Friday, August 22, 2014
Moneybarn taken over
Moneybarn the subprime lender has been acquired by Provident Financial Group in a deal worth £120m in cash to shareholders.
The deal adds Moneybarn into a network of lending platforms that includes consumer loans and credit cards and will help the car finance company to extend its business to more customers.
In a statement Provident Financial said the management of Moneybarn, led by Peter Minter, will be retained under the new ownership. They will report directly into Peter Crook, group chief executive of Provident Financial.
The deal will be funded by the issuance of new ordinary shares in Provident Financial.
Commenting on the deal, Peter Minter, managing director of Moneybarn, said "We are delighted that Provident Financial Group has acquired the business. We look forward to working with colleagues in PFG, and building on our long history of successful growth in our market.
"Moneybarn is the UK's largest non-standard vehicle finance company, and this acquisition by Provident Financial Group will help us realise significant profitable growth over the coming years."
"Moneybarn is the UK's largest non-standard vehicle finance company, and this acquisition by Provident Financial Group will help us realise significant profitable growth over the coming years."
DATED: 22.08.2014
FEED: MT
Used car prices to stabilise - CAP
Used car trade prices are expected to take a turn towards more stability by October according to forecasting service CAP Black Book Plus.
The company predicted that the range of movement in used values is expected to be between -0.5% and +0.5%.
The prediction covers all major segments in the market except for convertibles, which, as the winter approaches would see a slightly greater downturn. In this segment the value is expected to drop by no more than 1.5%, however.
The prediction covers all major segments in the market except for convertibles, which, as the winter approaches would see a slightly greater downturn. In this segment the value is expected to drop by no more than 1.5%, however.
CAP's Black Book Plus forecasts have normally predicted the future value of used vehicles for between one and three months. They are based upon a number of market factors including supply and demand.
CAP said in a statement that the success of the publication has led to the decision to launch a 0-12 month forecasting version of the product, which is due for launch later in the year.
Recently, CAP's rival publication Glass's launched a forecasting service which it claims predicts future residual values with more accuracy and using a more transparent method than that of CAP.
Robert Hester, specialist editor for Black Book Plus at CAP, said: "Our view for the next three months is of a stable market, maintaining the positive conditions we have already seen during the year. Because there is a perceived shortage of high quality used cars in the trade, dealers are willingly paying whatever is required to avoid the evils of refurbishment costs.
"The big registration month of September will bring fresh used stock back into the market and boost consumer interest in buying cars and we see strong levels of activity all the way through the month and into October."
"The big registration month of September will bring fresh used stock back into the market and boost consumer interest in buying cars and we see strong levels of activity all the way through the month and into October."
DATED: 22.08.2014
FEED: MT
Finance director joins Pancredit
Pancredit, the loan services platform provider has added to its management team by appointing a finance director following its takeover by the Equiniti Group.
Seema Sangar joins the senior management following 14 years in the finance industry. Previously Sangar worked at community services groups Mears group and Morrison FS, where she managed their portfolios.
Her role will be to help manage and integrate the Pancredit portfolio on behalf of the parent group as well as lead financial planning for Pancredit.
Graham Donald, managing director of Pancredit, said: "With the continuing demand for automated software that can help lenders deepen their understanding of their customer's financial circumstances, there is a clear need for us to expand our team with recruits who have in-depth experience in the industry. The Equiniti investment has enabled us to put in place an ambitious growth strategy for the year ahead. Seema will play an integral role in the coming months by ensuring we retain our strong financial stability as we expand."
DATED: 22.08.2014
FEED: MT
HPI appoints new MD
Vehicle information provider HPI has appointed Neil Hodson as its managing director.
Hodson has 20 years of experience in the used car market, including his previous role as group sales director for Manheim. Before this he spent 11 years at Experian Automotive, where he was director and general manager.
Commenting on the role, Hodson said "I aim to re-focus on our existing customers and ensuring we continue to deliver high quality, high value data solutions that provide a valuable ROI, designed to help them enhance their business."
He added: "I will be driving forward innovations that leverage the changing dynamics of the sector, by harnessing new technologies and market opportunities. By diversifying the HPI portfolio of services, we can bring our trade customers a new level of value, in new and interesting ways."
Hodson has replaced Daniel Burgess, who moved from HPI to BCA in September last year.
DATED: 22.08.2014
FEED: MT
Hodson has 20 years of experience in the used car market, including his previous role as group sales director for Manheim. Before this he spent 11 years at Experian Automotive, where he was director and general manager.
Commenting on the role, Hodson said "I aim to re-focus on our existing customers and ensuring we continue to deliver high quality, high value data solutions that provide a valuable ROI, designed to help them enhance their business."
He added: "I will be driving forward innovations that leverage the changing dynamics of the sector, by harnessing new technologies and market opportunities. By diversifying the HPI portfolio of services, we can bring our trade customers a new level of value, in new and interesting ways."
Hodson has replaced Daniel Burgess, who moved from HPI to BCA in September last year.
