F&I Management Training

Sytner buys Agnews in Northern Ireland

2012-01-17T13:21:00.000Z

Sytner Group has bought the Northern Ireland-based Isaac Agnew Group.

Agnews runs 16 dealerships representing nine brands and is ranked No. 22 in the Motor Trader Top 200 with annual turnover of £338.9m.

Sytner is the No. 2 dealer group in the UK with annual turnover of £2.4bn.

Funding for the acquisition was provided by Royal Bank of Scotland by means of a four year term loan. In December Sytner’s owner, the US based Penske Group announced that it had received £110m credit facilities to expand Sytner in Britain.

The management team under managing director Yuile Magee will transfer with the business.

David Agnew, ex-chairman of the group, said: “I am pleased that we are selling our business to Sytner who will provide a similar culture and environment to Agnews, a culture that rewards, respects and develops individual talents.”

Sytner group managing director Gerard Nieuwenhuys said: “We are delighted to be acquiring a very successful group with a similar brand portfolio as Sytner in a new geographical region.

“We are excited by the prospect of working with a very talented and loyal management team who I am sure will make an important contribution to the wider Sytner Group”.

DATED: 17.01.2012

FEED: MT

Trinity Motors (Hinckley) in administration

2012-01-17T13:20:00.000Z

Trinity Motors, in Coventry Road, Hinckley, has gone into administration.

The firm called in accountancy firm PricewaterhouseCoopers to look for a buyer for the dealer group and its assets.

Trinity holds the Hyundai and Mazda franchises and runs a used car and parts business, as well as a garage forecourt.

The joint administrators are Eddie Williams, Tony Barrell and Matthew Hammond.

Williams said: "Trinity Motors is a long-established family business which has unfortunately been severely affected by the ongoing impact of the economic downturn.

"We are exploring the strategic options in respect of all parts of the group with key stakeholders and are looking to secure interest in the assets of the business if possible."

Hyundai UK told Motor Trader it was working with customers affected by the administration to ensure they were not disadvantaged.

“All customer deposits and prepaid service plans in place with Trinity Motors customers will be honoured by HMUK.

“Customers seeking service or parts for their Hyundai vehicles will be directed to the nearest local dealer going forward,” it said.

DATED: 17.01.2012

FEED: MT

Johnsons acquires Hyundai sites from administrators

2012-01-17T13:18:00.000Z

Johnsons Cars has acquired two Hyundai dealerships in Coventry and Sutton Coldfield from the administrators of Concept Vehicles for an undisclosed sum.

Concept Vehicles appointed KPMG as administrators before Christmas. It also operated a Saab site in Cardiff which closed in December with the loss of 14 staff.

Worcestershire-based Johnsons, number 45 in the Motor Trader Top 200, operates 23 sites and represents Honda, Lexus, Mazda, Toyota, Volkswagen and Volvo. The acquisition marks the group’s debut with Hyundai and sees the transfer of 38 staff to Johnsons.

“We are pleased to have acquired these two Hyundai dealerships, which help to consolidate our position as a leading motor dealer group in the Midlands, while our new Coventry dealership sees us launch into the area for the first time,” said Mike Berwick, group operations director of Johnsons Cars.

“We are excited to add this dynamic brand to our existing portfolio, and we are looking forward to a long and successful relationship with Hyundai.”

Will Wright, joint administrator for KPMG, said Concept was hit by uncertainty over Saab prior to the carmaker’s collapse at the end of last year.

“Concept Vehicles was badly affected by Saab’s financial problems and despite taking steps to diversify its business into Hyundai vehicles, ongoing financial difficulties unfortunately led to the company having no alternative but to enter administration”.

“Following an accelerated marketing process prior to the appointment, we are pleased to have concluded the sale of the Coventry and Sutton Coldfield businesses to Johnsons Cars.”

DATED: 17.01.2012

FEED: MT

Electric Car Grant Confirmed

2012-01-17T13:17:00.000Z

The government has confirmed it will continue to offer up-to £5000 off the list price of eligible ultra-low emission cars until 2015. The so-called ‘Plug-in Car Grant’, which was designed to stimulate the sales of electric and plug-in hybrid cars, had been due for review this year.

As of end-September last year, only 786 claims had been made through the scheme.

The grant provides a discount of 25% on the purchase price, up to £5,000, of eligible ultra-low emission cars. These include the Nissan Leaf, Peugeot iOn (and derivatives), Smart four-two electric, Chevrolet Volt and forthcoming Vauxhall Ampera.

