of Sandero, Sandero Stepway, Logan MCV and Duster pushed aside most of the competition for running costs, as well as fuel economy, coming an impressive second overall in both categories. Driving its low cost of ownership message home even further, it also came in eighth out of 33 brands for servicing costs.
It also posted a podium position for reliability. Mind you, that's hardly surprising given that every Dacia is built to cope with every extreme of road and weather condition thrown at it across the globe. Whether it's relentless rain in the Pampas, or plenty of potholes in Poole.
Topping off its extraordinary debut in the UK's leading car ownership survey, Dacia impressed once more with a fourth for practicality and an equally remarkable third for in-car tech. No doubt courtesy, in part, to the innovative MediaNav infotainment system, which at £300, costs literally hundreds of pounds less than conventional manufacturer integrated offerings.
Commenting on Dacia's stunning debut success in this year's survey, Ken Ramirez, Managing Director, Renault Group UK, said, "Dacia has a great reputation for affordable, high quality products, with impressive reliability. With an ever-growing trophy cabinet and a four-model range available for a full year, its sales just keep on rising. Dacia has very loyal customers right across the globe, so I'm delighted that as one of its newest markets, our UK customers are finding them such a pleasure to own."
DATED: 01.05.14
FEED: HA
Jaguar ranked best premium manufacturer in Driver Power Survey
- Jaguar named best premium brand car manufacturer by owners in Driver Power survey
IN BRIEF
- Jaguar drivers eulogise about their car's ease of driving, ride quality, performance and in-car technology
- More than 46,000 car owners took part in the customer satisfaction survey
IN DETAIL
(Whitley, Coventry - 30/04/14). Jaguar has been ranked the best premium car brand in the influential Driver Power manufacturer league table. The 2014 edition of the Auto Express-supported customer satisfaction survey saw the British luxury and sports car marque's score increase by three per cent year-on-year to 89.34, as Jaguar owners gave glowing feedback on every aspect of their car.
For the third year running, Jaguar cars were praised for offering the best ride quality and ease of driving of cars from any brand. On top of this, an impressive three Jaguar products finished in the top five performance cars - with the XK topping the chart and receiving a Driver Power Award for Best Performance. Jaguar cars were also rated second-best for in-car technology.
Auto Express Editor-in-Chief Steve Fowler said: "Jaguar has moved up the Driver Power rankings in 2014 and as a result becomes the highest-ranked premium brand in the survey. Much of that is down to the way a Jaguar car drives - owners love their cars' performance, ride and handling. If Jaguar continues to show improvements at this rate, it could top our survey next year."
Success in the 2014 edition of the Driver Power survey follows a similar result in last year's JD Power survey, where Jaguar was named the best manufacturer. It means Jaguar is now rated as the best premium brand by the two biggest motoring satisfaction surveys in the country.
Jeremy Hicks, Jaguar Land Rover UK Managing Director, said: "The priority at Jaguar is to put the customer first - it's at the forefront of our minds with every car we produce. So we're incredibly proud to be so highly rated by the people who buy our cars. With a series of truly exciting products in the pipeline - which will be based on our new advanced aluminium architecture - we're confident that we can continue to meet and exceed the desires of UK car buyers for many years to come."
DATED: 01.05.14
FEED: HA
Confident outlook for the CV rental and leasing sector
New research by the BVRLA and Motor Transport indicates that the commercial vehicle rental and leasing sector is feeling positive about the year ahead.
Early findings from the 2014 CV Informer survey show that 77% of businesses expect the sector to do better this year than it did in 2013, with 20% predicting a similar performance and just 3% expecting conditions to deteriorate.
Confidence levels have risen since the same time last year, when just 50% of the sector expected business conditions to improve and 23% thought they would decline.
The early 2014 CV Informer findings were unveiled during a breakfast briefing at the CV Show at the Birmingham NEC. The event included a special presentation from Sunday Times Economics Editor David Smith, while BVRLA Chief Executive Gerry Keaney outlined some of the association's current initiatives.
The Driver and Vehicle Standards Agency (DVSA) chose the event to launch its updated Guide to Maintaining Road Worthiness.
"It is great to be able to bring so many leading figures from the industry together and provide them with such a valuable insight into key market trends and legislative developments," said Keaney.
I would like to thank our partners at Motor Transport, who helped develop the CV Informer project and continue to collect and collate the data on behalf of the industry."
