Friday, March 27, 2015
FCA to review consumer credit sector in 2015
The Financial Conduct Authority (FCA) has outlined plans to implement and review the consumer credit regime and the firms and practices within the sector in its business plan for 2015/16.
The regulator noted that in the past year it had identified a number of risks common across the consumer credit sector. One risk it specifically highlighted was the potential harm poor practise when assessing affordability could cause consumers.
The FCA said: "We will be undertaking work to gain a deeper understanding of a wide range of issues, including how firms assess affordability, which will help us to take steps to mitigate the risks we find."
This will in particular look at issues around multiple and repeat borrowing.
The FCA said it will then issue a consultation on changes to the rules on creditworthiness at an unspecified time later in 2015.
It will consult on cold-calling and the use of quotation searches, which the FCA believes would enable consumers to shop around for credit without their credit record becoming unduly impaired.
Encouragingly, the body said it was particularly mindful of the potential unintended consequences that may flow from its interventions. It said: "We will continue to monitor the impact of our interventions and consider the potential consequences. We may also need to be flexible and to adjust our approach if there is an unforeseen impact."
More generally, the FCA said it will be looking at individual accountability, and remuneration.
The regulator noted that in the past year it had identified a number of risks common across the consumer credit sector. One risk it specifically highlighted was the potential harm poor practise when assessing affordability could cause consumers.
The FCA said: "We will be undertaking work to gain a deeper understanding of a wide range of issues, including how firms assess affordability, which will help us to take steps to mitigate the risks we find."
This will in particular look at issues around multiple and repeat borrowing.
The FCA said it will then issue a consultation on changes to the rules on creditworthiness at an unspecified time later in 2015.
It will consult on cold-calling and the use of quotation searches, which the FCA believes would enable consumers to shop around for credit without their credit record becoming unduly impaired.
Encouragingly, the body said it was particularly mindful of the potential unintended consequences that may flow from its interventions. It said: "We will continue to monitor the impact of our interventions and consider the potential consequences. We may also need to be flexible and to adjust our approach if there is an unforeseen impact."
More generally, the FCA said it will be looking at individual accountability, and remuneration.
DATED: 27.03.15
FEED: MF
UK regulator faces over 700 withdrawals from authorisation process
A Freedom of Information (FOI) request has revealed that SME finance broker and consumer credit firms have withdrawn a total of 736 applications from the FCA (Financial Conduct Authority) authorisation process.
There have been 10,829 applications for FCA authorisation from consumer credit firms in total to date.
Commercial finance group and broker LDF lodged the FOI request, and called for more support for brokers to meet the detailed requirements of the UK industry's new regulator.
The FCA took over the regulation of commercial finance brokers from the Office of Fair Trading in April 2014 with the intention of driving up standards.
There have been 10,829 applications for FCA authorisation from consumer credit firms in total to date.
Commercial finance group and broker LDF lodged the FOI request, and called for more support for brokers to meet the detailed requirements of the UK industry's new regulator.
The FCA took over the regulation of commercial finance brokers from the Office of Fair Trading in April 2014 with the intention of driving up standards.
The application for authorisation is now more exhaustive than previously, covering financial and non-financial aspects of a firm's operations. Following initial approval, further reporting will be required, said LDF.
Should those firms that have withdrawn from the authorisation process cease to operate, there could be serious consequences for the ability of their network of often long-standing contacts to find the best finance for their needs, it said. Many businesses which have withdrawn their application will be looking for an alternative that will allow them to continue to operate.
Callum Stevenson, head of strategic business development at LDF, said: "Recent problems over the treatment of small business customers mean that the FCA is committed to raising standards across the consumer credit industry. They want to ensure that customers are better protected so there are now much stricter rules surrounding how firms market their services and the affordability checks they carry out on borrowers."
Callum Stevenson, head of strategic business development at LDF, said: "Recent problems over the treatment of small business customers mean that the FCA is committed to raising standards across the consumer credit industry. They want to ensure that customers are better protected so there are now much stricter rules surrounding how firms market their services and the affordability checks they carry out on borrowers."
"For most smaller brokers, full FCA authorisation presents a real challenge. Even if a firm gets its initial application approved, they will later need to demonstrate that they are continuing to comply with the policies they submitted. That may be a challenge for some."
LDF was one of the first organisations to be approved by the FCA to help SME finance brokers manage their regulatory responsibilities under the new FCA-run consumer finance regime. It has been approved as an FCA-regulated 'Principal', meaning that it can provide authorised regulatory representation to brokers, who then become Appointed Representatives in the eyes of the FCA.