DATED: 22.08.2014
FEED: MT
Dealers remain concerned about FCA: Close Brothers
One in five dealers described Financial Conduct Authority (FCA) regulation as the single biggest challenge facing their business in 2014 in a poll conducted by Close Motor Finance.
Of those questioned, 86% said they intended to apply for full FCA authorisation when their interim permission expires.
Of those not intending to apply, a perceived lack of information or expertise enabling them to do so was the biggest reason for not doing so, and even two fifths of those who intend to apply said compliance procedures was an area of the application process they would require expert assistance with.
When asked how long they expected the application for full FCA authorisation would take, 33% said a few hours, 40% predicted a few days, while a surprising 28% said it could take them a week or longer.
Despite this concern, 18% of respondents said they were still to receive confirmation of when to apply for full authorisation.
Paul Kaye, sales and marketing director of Close Motor Finance, said "Feedback from our survey indicates that the majority of application deadlines fall in the first quarter of 2015 so we would encourage dealerships to review and familiarise themselves with the guidance now so there are no nasty surprises down the line.
"Our main message to dealers is to face the issue head on as missing the application window means ceasing to legally operate as a credit broker."
The survey took place in June, and involved 200 dealerships across the UK.
DATED: 22.08.2014
FEED: MT
Of those questioned, 86% said they intended to apply for full FCA authorisation when their interim permission expires.
Of those not intending to apply, a perceived lack of information or expertise enabling them to do so was the biggest reason for not doing so, and even two fifths of those who intend to apply said compliance procedures was an area of the application process they would require expert assistance with.
When asked how long they expected the application for full FCA authorisation would take, 33% said a few hours, 40% predicted a few days, while a surprising 28% said it could take them a week or longer.
Despite this concern, 18% of respondents said they were still to receive confirmation of when to apply for full authorisation.
Paul Kaye, sales and marketing director of Close Motor Finance, said "Feedback from our survey indicates that the majority of application deadlines fall in the first quarter of 2015 so we would encourage dealerships to review and familiarise themselves with the guidance now so there are no nasty surprises down the line.
"Our main message to dealers is to face the issue head on as missing the application window means ceasing to legally operate as a credit broker."
The survey took place in June, and involved 200 dealerships across the UK.
DATED: 22.08.2014
FEED: MT
Fleet Friday: Here be Giants
Fleet Friday the weekly round up of fleet news from around Europe: This week featuring Burnt Tree's website, Mercedes Benz dealing direct with customers and some significant appointments at Chevin.Jonathan Minterand Mike Cobb report
Burnt tree update Refrigerental site and support Giants show
Burnt Tree the commercial vehicle rental specialist has introduced a new feature to their Refrigerental website to make it easier for customers to find the right vehicle for them.
The "tell us your business" feature is aimed at providing an easy to follow guide that will focus on the areas that the customer works in and lead them to the right vehicle for their needs.
In addition Burnt Tree has added technical information, videos and an FAQ section to the website all in an attempt to help the customer run their vehicles.
In other news, Burnt Tree provided three support vehicles from their Burnt Tree Refrigerental fleet to the recent Liverpool Council led commemoration of World War 1 in which three giant marionettes walked through the streets of Liverpool.
Burnt Tree the commercial vehicle rental specialist has introduced a new feature to their Refrigerental website to make it easier for customers to find the right vehicle for them.
The "tell us your business" feature is aimed at providing an easy to follow guide that will focus on the areas that the customer works in and lead them to the right vehicle for their needs.
In addition Burnt Tree has added technical information, videos and an FAQ section to the website all in an attempt to help the customer run their vehicles.
In other news, Burnt Tree provided three support vehicles from their Burnt Tree Refrigerental fleet to the recent Liverpool Council led commemoration of World War 1 in which three giant marionettes walked through the streets of Liverpool.
Mercedes opens fleet hub
Mercedes-Benz has opened a Fleet Customer Hub in its Milton Keynes UK headquarters.
The hub marks the first time Mercedes' fleet operations has been brought in house, and customers are advised to contact the hub for all fleet related queries.
Sally Dennis, Head of Fleet, Mercedes-Benz UK said: "It's the next step in developing the way we work with our customers' needs and expectations whilst also demonstrating our dedication to the Fleet industry."
2013 saw Mercedes fleet sales grow 20% to 50,573 new cars.
Mercedes-Benz has opened a Fleet Customer Hub in its Milton Keynes UK headquarters.
The hub marks the first time Mercedes' fleet operations has been brought in house, and customers are advised to contact the hub for all fleet related queries.
Sally Dennis, Head of Fleet, Mercedes-Benz UK said: "It's the next step in developing the way we work with our customers' needs and expectations whilst also demonstrating our dedication to the Fleet industry."
2013 saw Mercedes fleet sales grow 20% to 50,573 new cars.
Chevin adds to team and sees shift in customer activity
Chevin Fleet Solutions, the fleet software provider, have made five additions to their team.