The government has also announced a new ‘Plug-in Van Grant’ available to both private and business buyers of 20% purchase discount, up to a maximum value of £8,000, for eligible new ultra-low emission vans.

Transport Secretary, Norman Baker, said: “An upfront purchase grant, when combined with the lower running costs and tax benefits, can make switching to an ultra-low emission van an attractive choice for businesses. The Plug-In Van Grant, alongside the existing Plug-In Car Grant, is designed to help private individuals and businesses adopt new, cleaner technology.”

The SMMT said extending funding to the commercial vehicle world is a significant step and will be welcome news to the manufacturers of low carbon vans and those businesses looking to cut operating costs.

Each van qualifying for the Grant must emit less than 75g/km CO2, be capable of at least 60 miles between charges (10 miles in electric mode for hybrid vans), more than 50mph and to ensure safety, be approved by ‘European Vehicle Type Approval’.

DATED: 17.01.12

FEED: ARN

Vertu adds Vauxhall in Northampton

2012-01-11T10:55:00.002Z

Vertu Motors has acquired a Vauxhall dealership in Northampton from W Grose for £2 million.

The dealer group said the estimated consideration paid for the site predominantly represented the vehicle and parts inventory.

The current dealership premises have been acquired on a short term lease from W Grose Limited. The business will be relocated to a new dealership which will be built on freehold land acquired in Northampton. The total investment in this new dealership will be £4.5 million and it is estimated that these new premises will open late in 2012.

The turnover of the Vauxhall business in the year to December 31, 2010 was £20 million.

The latest acquisition brings Vertu’s total Vauxhall representation in the UK to 11. The business will complement the group’s existing Northampton Peugeot operation which Vertu said will provide the opportunity for “operational synergies”.

Robert Forrester, Vertu chief executive, said: “We are delighted to expand our operations in Northampton. This is our 11th Vauxhall dealership and reflects the growing scale of our Vauxhall operations.”

Vertu now operates 83 outlets comprising 80 franchised and three non-franchised sales outlets.

DATED: 11.01.12

FEED: AM

Two sites in administration at Squire Furneaux

2012-01-11T10:55:00.001Z

Dealer group Squire Furneaux has placed two of its showrooms into administration which both held the Saab franchise.

The companies are made up of a Saab automotive dealership in Welwyn Garden City and a Saab automotive dealership and Vauxhall service centre in Dunstable. The companies employ approximately 45 people. Squire Furneux has six other dealerships in the group and they are not affected.

Squire Furneaux has sites representing Vauxhall and Volvo across the Home Counties with sites in Guildford, Hersham, High Wycombe, Maidenhead, Leatherhead and Slough.

Administrators Zolfo Cooper said the administration of Saab GB in November 2011 followed by Saab AB filing for Bankruptcy in December 2011, as well as the current economic climate, has left the companies with "no viable prospect of continued trading".

The majority of staff have been made redundant with immediate effect, while a handful will remain to help wind up the affairs of the companies.

The Administrators will now enter discussions with any interested parties to secure a sale of the companies' assets.

Kevin Coates, at Zolfo Cooper said: “The companies are part of an established business, supported by a team of high quality individuals.

"However, given the ongoing difficulties faced by Saab and Saab GB’s recent administration, we have been left with little alternative but to cease trading the business. We will now enter discussions with interested parties and endeavour to maximise the companies' assets for creditors."

DATED: 11.01.12

FEED: AM

Johnsons Cars acquires Concept Vehicles sites

2012-01-11T10:53:00.002Z

Johnsons Cars has bought two dealerships from Concept Vehicles for an undisclosed sum after the business went into administration just before Christmas.

Concept Vehicles operated two Hyundai dealerships in Coventry and Sutton Coldfied. The group also had a Saab dealership in Cardiff and employed 52 people across the three site group.

Administrators KPMG have confirmed 38 jobs have been transferred with the deal and the business and assets of just the Coventry and Sutton Coldfield sites have been sold to Johnsons.

Johnsons has 15 sites across the midlands and north west and represents Honda, Toyota, Lexus, Volkswagen, Volvo and Mazda.

DATED: 11.01.12

FEED: AM

Renault UK appoints new sales director

2012-01-11T10:53:00.001Z

Renault UK has appointed Darren Payne as its new sales director.

Payne was formerly director for fleet and commercial vehicle operations at Renault UK, but will now head up a sales department which combines the previously separate commercial operations (sales network and franchising operations) and fleet and commercial vehicle operations departments.

Renault said the new role ensures a "consistent strategy" across the French brand’s different sales channels.