LDF was one of the first organisations to be approved by the FCA to help SME finance brokers manage their regulatory responsibilities under the new FCA-run consumer finance regime. It has been approved as an FCA-regulated 'Principal', meaning that it can provide authorised regulatory representation to brokers, who then become Appointed Representatives in the eyes of the FCA.
DATED: 27.03.15
FEED: MF
FLA calls for credit regulation to remain unchanged
The Finance & Leasing Association (FLA) has urged the next government to allow the new system of credit regulation to be implemented without further changes in its 2015 manifesto.
According to the association, it will be nearly two years before all lenders have been formally authorised under the new system and further changes would risk damaging the market.
The Financial Conduct Authority (FCA) began regulating the consumer credit sector last April, covering the credit provided to consumers and many small businesses directly and through brokers, high street stores and motor dealerships. As a result, 50,000 firms will have to be formally authorised by the FCA over the next twelve months.
The FLA believes that the FCA has a duty to promote competition in the regulated market, but said it realises that there is a tension between this duty and some of the effects of regulation.
"If the right balance is not struck, responsible lenders and intermediaries may leave the market, thereby reducing the supply of credit, impairing economic growth and increasing financial exclusion," the association wrote.
In response to the FCA's plans to implement and review the consumer credit regime in its business plan for 2015/6, the FLA told Leasing Life: "The FCA's review in 2015/16 is part of their post-implementation plan, a usual procedure when new rules are introduced, and one we fully support. It's part of the checks and balances of regulation, not a major change programme. What the market needs now is a period of consolidation, time for the regime to bed-in."
Apart from credit regulation, the FLA manifesto calls for a long-term commitment from the government to the future of the British Business Bank - including creating a comprehensive online directory of business finance providers - as well as expanding the Enterprise Finance Guarantee to cover leasing and hire purchase.
In addition, the association suggested an increase in the use of leasing and hire purchase in the public sector.
DATED: 27.03.15
FEED: MF
Mercedes-Benz Bank posts leasing and finance business growth
Mercedes-Benz Bank recorded an 8% increase in new leasing and finance business in Germany in 2014, achieving a new annual record of €9.9bn (£7.2bn).
According to the automotive bank, growth was triggered by an expansion in the fleet management business with commercial customers and the used-vehicle business with private customers. Together, these two areas grew by 27%.
Three-way financing, where customers are able return the automobile to the dealer at a guaranteed residual value once the contract expires, increased by 17% last year.
At the end of 2014, the automotive bank had more than 790,000 cars, vans, trucks and buses on its books, worth a total value of €18.7bn.
In addition, the bank said that more than half of the new Daimler vehicles registered in Germany were bought with leasing and finance contracts.
"Automotive banks will organize their business activities in line with two major customer trends in the future. For one thing, people are moving away from car ownership and toward car use. That's why more and more customers no longer want traditional consumer credit, but instead demand flexible leasing and rental solutions that are adapted to their personal or business situation," the bank wrote.
Chairman at Mercedes-Benz Bank Franz Reiner said that automotive banks will experience a paradigm shift in the future, as they will increasingly turn into mobility banks.
Mercedes-Benz Bank is part of Daimler Financial Services, which managed global contracts worth a total of €99bn in 40 markets at the end of 2014.
Last year, Daimler Financial Services concluded approximately 690,000 new financing and leasing contracts worth €21.6 billion - 11% increase year-on-year- in the Europe region.
In the UK, Daimler recorded a growth rate of 14% in new financing and leasing contracts.
Chairman at Mercedes-Benz Bank Franz Reiner said that automotive banks will experience a paradigm shift in the future, as they will increasingly turn into mobility banks.
Mercedes-Benz Bank is part of Daimler Financial Services, which managed global contracts worth a total of €99bn in 40 markets at the end of 2014.
Last year, Daimler Financial Services concluded approximately 690,000 new financing and leasing contracts worth €21.6 billion - 11% increase year-on-year- in the Europe region.
In the UK, Daimler recorded a growth rate of 14% in new financing and leasing contracts.
DATED: 27.03.15
FEED: MF
Motors.co.uk gains ground on Autotrader
Car search site Motors.co.uk recorded 3.5m unique visitors in January, up almost half (49.8%) compared to the same month 2014, according to digital analytics company comScore.
This compared to a slight fall in the web traffic from market leaders Autotrader.co.uk of 6.0%, to 5.5m in the same period.