Nearly 200 companies took part in the 2013 CV Informer research and Motor Transport hopes to improve on that response this year before publishing a full, detailed report in early Summer.
"CV Informer offers a unique insight into this essential sector of the commercial vehicle market," said Andy Salter, Managing Director of Road Transport Media, the publishers of Motor Transport.
"The 2014 edition clearly builds on the success of 2013's inaugural activity, demonstrating the strength in depth of the commercial vehicle rental and leasing sector and reflecting the wider optimism in the economy. Our partnership with the BVRLA on this project brings together our combined expertise to ensure we are serving the market with a unique information offering."
The BVRLA is encouraging all attendees of the CV Show to come and visit stand 4D10, which the association will be sharing with ATS Euromaster. BVRLA staff will be handing out free copies of the Fleet Forward Planner, and telling visitors about the BVRLA's quality assurance programme, its conciliation service and the benefits of using a BVRLA member.
DATED: 01.05.14
FEED: HA
CAP Automotive enters into exclusive advertising agreement with Black Horse
CAP Automotive's consumer-facing website has signed an exclusive advertising agreement with motor finance specialist, Black Horse.
The agreement will see Black Horse take the prime advertising space on CAP's newly launched mobile consumer car valuation and motoring costs website.
Black Horse's decision to secure prime advertising space on CAP's mobile website will allow Black Horse to better understand consumer mobile use in the car buying process and will provide consumers with information on the value of vehicles ahead of visiting one or more of the 4,500 Black Horse dealers.
Launched just seven months ago, traffic to www.cap.co.uk from mobiles is expected to surpass 100,000 monthly unique visitors by late Spring 2014.
"Consumers increasingly make use of smart phones to obtain information, and Black Horse has recognised this shift and is now looking to deploy easy-to-use content that meets such evolving needs. Utilising the premium advertising space on CAP's new mobile-optimised site, coupled with an optimised-for-mobile Dealer Locator tool, will ensure mobile users can find a Black Horse dealer wherever and whenever is convenient," said Kevin Dunne, Head of Distribution Development, Black Horse.
Ben Maguire, Head of Consumer services at CAP Automotive, said: "Black Horse is a premier operator in motor finance and its decision to engage with us on the launch of our mobile-enabled site is a real vote of confidence in CAP's ability to reach the consumer audience.
"The success of our consumer information offering will ultimately be measured by how successfully we drive more business to dealerships. The number of genuine car sales leads we are already generating suggests we have tapped into a very rich source of opportunities to increase business for our clients.
"We are therefore delighted that Black Horse will benefit as we attract more of the right consumers by offering genuinely useful, independent information whether they prefer to access CAP on desktop or mobile."
CAP launched its consumer-facing information service last year, with free valuations and a unique ‘Total Cost of Motoring' tool enabling motorists to anticipate the long-term personal budget implications of the cars they are looking to buy.
The same information is now provided free of charge to motor retailers who use CAP's flagship trade pricing tool Valuation Anywhere. As part of CAP's strategy of setting the scene for improved confidence and trust between motor retailers and their customers, dealers now use CAP motoring costs data to close more deals with economy-conscious customers.
CAP's consumer website can be found at www.cap.co.uk/consumer
More information about Total Cost of Ownership data for dealers can be found at business.cap.co.uk/valuation-anywhere-live/tco-lite
DATED: 01.05.14
FEED: HA
Green light for Highways Agency reform gives better deal for taxpayers
Sweeping changes to the way England's major roads are managed moved a step closer today after Transport Secretary Patrick McLoughlin approved wide-ranging reforms to the Highways Agency.
In less than twelve months the Highways Agency will be transformed into a Government-owned company tasked with managing and operating England's motorway and strategic A-road network.
The Government has committed more than £24 billion to upgrade England's strategic road network between 2010 and 2021 - part of a £56 billion investment in the country's transport infrastructure designed to help get the economy moving.
Changes to the Highways Agency will save the taxpayer at least £2.6bn over the next ten years and will make the new company more accountable to Parliament and road users. Supported by stable, locked-in funding that will eliminate the uncertain ‘stop-start' processes of the past, the new company and its suppliers will have the confidence to recruit skilled workers on longer-term contracts that will save the taxpayer money.