Gareth Millinship will join the company in the role of business development manager. Brendan Adams will join in the role of global marketing executive with the remit of directing the marketing strategy across the company's global presences.
Oliver Reeves will join as a tester, running quality assurance tests on the company's FleetWave sites.
Abbas Lai and Scott Earley will both join as software support technician level 1s, covering both the FleetWave and RoadBase products.
Separately Chevin also noted that their teams have seen more evidence of a shift in thinking in their customer base away from a "recessionary mindset" and towards an "investment mode."
This mind set is prompting companies to use the company car once more as a retention and attraction tool and expand their fleets accordingly. An assessment backed up by the rise in company cars as reported by the society of motor manufacturers and traders this month
Lex Autolease wins Iron Mountain contract
Lex Autolease is to continue as information management company Iron Mountain's sole supplier of vehicles and fleet management services, following a competitive tender.
As a result Lex will be responsible for Iron Mountains current fleet of 235 LCVs, and provide an additional 71 vehicles by the end of the year.
Linda Rivett, regional director for Scotland at Lex Autolease, said: "Through our 16 year relationship with Iron Mountain, we fully appreciate the importance of a running dependable fleet when transporting confidential information.
New customer service charter for Volkswagen Commercial Vehicles
Volkswagen Commercial Vehicles has launched a ten point customer service charter to boost service levels across its Van Centre network.
Points on the plan included providing a quote before work starts, cost estimates of any additional work required, a guaranteed appointment within five working days and always washing vehicles after a service.
Kevin Rendell, head of Parts and Service at Volkswagen Commercial Vehicles, said: 'Businesses rely on their vans and we want to make sure that our customers have peace of mind that their vehicle will continue to perform at its maximum without great amounts of disruption, additional unforeseen costs and without any broken promises. In short, we want our customers to feel like they're always a valued business partner.'
Lex Autolease is to continue as information management company Iron Mountain's sole supplier of vehicles and fleet management services, following a competitive tender.
As a result Lex will be responsible for Iron Mountains current fleet of 235 LCVs, and provide an additional 71 vehicles by the end of the year.
Linda Rivett, regional director for Scotland at Lex Autolease, said: "Through our 16 year relationship with Iron Mountain, we fully appreciate the importance of a running dependable fleet when transporting confidential information.
New customer service charter for Volkswagen Commercial Vehicles
Volkswagen Commercial Vehicles has launched a ten point customer service charter to boost service levels across its Van Centre network.
Points on the plan included providing a quote before work starts, cost estimates of any additional work required, a guaranteed appointment within five working days and always washing vehicles after a service.
Kevin Rendell, head of Parts and Service at Volkswagen Commercial Vehicles, said: 'Businesses rely on their vans and we want to make sure that our customers have peace of mind that their vehicle will continue to perform at its maximum without great amounts of disruption, additional unforeseen costs and without any broken promises. In short, we want our customers to feel like they're always a valued business partner.'
DATED : 22.08.2014
FEED: MT
JAGUAR LAND ROVER ANNOUNCES DRIVING CHALLENGE FOR SEPTEMBER'S INVICTUS GAMES
- Jaguar Land Rover Driving Challenge to provide a curtain raiser for the Invictus Games on Tuesday 9th September, with the first medals of the Games awarded.
- Teams from 11 Invictus Games nations to compete in all-terrain and tarmac driving stages, held at the Jaguar Land Rover Design and Engineering Centre in Gaydon, Warwickshire.
- The Invictus Games, championed by Prince Harry and presented by Jaguar Land Rover, is an international sporting event for wounded, injured and sick Servicemen and women taking place in London from 10th-14th September 2014.
- Jaguar LandRover is Presenting Partner of the 2014 Invictus Games and is committed to exploring ways to enhance the valuable role of veterans as skilled employees, to create a lasting legacy for the Games.
Whitley, UK, Friday 22nd August - Jaguar Land Rover has announced plans for an Invictus Games driving challenge, with 11 nations competing to win the first medals of the Games.
Taking place at the Jaguar Land Rover Design and Engineering Centre in Gaydon, Warwickshire, on Tuesday 9th September, two competition stages will challenge the competitors' driving and navigation skills. Teams, made up of a driver and navigator, will compete over a Land Rover all-terrain stage and a Jaguar tarmac track stage.
Times from both the stages will be amalgamated to give each team a total time. The four quickest pairs will then qualify for the finals, where they will compete for the first gold, silver and bronze medals of the Invictus Games.
In addition to their backing for the Invictus Games, Jaguar Land Rover supports wounded, injured and sick Service personnel through their involvement in the Race2Recovery motorsport team.