Payne joined Renault UK’s board of directors in October 2009 and has worked at reasserting the brand’s position in both the fleet and LCV sectors.

DATED: 11.01.12

FEED: AM

BMW and Toyota announce diesel and hybrid collaboration

2011-12-02T11:36:00.000Z

BMW and Toyota have signed a new technology agreement which will see the German brand provide 1.6-litre and 2.0-litre diesel engines for models in Europe.

The deal will also see both companies working together to develop next-generation lithium-ion battery technologies for hybrid cars.

Although details of which models will receive the diesel engines have not been revealed, it is likely that among the first will be the Avensis and Auris models built at Toyota's factory in Burnaston, Derbyshire.

Didier Leroy, president and chief executive officer of Toyota Motor Europe, said: "Engineering work has already begun and we will start taking supply from BMW from 2014.

“I can't say which models yet, but we will focus first on vehicles built locally in Europe."

TME also has a car plant in Valenciennes, France, which assembles the Yaris. Leroy added that the two companies have been working on putting the deal together since April this year.

The move will help Toyota meet EU diesel emissions targets and it currently does not have a 1.6-litre diesel in its line-up.

BMW's product development chief Klaus Draeger said that this is the first time the German carmaker has worked with a Japanese vehicle manufacturer.

Toyota executive vice president Takeshi Uchiyamada added: "Whoever produces the best battery technology in terms of cost, quality and functionality will win the most customers. This agreement will allow us to produce next generation batteries faster and to a higher level."

The two companies said that there are no current plans to expand the collaboration into joint shareholdings.

DATED: 02.12.11

FEED: AM

Lookers secures banking facilities to help fund growth

2011-12-02T11:35:00.000Z

Manchester-based Lookers has secured an extension to its banking facilities which it says will help it continue its "acquisition led strategy".

The £115m tailored facility has been provided by a banking consortium led by Royal Bank of Scotland Corporate & Institutional Banking (RBS CIB), with Barclays Corporate, Handelsbanken Capital Markets, Svenska Handelsbanken AB (publ), HSBC, Lloyds Bank Corporate Markets, Yorkshire Bank and RBS as Joint Mandated Lead Arrangers. The banks were advised by Amanda Gray and Richard Oman of Addleshaws Manchester office.

Lookers’ motor division consists of 119 franchise dealerships across the UK, representing 33 car marques across 71 sites, and it also owns independent parts division which includes FPS.

Robin Gregson, finance director at Lookers, said: “Lookers is confident that we can continue to grow the business, deliver satisfactory financial results and use our balance sheet strength to pursue strategic growth opportunities as and when they arise.

“We benefit from working with a banking group that understands and supports our business and the new funding facilities provided by the RBS led syndicate will give us the financial flexibility to develop the company even further.”

Lookers acquired Get Motoring UK, which trades as Vehicle Rental Services (VRS) in March this year.

The group has identified the car parts business as a key growth target and the new financing contains a flexible £30m ‘accordion’ component that Lookers’ management can access if strategic acquisition opportunities arise in either the motor or parts divisions.

Lookers has seen new car retail sales rise by 5.4%, used car volumes up 5% on a like-for-like basis and its parts division delivered a “record trading performance” in the first six months of 2011.

DATED: 02.12.11

FEED: AM

SAAB Dealers - taken by surprise

2011-11-29T19:17:00.000Z

The 58 Saab franchised retailers across the UK were taken by surprise by the announcement that Saab GB has gone into administration, according to Richard Sedgwick, dealer principal at Turners Hill Garage, Crawley, and former Saab dealer council chairman.

“Everything was normal last night and this morning,” said Mr Sedgwick. “I could have dropped down when I was shown the internal press release as I talked to a customer on the showroom floor. There was no advanced consultation.”

Auto Retail Network has been told Saab GB is planning an email question and answer session with retailers who, at the time of writing, had only received the same press release as the media. Apparently Saab AB in Sweden is operating as normal.

“I must emphasise that Saab GB has acted in a straightforward, honourable and honest manner,” said Mr Sedgwick. “Events appear to have been beyond its control. I believe they have been promised money and it has not materialised. So Saab GB called in the administrators as part of voluntary liquidation.

“The UK operation has been very straight and kept us in the picture up until now. Parts supply has actually got better and warranties are being honoured but there have been no cars ordered because the factory has been shut. So there is no way we can provide delivery dates.”

Mr Sedgwick said some customer orders had been cancelled due to the uncertainty but legal obligations on warranty had been honoured.