Explaining Motors.co.uk growth, Andy Coulthurst, managing director of Motors.co.uk said it came from increased use of mobile and tablet devices, continued investment in TV advertising and a commitment to growing the portfolio of sites within our network.
The majority of Motors.co.uk viewers also visited Autotrader in January, with just 38.1% of Motors.co.uk viewers not also checking Autotrader.
Autotrader still led the way with the number of unique visitors per car advertised, at 13.4, compared to 12.2 on Motors.co.uk.
The majority of Motors.co.uk viewers also visited Autotrader in January, with just 38.1% of Motors.co.uk viewers not also checking Autotrader.
Autotrader still led the way with the number of unique visitors per car advertised, at 13.4, compared to 12.2 on Motors.co.uk.
DATED: 27.03.15
FEED: MF
Rise in UK demand for domestic cars
The number of cars produced in the UK for the domestic market has increased by 20.4% in the first two months of this year compared to the same period in 2014, The Society of Motor Manufacturers and Traders (SMMT) figures revealed.
According to the year-to-date figures, 64,176 cars were made by UK manufacturers for the local market in January and February this year.
More than a quarter of a million (257,300) UK cars were built over this period, 2% lower than the first two months of 2014.
In February, the total number of cars produced in the UK declined by 2.9% year-on-year to 129,915 units, while those supplied for the domestic market increased by 21.1% to 33,813 units.
Chief executive at SMMT Mike Hawes, said: "The outlook for the car manufacturing sector continues to be upbeat. More than a quarter of a million cars have been made in Britain so far this year - a steady performance, which has been led by a strong domestic market.
"The UK's appetite for British-built cars has consistently grown, with the number of cars produced for the home market increasing 51.9% since 2011. However, political instability abroad has hit certain export areas which will invariably have a small impact on total output."
DATED: 27.03.15
FEED: MF
Over one in five Britons considering a car purchase before September
More than one in five adults (23%) in Britain are thinking about buying a car over the next six months, the latest figures from Sainsbury's Bank car buying index has revealed.
The research was conducted by ICM Unlimited, which interviewed a random sample of 2,004 adults in February 2015.
Among those considering buying a car over the next six months, the average amount each individual anticipated spending was £10,290. This was 9% lower than the amount recorded six months ago, when the average was £11,249.
According to the report, the fall came as a result of those looking at new cars. Those intending to buy a brand new car anticipated spending £14,831, 7% less than the previous half year.
In comparison, people interested in buying a second hand car said they intended to spend an average of £7,314, 10% higher than the previous six months.
The research also revealed that consumers are increasingly choosing finance or a loan to pay for a vehicle.
The research was conducted by ICM Unlimited, which interviewed a random sample of 2,004 adults in February 2015.
Among those considering buying a car over the next six months, the average amount each individual anticipated spending was £10,290. This was 9% lower than the amount recorded six months ago, when the average was £11,249.
According to the report, the fall came as a result of those looking at new cars. Those intending to buy a brand new car anticipated spending £14,831, 7% less than the previous half year.
In comparison, people interested in buying a second hand car said they intended to spend an average of £7,314, 10% higher than the previous six months.
The research also revealed that consumers are increasingly choosing finance or a loan to pay for a vehicle.
25% of the respondents said they would use a personal contract purchase plan, an increase of 5% on the previous six months, and 22% an HP agreement (up 4% compared to September - February).
DATED: 27.03.15
FEED: MF
Motor finance firms among LSE’s 1000 companies to inspire Britain
The motor finance industry was well represented in the London Stock Exchange's (LSE) list for the 1000 companies to inspire Britain, with Evolution Funding, The Car Finance Company and Liberty Leasing making it onto the list.
This was the second edition of the index, which identifies the 1000 most dynamic and fastest growing small and medium-sized enterprises in the British Isles. The index was compiled by the London Stock Exchange in conjunction with business intelligence company DueDil.
Asset finance firm Liberty Leasing was included in both editions of the list, while The Car Finance Company and Evolution Funding were named for the first time.
Lee Streets, director at Evolution Funding said: "We've invested in our technology and systems, working with our customers and finance partners, to steer this development. However it's the investment in our people, and their passion and enthusiasm towards our Vision that has really enabled Evolution to deliver the results that have gained us this recognition. I'm delighted for all employees and key partners that we have been included in this report."
DATED: 27.03.15
FEED: MF
MERCEDES-BENZ SCOOPS A HAT TRICK OF SUCCESSES AT THE 2015 FLEET NEWS AWARDS
Last night Mercedes-Benz took home a hat trick of accolades from the 2015 Fleet News Awards. The brand was awarded the title of ‘Most Improved Manufacturer’ for the second consecutive year, while the C-Class and E-Class were honoured as Best Premium Car and Best Executive Car respectively.