Daniel Whittingham was a corporal serving in 11 Explosive Ordnance Disposal Regiment of the Royal Logistics Corp when he was blown up by a Taliban IED in January 2009. He eventually had his left leg amputated below the knee. He will compete in cycling and wheelchair rugby at the Invictus Game and said: "After finishing the Dakar rally last year with Race2Recovery, which was an extraordinary feat of endurance against all odds, I was keen to explore further ways to focus my recovery. Having the chance to compete with other Servicemen and women who have been through similar hardships and who have come out on top despite all odds, is a massive personal honour.
"For me and indeed all the competitors, there has been so much effort behind the scenes, not just training for the Games but also in adjusting to daily life with our disabilities. I am proud to represent the British team and look forward to the Invictus Games in September."
Dr Ralf Speth, Chief Executive Officer of Jaguar Land Rover said: "Jaguar Land Rover is immensely proud to be enabling the Invictus Games and hosting this exciting driving challenge. We have been inspired by the passion with which Prince Harry has championed this visionary idea, to celebrate the commitment and achievements of wounded, injured and sick Service personnel. In addition, we're exploring with the Royal Foundation and the Ministry of Defence innovative ways of enhancing their employment prospects and those of other Service personnel when moving into civilian life, to create a lasting legacy from the Games."
The Invictus Games is being organised with the support and backing of The Royal Foundation of The Duke and Duchess of Cambridge and Prince Harry and the Ministry of Defence. It will see more than 400 wounded, injured and sick Servicemen and women, from 14 nations, competing at Queen Elizabeth Olympic Park and the Lee Valley Athletics Centre, thanks to the Mayor of London, the London Legacy Development Corporation and the Lee Valley Regional Park Authority.
Tickets for the Invictus Games cost £12.85 per person, per session and are on sale at www.invictusgames.org
DATED: 22.08.2014
FEED: HA
THE LORD'S TAVERNERS DONATE FORD TRANSIT MINIBUSES TO HELP GIVE CHILDREN A SPORTING CHANCE
The Lord's Taverners charity is putting 26 new, specially-adapted Ford Transit Minibuses on the road this year to help improve the lives of young people with disabilities and special educational needs.
The charity has provided more than 1,100 minibuses to special schools since its programme started in 1976, and will be donating a new minibus every fortnight during 2014.
The Lord's Taverners' Ford Transit Minibuses are used to transport children - many of whom use wheelchairs - to and from schools and colleges, helping them to participate in sporting activities that would otherwise be off-limits, including wheelchair basketball, boccia and table cricket.
"We provide special educational needs schools with the opportunity to meet their transport needs," said Nicky Pemberton, director of charitable programmes for the Lord's Taverners. "A minibus typically costs between £54,000 and £58,000 by the time it has been converted for wheelchair access and our programme enables a school to own its own vehicle - usually they make a contribution of around 25 per cent and we fund the rest.
"The minibuses operate for anything up to 10 years and, as we give away around 30 of them a year, there are probably between 210 and 250 Lord's Taverners' minibuses on the roads of Britain and Ford Transit is the ideal vehicle for the job!"
Ford also supports a Lord's Taverners' programme called "Wicketz", which takes cricket to under-privileged kids in inner-city areas.
"We go into disadvantaged city areas where facilities are limited and encourage kids who are keen to play," added Nicky, "and we take cricket to them - coaching, equipment and even a pitch if that is what is needed."
The programme culminates in the three-day Wicketz Festival, held in August at Felsted School in Essex. Children receive cricket coaching and enjoy other activities, as well as the chance to compete for team honours.
Ford Regional Account Business Manager, Sally Overington, said: "The Lord's Taverners does great work to help children with special educational needs to get out and about to broaden their experiences and horizons, and it is great that Ford can assist with these efforts."
DATED: 22.08.2014
FEED: HA
SEAT CONFIRMS UK PRICING AND SPECIFICATION FOR NEW LEON X-PERIENCE
- X-PERIENCE becomes latest addition to high-selling Leon line-up
- ST-based lifestyle estate with permanent four-wheel-drive, extra ground clearance and specific off-road look
- Unique X-PERIENCE interior touches and premium equipment level
- Two trims: SE and SE Technology. Optional Lux Pack for £1,250
- Available with 2.0 TDI 150 and 184 PS engines, latter with DSG
- Priced £24,385 to £28,870
- UK ordering opens 1 September 2014, ahead of showroom launch in December
The Barcelona-based brand recently confirmed that its eagerly-awaited compact SUV will arrive in 2016, so the newcomer will be seeking to gain traction for SEAT in the lead-up to its launch.
With four-wheel-drive and extra ground clearance, Leon X-PERIENCE is capable in all road situations and poor weather conditions. Inside and out, it retains all of the ST's style and versatility, including its sizeable 587-litre boot, which rises to 1,470 litres with the rear seats folded at the pull of a single lever.
The range-topping estate is immediately recognisable through its all-road looks. Among the accoutrements are protection mouldings on the door sills and wheel arches, to give it a robust look, plus aluminium look touches for the rear bumper and lower front spoiler.
Other elements singling it out as the ultimate Leon ST, are integrated fog lamps and twin chrome tailpipes, together with substantial air intakes at the front.