He added: “We have obligations to our customers and no one is off the road because of a shortage of parts. Sweden’s parts operation has been very helpful and Saab owners have not been inconvenienced.”

It is reported that the administrator has taken over running the business from Saab GB managing director, Charles Toosey, the former finance director who has led the business since Jonathan Nash moved to a role in Saab Europe. Calls to the Saab GB headquarters were not being answered and a further announcement is expected in the next few days.

DATED: 29.11.11

FEED: ARN

SAAB GB enters administration

2011-11-29T19:15:00.001Z

Saab GB, the wholly-owned subsidiary of Swedish Automobile NV (“Swan”), which has exclusive rights to distribute Saab cars and parts in the UK, has been place into voluntary administration this morning.

The move follows months of intensive negotiations and a long period of suspended production and tight liquidity situation at Saab Automobile AB. With immediate effect, David Dunckley and Daniel Taylor of Grant Thornton UK LLP have been appointed joint administrators.

In a brief statement, the company said it employs 55 people in Milton Keynes and distributes the cars and parts to a 58 strong dealer network across the UK of which 20 are "Saab only" sites. Saab City, a wholly owned subsidiary of Saab GB employing 65 people, operates two Saab motor dealerships, one in Wapping and a smaller site in Fulham.

The board of Saab GB said it is of the opinion that administration gives the company and creditors the necessary legal protection until it has secured the required funding for the company. The appointment of the administrator is effected by the directors of Saab GB.

A Saab GB customer hotline has been set up on 0845 300 9593 but there was no news of how Saab’s franchised retail network should respond. Auto Retail Network is seeking further clarification.

Once appointed, the administrator will take on the management powers of the directors. Swan said it continues discussions with potential investors regarding the sale of Saab Automobile AB and Saab Great Britain Limited.

Swan has received a conditional funding commitment from Chinese manufacturer Youngman for the payment of the wages of the employees of Saab Automobile and for the continuation of the activities of Saab GB. But Saab Automobile and Saab GB have not yet received this funding.

The UK is Saab's largest sales market outside Sweden.

DATED: 29.11.11

FEED: ARN

Cambria profits rise on decreased turnover

2011-11-28T11:32:00.000Z

Cambria Automobiles has reported record results for the year to 31 August 2011 on decreased revenues but improved profit before tax.

Revenues dropped 4.8 per cent year-on-year to £373.3m with profit before tax rising 16.7 per cent from £4.2m to £4.9m, the group’s fourth successive year of growth.

Cambria, which is an AIM-listed group, blames the removal of the scrappage scheme for the fall in turnover.

Mark Lavery (pictured), Cambria's chief executive said the results showed another strong year’s performance for the group in a difficult market with the business reaping the benefits of cost control.

“While the ending of the government sponsored scrappage scheme reduced revenues, the cost reduction actions taken during the year more than offset the reduction in revenues,” he said.

“This is the fourth successive year in which Cambria has delivered significant earnings growth and high level of return on shareholders’ funds,” he said.

Like-for-like new car volumes, excluding scrappage sales from the previous year, were up 9 per cent which Lavery attributed to growth in its premium franchises. He confirmed this is an area of the business he plans to grow through acquisition.

“Yes we are looking. There is an opportunity in premium and upper premium,” he said.

Cambria currently represents Aston Martin and Jaguar in upper-premium and Alfa Romeo, Honda and Volvo in premium.

Lavery said the group, which was founded in 2006 after the acquisition of Sudbury Motors, is still on course to be a £1bn turnover business although the original five year time scale has been extended. He also said the outlook for car retailers in 2012 remains challenging.

“There’s pressure from exchange rates and inflation. It’s challenging. This is the new business as usual,” he said.

The south-east based group jumped 10 places in the recently published Motor Trader top 200 which now rates it at number 18.

Cambria’s financial highlights (year ending 31 August 2011)

Fourth successive year of increased underlying PBT, achieving £4.9m compared with the previous year’s £4.2m
Total revenue decreased 4.8% year-on-year to £373.3m
Gross profit decreased by 1% year-on-year
EBITDA increased by 17.9% to £7.2m Underlying earnings per share increased to 3.63p from 3.06p
Group net assets at £19.5m underpinned by £22.6m of freehold and long lease-hold property
£0.3m of goodwill on balance sheet
Net debt reduced to £1m from £4.4m, gearing at 5.2%
Underlying return on shareholders’ funds of 22.7 %
Maiden dividend of 0.3p per share

DATED: 28.11.11

FEED: MT

Mercedes-Benz to axe Maybach

2011-11-28T11:29:00.000Z

Mercedes-Benz is to axe the Maybach brand in 2013 due to low sales.