Most Improved Manufacturer
Stephen Briers, Editor of Fleet News commented: ‘Last year’s winner has not rested on its laurels; it has continued to make significant improvements. Mercedes-Benz has invested in its people and services to keep pace with its rapid growth in fleet. The judges praised its outstanding customer service and highly knowledgeable staff and said that the field teams are working hard on their fleet relationships. Topped by a much improved model range, it edged Mercedes-Benz ahead of the pack for an unprecedented back-to-back category win.’
Sally Dennis, Head of Fleet at Mercedes-Benz UK, said: ‘We are delighted that we have won Most Improved Manufacturer of the Year for a second time. This is confirmation that our continued efforts across the board are being recognised and that we are on the right path providing customers with a great range of tax and fuel efficient cars, as well as meeting and exceeding great levels of customer service. Our continued success is thanks to the great team effort from those in our retail network and based at Mercedes-Benz UK.’
Best Premium Car and Best Executive Car
The C-Class launched in June 2014 and continues to go from strength to strength with a comprehensive engine line-up and it can now add being Best Premium Car to its list of accolades as well.
‘The C-Class is a major step-up in class over the previous model, with excellent build quality and the use of intelligent technology. The judges said it marked a return to class-leading interior quality for Mercedes, while the attractive exterior design boosts its appeal. Low emissions, frugal on fuel, strong residual values and a good driver’s car are further helping to strengthen Mercedes-Benz’s order bank in the corporate market,’ said Stephen Briers.
When it came to Best Executive Car and the E-Class, Stephen explained: ‘The diesel hybrid option swung the judges’ decision in favour of the E-Class in a highly competitive category. It gives the car a wide choice of efficient engines, complemented by executive-car features, low running costs and a quality interior. Available in both estate and saloon versions, the E-Class is an unbeatable choice for the corporate sector.
Sally Dennis added: ‘C-Class and E-Class are two of our biggest volume fleet cars, for both to be honoured at the Fleet News Awards as Best Premium Car and Best Executive car respectively is fantastic! We have worked hard to offer great packages and the teams in Stuttgart have delivered the goods in terms of developing cars that are competitive when it comes to CO₂, fuel consumption and ride comfort, plus they look great!’
The C-Class range is priced from £28,985 OTR for the C 200 BlueTEC SE Saloon and offers a choice of diesel and petrol engines, as well as the C 300 BlueTEC Diesel Hybrid. June will also see the introduction of the first plug-in hybrid for the C-Class range when the C 350 e arrives. From the June launch until the end of 2014 over 5,400 C-Class’ were registered to fleet.
The E-Class range starts from £34,270 OTR for the E 220 BlueTEC SE Saloon and like the C-Class offers a choice of petrol, diesel and a diesel hybrid and in 2014 there were over 9,403 vehicles registered to fleet customers.
DATED: 27.03.15
FEED: HA
ŠKODA SCOOPS DOUBLE HONOURS AT FLEET NEWS AWARDS WITH WINS FOR FABIA AND OCTAVIA
- ŠKODA tops two categories at 2015 Fleet News Awards
- ŠKODA Octavia Estate crowned ‘Best Estate Car' for second year running and Fabia named 'Best Small Car'
Milton Keynes, 26 MARCH 2015 - ŠKODA UK has bagged two enviable accolades at this year's Fleet News Awards which took place at the Grosvenor House Hotel in London.
The most prestigious event in the fleet calendar, the Fleet News Awards recongnises the best-performing businesses and individuals within the sector over the last 12 months.
For an unprecedented second year running the panel of judges, including members of the Fleet News editorial team as well as industry experts, voted ŠKODA Octavia Estate, ‘Best Estate Car' for its unrivalled space, functionality, comfort and affordability, in addition to its range of efficient power plants. With exceptional value and high quality after care, the ŠKODA Octavia Estate has once again proven to be an essential for any fleet manager.
It has already been a brilliant year for the new ŠKODA Fabia. The What Car? 'Car of the Year' swooped to victory in the Fleet News 'Best Small Car' category, beating off fierce competition from its rivals. The most economical Fabia ever was praised for its versatility, space and style.
Judge Stephen Briers, Editor of Fleet News commented: "Value-for-money, spacious and efficient, the Octavia Estate benefits from low running costs and strong customer support from the manufacturer and its retail network. It adds up to a compelling estate car for both business and personal use.