It's got the substance to match the style too. Featuring all-road suspension with extra ground clearance, Leon X-PERIENCE is as at home on gravel and snow as it is on tarmac.
Underneath its upmarket look is the 4Drive all-wheel-drive system with intelligent EDS dynamic control, which accurately distributes weight between all four wheels, increasing traction to improve handling and stability. There's also an extended electronic differential lock (XDS) for better traction while cornering.
Available to order from 1 September, Leon X-PERIENCE comes in two trim levels, SE and SE Technology. Offering a significantly enhanced standard specification over equivalent Leon STs, the range kicks off at £24,385 for the SE 2.0 TDI 150 manual. The same powered SE Technology version comes in at £26,370, while the 2.0 TDI 184 with DSG transmission tops out at £28,870.
Both versions are brimming with kit. Immediately distinguishable from other Leons, SE features 17-inch twin-spoke alloy wheels, black roof rails and dark tinted rear windows. Rear parking sensors and twin exhaust tailpipes complete the look.
The premium feel continues on the inside, with dual zone climate control, leather steering wheel with orange stitching and X-PERIENCE logo, and cloth upholstered front sports seats with simil leather bolsters. Rounding off its practical nature is Hill Hold Control and a chrome loading sill for added protection when four-legged friends scrabble into the boot.
Upgrading to SE Technology costs £1,985, but brings a wealth of extras, which would cost £3,500 if bought individually. Befitting the name, many of them are high-end, such as SEAT Media System Plus with 5.8-inch colour touchscreen, DAB and satellite navigation, plus auto headlights, wipers and dimming rear view mirror.
On the outside, the flagship gains SEAT's unique LED headlights and taillights, electrically folding door mirrors and 18-inch ‘X-PERIENCE' machined alloy wheels. The interior gets even plusher too, with bespoke Alcantara upholstery and simil leather bolsters.
Latest-generation 4Drive system
The permanent all-wheel-drive in the new Leon X-PERIENCE is among the most modern and efficient systems of its kind. SEAT uses a newly developed multi-plate clutch with hydraulic actuation and electronic control - a fifth-generation Haldex clutch. In real world driving this means that the car is driven through the front wheels, with the 4Drive system continually monitoring real-time driving conditions. If it detects any loss in traction, it reacts within milliseconds to send torque smoothly to the wheels with the most grip.
While 4Drive copes with the terrain, the X-PERIENCE 2.0 TDI 184 DSG version also comes with SEAT Drive Profile, so that the driving experience can be tailored according to Normal, Sport and Eco modes.
Optional LUX pack
Leon X-PERIENCE is already well kitted out from a comfort, practicality and luxury point of view. Nevertheless, those opting for the SE Technology can take things to another level with the £1,250 Lux pack. The comprehensive upgrade combines black leather upholstery with simil leather bolsters, heated front seats, headlight washers and heated washer nozzles, an electrically adjustable driver's seat and chrome roof rails.
Plenty of individual options also abound across the range, such as panoramic sunroof, towbar pre-install, SEAT Sound audio system, and, crucially for adventurous types going off the beaten track, a space saver spare wheel (18-inch).
UK ordering for Leon X-PERIENCE opens on 1 September 2014, ahead of showroom launch in December.
DATED: 22.08.2014
FEED: HA
COX ENTERPRISES ANNOUNCES FORMATION OF COX AUTOMOTIVE
New focus brings together global span of products and services to simplify the exchange of vehicles and maximise value for customers
ATLANTA, USA - Demonstrating its industry leadership and goal of transforming the way cars are bought and sold, Cox Enterprises announced today the formation of Cox Automotive. This move, which brings together more than 20 leading wholesale and retail automotive brands, further strengthens Cox's investment in the automotive industry and provides end-to-end global solutions for customers throughout the vehicle lifecycle. Among its foremost brands in the UK, Cox Automotive is represented by Manheim, Motors.co.uk. and www.dealer-auction.com.
Globally, Cox Automotive companies have relationships with more than 40,000 dealers, as well as most major automobile manufacturers. Sandy Schwartz, who until now has held the dual roles of president of Manheim and AutoTrader Group, will serve as president of Cox Automotive.
"Cox is the industry leader in marketing and remarketing vehicles, and this move reinforces our company's confidence in the global automotive industry," said Cox Enterprises' president and CEO John Dyer. "Over the past several years, we have invested in different segments of our auto business, from dealer services to our top-rated consumer brands. Under Sandy's leadership, our wholesale and retail automotive brands have thrived and we are committed to leveraging opportunities to better serve and add value to our customers."
While Cox Automotive will be the banner company for the diverse portfolio of global automotive businesses, each business will retain its individual brand.
The newly formed Cox Automotive businesses will be organised around five core areas providing both domestic and global presence. Each area will continue to focus on its respective products and services expertise, while working to identify ways that its collective offerings can better serve customers.