The Government is also setting up two new bodies to hold the company to account - one to protect the interests of motorists and other road users, and another to oversee the roads network and watch over costs and performance. These will be created with two expert transport bodies - Passenger Focus and the Office of Rail Regulation - and will provide transparent reports on roads issues.
The Transport Secretary approved the reform following an extensive consultation on the Government's proposals, the results of which are published today alongside to Government's response. The Department will now work to introduce the legislation needed to underpin these changes and plans to bring the new company into operation in April 2015.
Patrick McLoughlin said:
"Our road network is an incredibly important national asset, but it has been neglected. This Government has committed to the biggest ever investment in our roads but it is vital we have the right foundations in place to make sure this huge amount of money is spent in the most efficient way.
"The reformed Highways Agency will be more transparent and more accountable, driving down costs as it increases efficiency. This means taxpayers get a better deal and road users get a network that is fit for the future economic demands of this country, helping to create more jobs and support business growth."
Alasdair Reisner, Chief Executive of the Civil Engineering Contactors Association, said:
"In the past, the roads sector has suffered from boom-and-bust conditions that are hugely damaging to the smooth delivery of projects. These reforms will not only make the Highways Agency more efficient, but will also mean greater funding certainty for the construction sector.
"Long-term stability and certainty of investment will give our members and the Highways Agency good visibility in planning their work, whilst providing the supply chain with greater confidence in developing its workforce to meet future demands."
To help support the Government's economic ambitions for the road network the Department for Transport will publish a long-term ‘Roads Investment Strategy' later this year. This strategy will set out a clear vision for the new company that will include a new plan for investment and performance requirements.
Last week the Department for Transport also published the scope documents for six feasibility studies that aim to identify solutions to some of the most notorious and long-standing hotspots on the strategic road network. These include the A303/A30/A358 corridor to the South West; the A1 North of Newcastle; the A1 Newcastle-Gateshead Western Bypass; trans-Pennine routes between Manchester and Sheffield; the A27 corridor on the South coast and the A47 corridor between Norfolk and the Midlands. The studies aim to report with proposed solutions this autumn.
Alongside the feasibility studies, the Highways Agency has also published new evidence reports for routes on the strategic road network - the first stage towards developing solutions to the future demands on England's roads.
In the coming months, the Department for Transport will set out detailed plans for the Board of the new strategic highways company and appointments, sanctions that might apply to the new company, decisions on planning powers and the company's role in the planning process.
DATED: 01.05.14
FEED: HA
ŠKODA named Best Manufacturer in Driver Power 2014 satisfaction survey
- ŠKODA sees off industry competition to secure top spot for customer satisfaction
- Named top brand for the fourth time in five years
- Yeti, Citigo and Superb revealed as the UK's most satisfying cars to own
- Annual Auto Express survey uses data from 50,000 owners
ŠKODA has recorded its second key Driver Power triumph in seven days after being awarded the prestigious ‘Best Manufacturer' title by the readers of Auto Express. Respondents to the annual customer satisfaction survey named ŠKODA as the number one brand thanks to exceptional scores across the product range.
The award for Best Manufacturer comes just a week after the ŠKODA Yeti, Citigo and Superb finished in the top three positions of the 2014 Driver Power 100 - a ranking of the UK's most satisfying cars to own. The Best Manufacturer title was secured thanks to high ratings from respondents across the entire line-up. It's also a title ŠKODA has become used to receiving, having won it four times in the last five years.
Commenting on ŠKODA's repeat victory, Steve Fowler, Editor-in-Chief of Auto Express said: "ŠKODA's win in the Driver Power manufacturer league table comes a week after the Yeti, Citigo and Superb topped the model table. Across the board, owners are satisfied with pretty much every aspect of ŠKODA ownership. ŠKODA now sets the standard other car makers must strive to reach."
The annual Auto Express Driver Power Customer Satisfaction Survey remains one of the industry's most influential reports, with over 50,000 owners contributing in 2014. Thanks to its performance in both the model and manufacturer categories, ŠKODA was once again the most successful brand in the 2014 survey.
Alasdair Stewart, Brand Director for ŠKODA UK said: "This fabulous result emphasises ŠKODA's strength in depth. To become the best manufacturer, you need quality throughout the range, and at ŠKODA we have that. Whether a customer chooses a Citigo or a Superb, they're guaranteed a great car."
DATED: 01.05.14
FEED: HA