"The all-new Fabia offers an excellent choice of engines and bodystyles for fleets. High quality, competitively priced, low CO2 emissions and with a five-star EuroNCAP safety rating, the Fabia is an excellent all-round car - perfect for fleets in this category."
Patrick McGillycuddy, Head of Fleet for ŠKODA UK said: "We are extremely pleased that the Octavia Estate has been awarded the ‘Best Estate Car' for the second year running; reaffirming that it is best in class, for affordability, space and innovation.
He added: "ŠKODA's second winner, Fabia, is a versatile small car with the benefits of space and adaptability needed for business driving. These accolades mean a great deal to the ŠKODA Fleet team, and are testament to ŠKODA's core offering, which continues to offer class-leading C02 emissions and excellent whole life costs without compromising on style or efficiency."
DATED: 27.03.15
FEED: HA
SMMT STATEMENT ON THE LONDON ULTRA LOW EMISSIONS ZONE
Mike Hawes, SMMT Chief Executive, said: "The London ULEZ will play a key role in driving the market for ultra low emission vehicles in Europe's leading mega city, and set a precedent not only in the UK but around the world.
SMMT supports this vision and wants to see London meet its air quality and climate change targets, while driving innovation and supporting jobs. We are pleased to see the Mayor has recognised that the latest diesel technology has a place in an Ultra Low Emissions Zone. It is only by encouraging motorists to invest in the latest, lowest emission technology, regardless of vehicle or fuel type, that the Mayor's vision be fully realised."
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 160,000 people employed directly in manufacturing and in excess of 770,000 across the wider automotive industry, it accounts for 10% of total UK export of goods and 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.
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 160,000 people employed directly in manufacturing and in excess of 770,000 across the wider automotive industry, it accounts for 10% of total UK export of goods and 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: 27.03.15
FEED: HA
ALL-NEW FORD MONDEO AND NEW FOCUS SEAL FIVE HONOURS AT 2015 FLEET NEWS AWARDS
Ford's new 2015 company car line-up carried away five Fleet News awards - the blue oval's best haul in over five years.
Ford's acclaimed all-new Mondeo and new Focus, being delivered to fleets from the start of the year, spearheaded Ford's success in five categories:
Ford Mondeo - Best Upper Medium CarFord Mondeo - New Company Car of the Year
Ford Focus - Best Lower Medium Car
Ford Motor Company - Green Fleet Manufacturer of the Year
Ford Motor Company - Fleet Manufacturer of the Year
Both the new Ford Mondeo and Focus ranges feature models with CO2emissions of under the 100g/km benchmark - equating to 78.5mpg fuel economy achievable in the 1.6-litre ECOnetic diesel Mondeo and 83.1mpg from the 1.5-litre diesel Focus.
The addition of a hybrid petrol/electric Ford Mondeo and zero emissions Ford Focus battery helped scoop Green Manufacturer of the Year for the blue oval brand.
Stephen Briers, Fleet News editor, said: "The Focus is an excellent all-round fleet car that has been revitalised with a superb quality interior. It leads the way on wholelife costs and is a great driver's car, combining the cost advantages and badge appeal necessary to satisfy fleets and drivers alike. New Mondeo has the style and design to appeal to drivers, while its wide choice of low emission engines and very strong residual values make it a great package, rated highly by all sectors of the fleet market.
Ford's recent new product onslaught, culminating in the introduction of new Ford Mondeo and Focus, confirmed Fleet News' top honour - Fleet Manufacturer of the Year.
"There are no weaknesses in Ford's model range which, from supermini to full-size people carrier, offers something to meet every fleet requirement. Low running costs are a given, while Ford has a deserved reputation for making some of the best drivers' cars on the market," added Stephen Briers.
Nick Themistocleous, Ford Britain fleet director who was presented with the awards, said: "Ford's renewed cars and vans - from Fiesta to Transit - have caught the eye of fleets and the discerning business car user and drawn even more of them to our range.
"Fleet News and its readers have endorsed Ford Mondeo and Focus as their stars, which Ford, its dealers and fleet partners thank them for."
DATED: 27.03.15
FEED: HA
HPI'S NATIONAL MILEAGE REGISTER REACHES 200 MILLION MILESTONE
Confirming its role as the most comprehensive mileage database in the UK to help the public avoid the risk of buying a used car with a dodgy mileage
Vehicle information expert, HPI, is celebrating a significant new milestone with its National Mileage Register (NMR) reaching over 200 million mileage readings. The most comprehensive register of its kind, the NMR is a formidable tool in the battle against car clockers as it protects used car buyers from the risk of buying a vehicle that has a mileage discrepancy.