The company has ‘sold’ 114 in the UK and 3,000 worldwide since launch in 2002.

These figures are not registrations as a proportion were diplomatic cars which do not go through the registrations process.

In the UK the brand was sold through one dealership, the flagship Mercedes-Benz World in Weybridge.

The gap left by the Maybach will be plugged by the next-generation S-class, which will be offered in three wheelbase formats, including a top-of-the-range S600 Pullman.

The Maybach brand was resurrected in 2002 after it failed to buy Rolls-Royce and Bentley from then owner Vickers.

The car was available in 57 and 62 variations, named after their lengths of 5,735mm and 6,170mm respectively.

Owners have included the actor Samuel L Jackson (pictured).

DATED: 28.11.11

FEED: MT

OFT and HPI warning on used cars

2011-11-28T11:27:00.000Z

The Office of Fair Trading (OFT) has stated that 13% of the 56,000 people who complained to OFT-managed Consumer Direct this year, reported misleading claims or omissions made by used car sellers.

Used car history checker HPI has warned that deliberate omissions on car finance agreements can have serious ramifications, highlighting the fact that a quarter of vehicles checked were still subject to outstanding finance and liable to be claimed back by the finance company.

Seventy percent of complaints received by Consumer Direct were related to faults with cars and 7% reported substandard service from sellers. One-in-three of the used cars checked turned out to have a fault with their history, and an average of 19 cars registered every day turned out to be stolen. Six percent had a mileage discrepancy.

As the OFT points out, £85m is spent each year in the UK, at an average of £425 per customer, to fix faults that dealers are obliged to correct.

“Many consumers are still experiencing problems when buying a used car,” said HPI consumer services manager Nicola Johnson. “The harsh reality is, as the OFT’s figures confirm, many people come a cropper after they have parted with their money.”

Michele Shambrook, operational delivery manager at the OFT said: “We continue to receive a high number of complaints, which are often due to some traders refusing to deal with legitimate complaints or provide appropriate compensation.

“Dealers who fail to treat customers fairly or sell cars that are defective could face enforcement action.”

Last week the OFT took ‘enforcement action’ against used car supermarket group Carcraft for not clearly explaining terms and conditions on financial products, carrying out comprehensive vehicle checks as advertised, or meeting legal obligations to repair or replace vehicles.

The move coincided with the launch of the OFT’s ‘Know Your Consumer Rights’ campaign with an online video to make buyers aware of problems and solutions when purchasing a used car.

The campaign reminds car buyers that any contract with a seller includes consumer rights under the 1979 Sale of Goods Act, and encourages consumers to insist on written agreements and to contact traders as soon as possible if a used car is not as promised.

DATED: 28.11.11

FEED: MF

Suzuki starts proceedings against VW

2011-11-28T11:26:00.000Z

Suzuki has started arbitration proceedings against Volkswagen to try and force it to dispose of its stake in the Japanese carmaker.

Volkswagen bought a 19.9 per cent stake in Suzuki in 2009 but relations deteriorated with Suzuki ending the relationship in September after VW accused it of breaking an agreement.

In a statement, Suzuki said: “Suzuki Motor Corporation (“Suzuki”) is today commencing arbitration proceedings in London with the ICC International Court of Arbitration, in order to compel Volkswagen AG to dispose of its Suzuki shares to Suzuki or Suzuki’s designated third party.

“The arbitration proceedings follow Suzuki’s termination of its alliance with Volkswagen AG on 18 November 2011, and Volkswagen AG’s lack of response to Suzuki’s requests for the disposition of its shares to Suzuki or Suzuki’s designated third party.”

The VW deal with Suzuki had planned to give VW access to the fast-expanding car market in India where the Japanese carmaker is strong while Suzuki was get access to VW technology.

There was also to be would co-operate on new technologies but no co-operative deals emerged and the partnership imploded when Suzuki bought diesel engines from Fiat for its cars built in Hungary.

Volkswagen accused it of breach of contract while Suzuki countered with the accusation Volkswagen had not given access to new technologies.

DATED: 28.11.11

FEED: MT

Moneyway parent secures £25m on AIM

2011-11-28T11:25:00.000Z

Secure Trust Bank, parent of the West Midlands-based non-prime specialists Moneyway, has secured £25m in capital investment since opening on the Alternative Investment Market (AIM) on 31 October.

The capital raised will be put in to acquisitions and growth as the bank, active in retail point of sale finance and personal unsecured lending alongside motor finance, funds its lending through money in customer accounts.