- Auto Auctions and Wholesale Services:Manheim,ExportTrader.com, DealShield, Go Auto Exchange, Ready Auto Transport
- Financial Services:NextGear Capital, Go Financial
- Media:AutoTrader.com, Kelley Blue Book
- Software:HomeNet Automotive, Haystak Digital Marketing, vAuto, VinSolutions
- International:www.Dealer-Auction.com, BitAuto,Motors.co.uk, Jingzhengu, Manheim Retail Services, RMS Automotive, Modix
Through these companies, Cox Automotive is able to leverage its extensive data assets, knowledge and industry-wide insights to help customers make better decisions for their businesses.
Cox's industry-leading AutoTrader.com and KBB.com web sites attract more than 32 million unique monthly visitors, with 67 percent of all car buyers relying on these sites when shopping for a car. And, as the leading global provider of remarketing services, Manheim registers nearly seven million used vehicles annually, facilitating transactions representing nearly $46 billion in value.
"Over the past few years, I've been excited to be a part of an industry that is taking a leading role in driving economic growth, innovation and greater efficiencies," said Schwartz. "We formed Cox Automotive because we know that the automotive space is not one where any of us can go it alone. Our goal is to pave the way for our customers by offering them unique perspectives, industry insights and end-to-end solutions that deliver greater business value."
Ends.
About Cox Enterprises:
Cox Enterprises is a leading communications, media and automotive services company. With revenues of nearly $16 billion and approximately 50,000 employees, the company's major operating subsidiaries include Cox Communications (cable television distribution, high-speed Internet access, telephone, commercial telecommunications and advertising solutions); Cox Media Group (television and radio stations, digital media, newspapers and advertising sales rep firms); and Cox Automotive (automotive-related auctions, financial services, media and software solutions). The company's major national brands include AutoTrader.com, Kelley Blue Book, Manheim, Savings.com and Valpak.
About Cox Automotive
Cox Automotive is the world's leader in vehicle remarketing services and digital marketing and software solutions for automotive dealers and consumers. Cox Automotive, a subsidiary of Atlanta-based Cox Enterprises, includes Manheim, AutoTrader.com, Kelley Blue Book, vAuto, NextGear Capital, and a host of global businesses and brands serving customers such as auto dealers, manufacturers and financial institutions. Headquartered in Atlanta, Cox Automotive employs nearly 24,000 employees in over 150 locations worldwide. We partner with more than 40,000 dealers, as well as most major automobile manufacturers, and touch over 67 percent of all car buyers in the U.S. with the most recognized brands in the industry. We unite over 20 brands in this space, providing an end-to-end solution to transform the way people buy and sell cars every day.
DATED: 22.08.2014
FEED: HA
NEW LEXUS NX TAKES SUV DESIGN OUT OF THE BOX
- Ground-breaking design for the NX, Lexus's first premium compact crossover
- Traditional SUV lines make way for sports-influenced styling, inside and out
- Great looks not at the cost of comfort or convenience, with generous cabin space and room for four golf bags in the boot
- New NX 300h available to order now, with customer deliveries from October
Lexus is reshaping SUV design with styling for its new NX that owes more to sportscars than slab-sided 4x4s. The model that marks the company's entry into the mid-size luxury SUV market makes a big visual statement with muscular curves and agile angles, representing the latest development of Lexus's L-finesse contemporary design language.
The high-impact exterior presents a low, sloping roofline, a cab-forward silhouette, powerfully flared wheel arches and defining bodywork lines that flow directly from the signature Lexus spindle grille.
Making a vehicle appear as though it's forged from a single piece of metal is a familiar design concept, but Lexus took it to heart by actually pouring molten metal over the die used to make the grille and studying the natural shape the flow created. The result inspired the NX's angular shape - a look that's distinct from any other model in its class.
The NX has the most distinctive "face" in the current Lexus line-up, its prominent spindle grille flanked by new LED headlamps and daytime running lights.
It's not a case of style over substance, though. For example the C-pillar has a wide angle to maximise internal storage width. The crouched look is linked to the NX's good ramp-over angle performance, and the fact the high point of the roof is set rearward ensures good headroom for rear passengers.
The exterior also achieves an ideal balance between distinctive design and aerodynamic efficiency, a major challenge for the design team given the car's overall compact dimensions. A rear spoiler was essential to create a smooth flow of air away from the back of the vehicle, and extensive wind tunnel testing revealed that the best results came from giving the leading edge of the fin an upturned lip - a detail that stands out as a design accent while also helping secure the NX a low (0.33) coefficient of drag.
Similarly, the door mirrors and handles have air-cheating design, the latter being particularly eye-catching thanks to a concealed key barrel and integrated single-LED illumination.
The detailed work continues out of sight, beneath the car, where undercovers and spats designed specifically for the NX, ensure a clean airflow.
Where the interior is concerned, chief designer Tetsuo Miki wanted to capture the kind of style impact associated with high-end urban sports gear with a combination of structural good looks and luxurious but functional materials and textures.