Clocking is the practice of fraudulently turning back a vehicle's mileage reading, allowing dodgy sellers to push up the price and make a quick profit. One in 20 cars checked by HPI have a discrepant mileage, which could very well be the result of fraudulent tampering. A clocked vehicle is not only worth less than the seller is asking for; it could pose a safety risk as the true condition may be hidden.
Car buyers can protect themselves from this risk by investing in a vehicle provenance check, such as the HPI Check® which comes with a mileage check against the NMR as standard. The NMR is the largest independent historical database of mileages in the UK, collating and storing mileage data for over 18 years from a number of sources including the DVLA and crucially, service and warranty documentation.
The HPI Check will also identify any issues with the car's history such as outstanding finance, whether the vehicle is currently recorded as stolen with the police or has been written off, making it the best way for consumers to protect themselves from fraudsters.
Neil Hodson, Managing Director for HPI, explains, "The real risk with clocking is that a lower mileage can hide the vehicle's true condition. That dream buy may look great, but it could be hiding wear and tear that will go unnoticed. This poses a real safety threat, not to mention the additional cost of unexpected repairs.
"We urge used car buyers to always conduct an HPI Check to make sure the mileage hasn't been tampered with. We hold over 200 million mileage readings to cross-check against a buyer's potential new car, giving them reassurance that they are not paying over the odds for a vehicle that may be hiding a multitude of sins."
HPI'S TIPS FOR SPOTTING CAR CLOCKING *
- Check the service history - Check the mileages displayed in the service history and look for service stamps from a genuine dealer. Ideally the service invoices will accompany the service history. If in doubt, contact the servicing dealers and check the mileages they recorded at the time of the service.
- Speak to the previous keeper - Get in contact with the previous keeper (details can be found on the V5/logbook). They can identify the mileage of the vehicle when they sold it. Make sure this adds up with the current mileage.
- Trust your judgement - Check who the car was last registered to on the V5. Was it registered as a company car but has done less than 12,000 miles per year? Or is it 15 years old with only 20,000 on the clock? Look for any evidence that indicates clocking.
- Check the mileage - It has been known for clockers to wind back the mileage before you first view the vehicle and then return it to its original reading once the transaction is complete. Make sure you check the mileage is the same when you pick up the vehicle.
- Look for signs of wear and tear - Does the wear and tear on the vehicle match its mileage? Be careful to look out for signs such as worn seats, steering wheels and other vehicle parts. Also look out for brand new easily replaceable parts; the wear and tear should be consistent with the vehicle's displayed mileage.
- Conduct an HPI Check - HPI's National Mileage Register has over 200 million mileages recorded on it, and can identify mileage discrepancies recorded against the vehicle.
*Many of these signs could be innocent, so look for more than one of the above as possible evidence of clocking.
DATED: 27.03.15
FEED: HA
ROLLS-ROYCE MOTOR CARS OPENS NEW SHOWROOM IN THE PHILIPPINES
Rolls-Royce Motor Cars is delighted to announce the opening of its latest Asia Pacific showroom in Manila, the Philippines.
The new facility was launched by Rolls-Royce Motor Cars Asia Pacific Regional Director, Paul Harris, Asia Pacific Regional General Manager, Michael Schneider, Rolls-Royce Motor Cars Manila Dealer Principal, Willy Tee Ten, and Senior Vice President, Michael Cua. They also presented the company's latest model, Ghost Series II.
Paul Harris commented, "The opening of this showroom in Manila follows an order history that stretches back to 2005. The burgeoning Philippines economy has been shaped by a group of highly successful entrepreneurs who now wish to reward themselves with nothing less than the pinnacle motor car. The new facility managed by British Bespoke Automobiles Inc. is the perfect place to indulge in authentic contemporary luxury, where the depth of understanding of Bespoke can be brought to life by the highly skilled Rolls-Royce Motor Cars Manila team."
"We are proud to also present Ghost Series II at this showroom launch. Ghost serves our clients' demands for the best in effortless dynamism, modern luxury and industry-leading technology, clothed in a discreetly updated design that protects the iconic character of a Rolls-Royce. The car, an oasis of calm in a frenetic business world, has already received multiple awards worldwide," Michael Schneider added.
Willy Tee Ten stated, "As the official dealer for Rolls-Royce Motor Cars here, we have been serving customers in Manila for some time but this new showroom facility will enable us to better commission Bespoke cars for our highly-discerning customers. We strive to ensure that our customers enjoy an effortless sales and aftersales experience befitting Rolls-Royce and our exceptional facility here creates that luxurious environment."