David Nield, lending director at Secure Trust Bank, said: “It’s not liquidity for lending. Moneyway is the trading arm of Secure Trust Bank. As a lender you need both capital and fundraising. We raise liquidity through cash deposits.”

The step in to AIM, with Hawkpoint Partners as nominated advisor and Collins Stewart Europe as nominated broker, is a move to secure the capital to expand Secure Trust Bank and Moneyway.

“We’re not reliant on other banks,” said Nield. “We have to point our own capital in to lending. The £25m is capital for the business. We’re in a very strong position because we’re not trying to renew.”

The AIM is the London Stock Exchange’s international market for small and medium enterprises which 3,000 companies have joined since 1995.

Begun in 2009, Secure Trust Bank and its car finance operation has grown in the wake of the credit turmoil of 2008 and the expansion of the non-prime market and now manages an outstanding loan book of £48.4m based on financing vehicles under 10 years old, valued at £15,000 or less and with less than 100,000 miles on the clock.

DATED: 28.11.11

FEED: MF

Heritage acquires Loders from administrators

2011-11-28T11:23:00.001Z

Heritage Automotive, the Salisbury-based dealer group, has acquired Loders Motor Group from the joint administrators, for an undisclosed sum.

The deal covers certain assets including the Volkswagen car and van franchises in Dorchester, a VW and Skoda site in Yeovil. Also included in the purchase is an authorised body repair centre in Dorchester and the Skoda and Volkswagen Trade Parts Specialist franchises for Yeovil.

Heritage already represents Volkswagen, Audi and Peugeot across Wiltshire, Somerset and Bristol.

Earlier this week Skoda confirmed that Loder’s authorised repairer outlet, which represented the brand in Dorchester, would close.

“I am delighted that we have been able to successfully negotiate the purchase of significant elements of Loders Motor Group,” said John Cook, Heritage’s managing director.

“Loders has had a significant presence in Dorchester and Yeovil for generations. I am delighted that Heritage has been able to secure the futures of most of the Loders staff, whom I warmly welcome into the Heritage family.

“In taking on the Volkswagen Passenger Car and Commercial Vehicle businesses we have secured a significant geography across which we can represent the Volkswagen brand.”

Cook said the group was particularly pleased to be representing Skoda for the first time.

“It is a franchise which we have wanted to be a part of for many years.”

Heritage Automotive was formed in 1996 to represent VW and Audi in Salisbury. Later that year it expanded with the acquisition of Anthony Ince (Weston) which represented VW in Weston Super Mare. In 2003 it added a VW site in Bristol and in 2006 acquired The Oval Motor Company in Westbury giving it a further VW outlet and marking its debut with Peugeot.

The group’s portfolio also includes authorised body repair centres in Dorchester, Salisbury and Westbury, a Volkswagen Group Trade Parts Specialist agency in Yeovil, and a specialist used vehicle centre in Bradford on Avon which trades under the Motor Marque banner.

Earlier this month it sold its Yeovil Audi business to Poole-based Ocean Automotive. The purpose-built eight-car showroom site was also located on the Houndstone Business Park.

DATED: 28.11.11

FEED: MT

Caffyns half year profits take a hit

2011-11-28T11:19:00.000Z

Caffyns, the East-Sussex based group, continued to trade profitably in the half year to 30 September despite tough trading conditions.

Group turnover fell to £86.7m from £103.8m with pre tax profits of £241,000 compared to £917,000 last time. Losses of £129,000 arose from the closure of a site in Sevenoaks. Caffyns is rated number 41 in the Motor Trader top 200.

The reduced turnover was in part due to the sale or closure of seven businesses which accounted for £12.3m of the reduction.

Over the half year new unit sales fell by 4.6 per cent on a like for like basis. Used car sales were down 8.9 per cent on a like for like basis with reduced margins due to increased competition.

Aftersales revenue fell by 3.3 per cent on a like for like basis although the company held market share. Caffyns said its focus on customer satisfaction had helped it fend off tough competition from independent garages.

Chief executive Simon Caffyn said: "This is a transformational time for Caffyns as we continue our drive to represent premium and premium-volume franchises.

“As such, we are making necessary changes to our business which, underpinned by a strong balance sheet, means we are well placed to take advantage of improvements in market conditions in the longer term and deliver value to all shareholders."

DATED: 28.11.11

FEED: MT

Cash Rich Cambria ready to buy

2011-11-28T11:18:00.000Z

Cambria Automobiles has signalled its intention to continue expanding after a fourth successive year of increased profits. The group told shareholders its underlying profit before tax to the end of August grew by 16.7% to £4.9m, up from £4.2m in the previous year.