His mission has delivered a driver's cockpit that reaps the full benefit of Lexus's advances in HMI technology, combined with elements that reflect the NX's SUV status, such as soft leather kneepads either side of the prominent centre console.
The cabin provides ample space for everyone on board, with best-in-segment space in critical areas. The front-to-rear couple distance is a class-leading 962mm and the high roof design provides exceptional head clearance. The rear knee room is even greater than in some larger SUV models.
Luggage space is generous and practical. Maximum loadspace width is 1,347mm, enough for four golf bags to be stowed sideways, rather than across the diagonal. More storage space is available under the luggage board, taking total luggage capacity to 555 litres in hybrid versions and 580 litres in the turbo petrol (with a tyre repair kit carried).
True to its status as a practical SUV, the NX comes with a wide variety of storage points around the cabin, including glove and console boxes, a console tray, utility box, sunglasses hold, cup holders and door pocket holders for half-litre bottles. Throughout there is a typically Lexus attention to detail, as in the high-friction material used to line the inside of the cup holder that lets the driver open a twist-cap bottle one-handed.
The new full hybrid NX 300h is available to order now with customer deliveries from October. Next year the range will grow to include the NX 200t, the first model to adopt Lexus's new 2.0-litre petrol turbo engine. Model line-up, prices, specifications and more information are available here.
DATED: 22.08.2014
FEED: HA
BATTLE OF THE VAN BRANDS IS ALL ABOUT THE BADGE, SAYS CAP
An explosion in new van launches is sparking more intense brand rivalry than even that seen in the car market.
But the bad news for some manufacturers is that victory will be determined by the badges on the van, rather than technical excellence or even reliability.
That's the view of experts at CAP Automotive, the independent car and van information experts for motorists and businesses.
This year has seen more new vans brought to market than since 2006 as manufacturers vie with one another to take advantage of the UK's economic recovery.
So far in 2014 the giants of the van world - Ford, Iveco, Renault, Vauxhall, Fiat, Citroen, Peugeot and Mercedes - have all launched new products into the light commercial vehicle market.
Now the lines are drawn for a battle of the badges as each manufacturer claims class-leading status for its new vehicles.
Although sales are the ultimate measure of success, the most important factor early in the life of a new van is the expectation of its value in the future second hand van market.
Ken Brown, of CAP, argues that although every new van launched this year is better built, safer, boasts superior economy and driving experience than any of its predecessors the badge still remains the single most important factor determining what buyers will pay in the future used market.
Expected future used values are the ultimate key to success for all new vehicles. This is because large fleets - who are responsible for the bulk of new sales - always want to limit their exposure to depreciation. Lower expected depreciation means they can set more competitive leasing rates.
Ken Brown explained: "Unfortunately for manufacturers it is never as simple as just building the best van - you have to have the best brand image to win the residual values war.
"We often see new vehicles from one manufacturer that are every bit as well built as those from a rival - or even superior to the competition - which eventually slip behind on values when they reach the used market.
"The proof that badge brand image is the most important factor influencing what people will pay for a used vehicle is found among what the industry calls ‘badge-engineered' LCVs.
"These are effectively the same vehicle with identical features and where the only tangible difference is the badge.
"For example Fiat's Fiorino light van is also badged by Citroen as the Nemo and by Peugeot as the Bipper. Although prices paid day to day for used examples vary, the long term trend for average trade prices clearly shows that buyers are willing to pay around 7.5% more for a Citroen Nemo than a Peugeot Bipper and 9.5% more than a Fiat Fiorino.
"Whilst there are many similar examples throughout each LCV sector the perhaps the most extreme has to be the Renault's Kangoo which also carries the highly regarded Mercedes Benz badge on the Citan. With a considerable gap between the two badges in the desirability pecking order and whilst there are some subtle differences in design and specification between the two vans, you can expect to pay around 20% more to buy a used Citan than the nearest equivalent Kangoo.
"The holy grail for vehicle manufacturers is reaching a higher position in that perception pecking order of desirability.
"As this latest round of new LCVs enters the market, it would seem fair that the manufacturers who have paid the greatest attention to design and innovation will reap the greatest rewards.
"But unfortunately the law of karma doesn't apply to LCVs. In reality it's the manufacturers who have built the strongest brands over an extended period of time that almost always come out on top."
That's the view of experts at CAP Automotive, the independent car and van information experts for motorists and businesses.
This year has seen more new vans brought to market than since 2006 as manufacturers vie with one another to take advantage of the UK's economic recovery.
So far in 2014 the giants of the van world - Ford, Iveco, Renault, Vauxhall, Fiat, Citroen, Peugeot and Mercedes - have all launched new products into the light commercial vehicle market.
Now the lines are drawn for a battle of the badges as each manufacturer claims class-leading status for its new vehicles.
Although sales are the ultimate measure of success, the most important factor early in the life of a new van is the expectation of its value in the future second hand van market.