Strategically located in Bonifacio Global City, this exclusive 323 square metre showroom facility can accommodate up to three cars and conforms to the company's latest global standards. Furnished in the finest veneer, leather and paint samples, the Bespoke lounge gives customers a direct line to the designers and craftspeople at the Home of Rolls-Royce, in Goodwood, England when commissioning their personalised vehicles. In the Asia Pacific region, virtually all Rolls-Royce cars delivered have some sort of Bespoke element.
This new showroom in Manila is the 25th in the Asia Pacific region outside of China's mainland.
British Bespoke Automobiles Inc. is the official Rolls-Royce Motor Cars importer-dealer for Manila, offering an iconic range of cars: Phantom Series II family (Phantom, Phantom Extended Wheelbase, Phantom Coupé and Phantom Drophead Coupé), Ghost Series II family (Ghost and Ghost Extended Wheelbase) and Wraith.
Paul Harris commented, "The opening of this showroom in Manila follows an order history that stretches back to 2005. The burgeoning Philippines economy has been shaped by a group of highly successful entrepreneurs who now wish to reward themselves with nothing less than the pinnacle motor car. The new facility managed by British Bespoke Automobiles Inc. is the perfect place to indulge in authentic contemporary luxury, where the depth of understanding of Bespoke can be brought to life by the highly skilled Rolls-Royce Motor Cars Manila team."
"We are proud to also present Ghost Series II at this showroom launch. Ghost serves our clients' demands for the best in effortless dynamism, modern luxury and industry-leading technology, clothed in a discreetly updated design that protects the iconic character of a Rolls-Royce. The car, an oasis of calm in a frenetic business world, has already received multiple awards worldwide," Michael Schneider added.
Willy Tee Ten stated, "As the official dealer for Rolls-Royce Motor Cars here, we have been serving customers in Manila for some time but this new showroom facility will enable us to better commission Bespoke cars for our highly-discerning customers. We strive to ensure that our customers enjoy an effortless sales and aftersales experience befitting Rolls-Royce and our exceptional facility here creates that luxurious environment."
Strategically located in Bonifacio Global City, this exclusive 323 square metre showroom facility can accommodate up to three cars and conforms to the company's latest global standards. Furnished in the finest veneer, leather and paint samples, the Bespoke lounge gives customers a direct line to the designers and craftspeople at the Home of Rolls-Royce, in Goodwood, England when commissioning their personalised vehicles. In the Asia Pacific region, virtually all Rolls-Royce cars delivered have some sort of Bespoke element.
This new showroom in Manila is the 25th in the Asia Pacific region outside of China's mainland.
British Bespoke Automobiles Inc. is the official Rolls-Royce Motor Cars importer-dealer for Manila, offering an iconic range of cars: Phantom Series II family (Phantom, Phantom Extended Wheelbase, Phantom Coupé and Phantom Drophead Coupé), Ghost Series II family (Ghost and Ghost Extended Wheelbase) and Wraith.
DATED: 27.03.15
FEED: HA
HUGE GROWTH IN MARKET SHARE FOR MOTORS.CO.UK
Innovation-led car search site, Motors.co.uk, has today revealed a significant step-change in the volume of unique visitors across its growing network, as measured by comScore, the independent digital analytics company.
The data shows the Motors.co.uk network continued to expand in January 2015, with growth of 49.8% over the same month in 2014.
Andy Coulthurst, managing director of Motors.co.uk, explained: "A surge in visits to Motors.co.uk from mobile and tablet devices, continued investment in TV advertising and a commitment to growing the portfolio of sites within our network has driven a record level of in-market car buyers to the platforms that advertise our dealers' stock."
The comScore data measures the Motors.co.uk network's unique audience at 3.54m unique visitors in January 2015, 64% of the comparative figure for auto classifieds market leader, Autotrader.co.uk, which stood at 5.54m. TheMotors.co.uk figure has grown from 40% in January 2014.
Coulthurst added: "We are all very excited at being able to deliver this incredible result for our dealers and everything points towards us extending this growth in March. Our new Smart Finger TV campaign has already delivered record response for dealers and stock levels are at an all-time peak of 290,000 cars."
The comScore data for January 2015 also reports a strong position forMotors.co.uk in comparison to smaller car classified sites, with the Motors.co.uknetwork achieving more than 19 times the number of unique visitors toRACCars.co.uk and almost 13 times that of VCars.co.uk (AA Cars).