Chief executive, Mark Lavery, said: “I am pleased with the performance achieved by the group against the backdrop of challenging new and used car markets. We continue to use this market weakness to drive forward our buy-and-build strategy, utilising our strong balance sheet.”

The company has net assets at £19.5m under-pinned by £22.6m of freehold and long lease-hold property and has also negotiated an additional £5m, three year revolving credit facility to finance further acquisitions.

Strong cash flow during the year ensured net debt has been reduced to £1m from £4.4m , with gearing at 5.2% and the company was able to declare a maiden dividend of 3p a share.

Cambria has seen growth in used and aftersales with used car volumes increased 1% year on year and service hours increased 2% year on year but new car sales were down 11% year-on-year. The company said this was due to the decline in private registrations and the end of the scrappage scheme.

Total revenue decreased 4.8% year on year to £373.3m but the group delivered an improved gross margin which, combined with tight cost management, resulted in the improvement in net profit.

During the period, the group continued to integrate the ten additional businesses acquired in the previous financial year, six of which had been acquired from an administrator. On September 1 it completed the acquisition of its first Vauxhall dealership and Mr Lavery said he intends to make Vauxhall a primary brand partner as other opportunities arise.

The acquisition was the group’s eighth corporate transaction and takes the group to 27 locations representing 39 franchised outlets.

DATED: 28.11.11

FEED: ARN

Loders sites to be ‘sold in 24 hours’

2011-11-22T13:56:00.000Z

Volkswagen and Skoda have confirmed that Loders Motor Group is in the process of selling sites in Dorchester and Yeovil.

A spokesperson for Volkswagen said both sites are currently trading, despite the group’s website being suspended since the weekend (pictured).

“Dorchester and Yeovil are on the verge of administration and we expect a buyer to be announced in the next 24 hours,” said the spokesperson.

The VW Dorchester site trades on The Grove and is also a commercial vehicle centre for the brand.

The Yeovil site houses both VW and Skoda on the town’s Houndstone Business Park.

Skoda confirmed a buyer has been found for its business but said its authorised repairer site in Dorchester, which opened in July 2009, would close as part of the transaction.

DATED: 22.11.11

FEED: MT

Waters Autoplanet still in negotiations to find a buyer

2011-11-22T10:40:00.002Z

Waters Autoplanet, the 22 site dealer group based in the south of England which went into administration in October, is in discussions with several parties to buy parts of the business.

A spokesman for administrators Zolfo Cooper, told AM: “We are continuing to receive expressions of interest for various parts of the business. Negotiations are ongoing.”

The dealer group went under due to the current economic climate and after a failed attempt to complete a sale this year.

The group represents Kia, Renault, Fiat, Mazda, Peugeot and Seat and also has used car supermarkets as well as a HiQ fast fit operation. The group’s sites are based in Barnet, Chingford, Harpenden, Letchworth, Maidstone, Southampton, St Albans and Tunbridge Wells.

The group closed two of its four Peugeot sites in 2008, but had been expanding recently with dealer openings in Tunbridge Wells with Kia and Seat in July 2010

DATED: 21.11.11

FEED: AM

Dealers hit by £3.8m rates appeal backlog

2011-11-22T10:40:00.001Z

Delays in processing business rate appeals are costing motor trade businesses over £3.8m per year according to new research from CVS, the property services specialist.

CVS has uncovered a backlog of over 328,000 business rate appeals at the Valuation Office Agency (VOA), the body in charge of calculating business rates and council tax in England and Wales. A third of these appeals date back to 2005 and 1,847 relate to motor trade businesses.

“Tens of thousands of business ratepayers have paid too much and, to compound the problem, they are unable to retrieve the money owed to them as a result of the inefficient appeals process,” said Don Baker, CVS’ national head of rating.

CVS has estimated it will take nearly 2.5 years to clear the backlog of 2010 appeals.

“This inability to resolve appeals in a timely fashion and return money to businesses that have over-paid is fast becoming a business critical issue according to CVS, and is preventing SME businesses from contributing to a private sector recovery,” said Baker.

CVS blames new procedures introduced in January 2011 for the appeals backlog.

DATED: 21.11.11

FEED: MT

Average used car price falls below £9,000

2011-11-22T08:31:00.000Z

The average asking price for used cars has fallen below £9,000 for the first time in almost two years.

Prices dropped because there were fewer one-to-three old cars coming onto the market due to declining new car sales over the past few years, according to AutoTrader.