Ken Brown, of CAP, argues that although every new van launched this year is better built, safer, boasts superior economy and driving experience than any of its predecessors the badge still remains the single most important factor determining what buyers will pay in the future used market.
Expected future used values are the ultimate key to success for all new vehicles. This is because large fleets - who are responsible for the bulk of new sales - always want to limit their exposure to depreciation. Lower expected depreciation means they can set more competitive leasing rates.
Ken Brown explained: "Unfortunately for manufacturers it is never as simple as just building the best van - you have to have the best brand image to win the residual values war.
"We often see new vehicles from one manufacturer that are every bit as well built as those from a rival - or even superior to the competition - which eventually slip behind on values when they reach the used market.
"The proof that badge brand image is the most important factor influencing what people will pay for a used vehicle is found among what the industry calls ‘badge-engineered' LCVs.
"These are effectively the same vehicle with identical features and where the only tangible difference is the badge.
"For example Fiat's Fiorino light van is also badged by Citroen as the Nemo and by Peugeot as the Bipper. Although prices paid day to day for used examples vary, the long term trend for average trade prices clearly shows that buyers are willing to pay around 7.5% more for a Citroen Nemo than a Peugeot Bipper and 9.5% more than a Fiat Fiorino.
"Whilst there are many similar examples throughout each LCV sector the perhaps the most extreme has to be the Renault's Kangoo which also carries the highly regarded Mercedes Benz badge on the Citan. With a considerable gap between the two badges in the desirability pecking order and whilst there are some subtle differences in design and specification between the two vans, you can expect to pay around 20% more to buy a used Citan than the nearest equivalent Kangoo.
"The holy grail for vehicle manufacturers is reaching a higher position in that perception pecking order of desirability.
"As this latest round of new LCVs enters the market, it would seem fair that the manufacturers who have paid the greatest attention to design and innovation will reap the greatest rewards.
"But unfortunately the law of karma doesn't apply to LCVs. In reality it's the manufacturers who have built the strongest brands over an extended period of time that almost always come out on top."
DATED: 22.08.2014
FEED: HA
SMMT TRANSPORT NEWS BRIEF
The importance of the CV industry to a properly functioning economy is something I've written about in the past.
This has been highlighted recently, and tragically, around the other side of the world.
Following a fatal accident in Sydney, Australia, some 2,800 waste removal vehicles have had to be taken off the road for safety inspections. Not surprisingly, this has resulted in rubbish being piled up in the streets across huge swathes of the country.
The regulation of commercial vehicles is something of a contentious issue in Australia, where each year over the past 10 years there have been more than 200 CV-related deaths.
The safety regime is very different from the UK; it is more risk assessment-based with transport law compliance being a shared responsibility. All parties in the supply chain - consignor, packer, loader, scheduler, consignee, manager, as well as the driver and operator - must take all reasonable steps to prevent breaches of the law in areas such as mass, dimension, safe loading, speed compliance and work hours.
DATED: 22.08.2014
FEED: HA
UK COMMERCIAL VEHICLE MANUFACTURING - DATA FOR JULY 2014
CV production still subdued but stability anticipated
- CV output continued its decline in July, with volumes down 25% to 6,338 units.
- July fall reflects trend in previous months, with year-to-date output down 23.3%.
- Impact of last year's structural changes continued, but stabilisation expected in coming months.
"UK commercial vehicle production fell by a quarter over last July, continuing the trend seen over the last year," said Mike Hawes, SMMT Chief Executive. "With the effects of the 2013 restructuring still evident, as well as the spike in truck registrations towards the end of last year, this was to be expected. The coming months should provide more optimism, however, with European demand showing sustained improvement."
CV manufacturing
|
July-13
|
July-14
|
% Change
|
YTD-13
|
YTD-14
|
% Change
|
Total
|
8,454
|
6,338
|
-25.0%
|
57,118
|
43,798
|
-23.3%
|
Home
|
2,346
|
2,125
|
-9.4%
|
26,367
|
20,723
|
-21.4%
|
Export
|
6,108
|
4,213
|
-31.0%
|
30,751
|
23,075
|
-25.0%
|
% export
|
72.2%
|
66.5%
|
53.8%
|
52.7%
|
CV output rolling year total
CV output, year-to-date, 2012-2014
About SMMT and the UK automotive industry
The Society of Motor Manufacturers and Traders (SMMT) is one of the largest and most influential trade associations in the UK. It supports the interests of the UK automotive industry at home and abroad, promoting a united position to government, stakeholders and the media.
The automotive industry is a vital part of the UK economy accounting for more than£64 billion turnover and £12 billion value added. With more than 160,000people employed directly in manufacturing and in excess of 770,000 across the wider automotive industry, it accounts for 10% of total UK export of goodsand invests £1.9 billion each year in automotive R&D. More than 30 manufacturers build in excess of 70 models of vehicle in the UK supported by around 2,500 component providers and some of the world's most skilled engineers.
DATED: 22.08.2014
FEED: HA