The majority of leading UK car dealer groups choose to advertise their used car stock on both the Motors.co.uk network and with Autotrader.co.uk.
Dermot Kelleher, director of marketing and business intelligence at Motors.co.uk, explained: "The data shows that our audience has some overlap withAutotrader.co.uk. However, while both platforms attract a very similar level of car shoppers per car advertised, according to comScore nearly 40% of our unique visitors from desktop and laptop computers in January 2015 did not visitAutotrader.co.uk at any point during that month. We are therefore generating high volumes of incremental sales for our dealers.
"We rely on comScore audience data as we believe that it accurately reports 'actual' unique visitors, rather than the same visitor simply arriving via multiple devices in the same period."
DATED: 27.03.15
FEED: HA
COMMERCIAL VEHICLE REGISTRATIONS:+8.0% OVER TWO MONTHS; +8.3% IN FEBRUARY
In February 2015, demand for new commercial vehicles in the EU increased for the second consecutive month after the decline recorded at the end of 2014.
Total New Commercial Vehicles
In February 2015, demand for new commercial vehicles in the EU increased for the second consecutive month after the decline recorded at the end of 2014. Total commercial vehicle registrations grew by 8.3%, totalling 135,778 units. Growth was sustained across all segments of commercial vehicles. Looking at the largest markets, Spain recorded the highest upturn (+29.5%) followed by the UK (+19.4) and Italy (+8.7%), while demand in Germany remained roughly stable (+1.0%). France was the only major market recording a decline (-4.3%). Significant growth was also posted by the new EU member states (+20.4%) contributing to last month’s positive outcome across the region.
In the first two months of the year, the EU market expanded by 8.0%, totalling 278,376 commercial vehicles. During the same period, Spain (+27.7%), the UK (+21.9%), Italy (+5.2%) and Germany (+3.1%) all posted growth, while France was the only major market recording a decline (-7.0%).
New Light Commercial Vehicles up to 3.5t – vans
In February 2015, new registrations of light commercial vehicles totalled 112,593 units, or 9.5% more than in February 2014. This marked the eighteenth consecutive month of growth in this segment, which accounts for the majority of sales in the commercial vehicle market. Spain (+27.7%), the UK (+17.9%), Germany (+9.2%) and Italy (+8.8%) contributed positively to the upturn, while France (-2.6%) performed less well than in February 2014.
From January to February 2015, 229,727 new vans were registered in the EU or 8.5% more than in the same period last year. France (-5.5%) was the only major market to post a decline, while Spain (+29.3%), the UK (+20.2%), Italy (+6.0%) and Germany (+5.2%) saw their demand for vans increase.
New Heavy Commercial Vehicles over 16t (excluding Heavy Buses & Coaches) – heavy trucks
February 2015 results showed an 8.1% increase in new heavy truck registrations, totalling 17,185 units. This positive outcome was mainly sustained by the significant growth recorded in the UK (+52.1%), Spain (+48.9%) and Italy (+15.2%), while heavy truck registrations dropped in France (-14.8%) and Germany (-9.3%). Noteworthy was the contribution of the new EU member states (+19.5%) to last month positive outcome.
Two months into the year, the EU market grew by 8.2%, reaching 35,732 units. The UK (+55.4%), Spain (+16.2%), Germany (+4.5%) and Italy (+4.1%) saw their demand for heavy trucks increase, while French market declined by -18.6%.
New Medium & Heavy Commercial Vehicles over 3.5t (excluding Buses & Coaches) – trucks
In February 2015, results for trucks were diverse, with France (-17.2%) and Germany (-15.3%) performing less well than in February 2014, while Italy (+9.3%), the UK (+30.5%) and Spain (+42.9%) recorded a significant increase. Overall, the EU recorded 21,048 new trucks, or 2.0% more than in February 2014.
From January to February 2015, 43,541 new trucks were registered in the EU, 4.4% more than in the same period last year. Among major markets only the UK (+33.0%), Spain (+16.5%) and Italy posted growth (+1.9%).
New Buses & Coaches over 3.5t
In February 2015, new buses and coaches registrations increased (+12.2%) compared to February 2014. This was probably due to the significant growth observed in the new EU member states (+45.3%).
In the first two months of 2015, the EU market increased by 17.2%, totalling 5,108 new buses and coaches. Demand declined only in France (-2.2%) and in Italy (-7.8%), while new buses and coaches registrations increased in Spain (+47.4%), the UK (+45.9%) and Germany (+0.7%).
DATED: 27.03.15
FEED: HA