“A lower overall supply of one-to-three year old vehicles entering the UK Car Parc, combined with consumers holding on to their cars for longer, is increasing the average age of vehicles in the UK and this is being reflected in lower average overall prices,” said AutoTrader director Tim Peake

But prices of younger cars are rising. Peake said: “Dealers are havin to fight for good quality one-to-three year old stock leading to an increase in trade prices for these vehicles.

“We expect trade prices for one to three year old vehicles to continue to increase next year, as dealers compete for stock. With consumer demand stable, retail prices will remain flat at best.”

Year on year, most vehicle values have fallen. The only year-on-year price increases by car type were seen among luxury saloons, up 2.1 per cent and 4X4 Land Rovers, up 3.2 per cent.

DATED: 21.11.11

FEED: MT

VW dealer Loders expected to be under new ownership by end of this week

2011-11-22T08:30:00.000Z

Volkswagen and Skoda dealer Loders is understood to be on the verge of new ownership after hitting a financial crisis.

The company already disposed of its Yeovil Audi business to Ocean Automotive earlier this month.

That left it with Volkswagen and Skoda sites in Yeovil and Dorchester.

AM understands negotiations are underway sell the business to Heritage Automotive, which already partners Volkswagen in Bristol, Weston-super-mare, Salisbury and Westbury. That deal is expected to be completed later this week.

Companies House records show Loders’ latest accounts are two months overdue, and Brian Singer, Alan Scrimgeour, Stephen Parkinson and Adrian Bull all terminated their directorships at the start of November.

A spokeswoman for the business said it was not in administration, and added that a statement would be issued by the end of this week.

She declined to comment whether a sale of the business was imminent.

However a spokeswoman at Volkswagen UK said it understands the business is in administration and VW is working with a potential buyer to finalise details of a sale of the company and ensure continuity for customers.

DATED: 21.11.11

FEED: AM

Parts company bought out of administration

2011-11-22T08:29:00.000Z

Godfrey Automotive Parts Limited, a £6 million turnover motor parts trade retailer based in Grimsby, has been sold out of administration for an undisclosed sum by administrator Begbies Traynor.

The sale to a new company owned by Manchester-based auto cleaning products business Tetrosyl Group Limited was completed nine days after the appointment of the administrators in a deal that will save all 77 jobs.

Godfrey Automotive Parts Ltd was placed in administration on Wednesday, November 9 owing creditors around £2.5m, including a £500,000 debt to the HMRC.

The company had traded from seven stores and distribution centres in Leeds, Wakefield, Sheffield, York, Hull, Scunthorpe and the head office and flagship showroom in Grimsby. The firm sold a range of auto accessories, vehicle parts, tools and maintenance consumables from its retail and trade counters.

“Godfrey Autoparts is an established and reputable independent parts retailer, and the business had every chance of thriving with the right owner and with proper funding in place.

“Our corporate recovery teams from all over Yorkshire helped to get a grip on the individual depots, and we were able to undertake an accelerated M&A process and drove a deal that will recover 100 per cent return for secured creditors and saves the jobs of everyone at the firm,” said administrator Rob Sadler, of Begbies Traynor.

The new company formed to acquire the business is called Godfrey Autoparts Ltd. It is independent of previous shareholders and is owned 100 per cent by Maccess Group Limited which is a wholly owned subsidiary of Tetrosyl Group Limited. The directors of the previous company will be retained as employees to manage the business.

DATED: 22.11.11

FEED: AM

BMW driven sensibly up motorway

2011-11-17T17:41:00.000Z

Police have revealed footage today of a BMW being driven courteously and within the speed limit along a twenty mile stretch of the M5. The grainy footage clearly shows the driver showing consideration to other road users and consistently using his rear view mirror and indicators.

PC Gerry Strachan of the Avon and Somerset force said he had never seen anything like it before in his ten years in the police service. ‘We came onto the M5 at Junction 12 and we saw a BMW behaving strangely; the driver of the car was aware of other road users and even let someone in front of him when using the outside lane.’

The police followed the car for some miles, on suspicion that it must have been stolen by a non-BMW owner ‘There was no attempt at any time by the driver to drive any closer than three foot of the car in front. Even in queuing traffic the car made no attempt to beat the queue by diving up the fast lane to cut in, the driver obviously was not thinking for a moment that he was any more important than any other road user.’

A spokesman for BMW said ‘This is a one off incident and the public should not draw any general conclusions about BMW drivers from this one unrepresentative driver. Anyway, can’t chat too long – I’m driving…

DATED:

FEED: PTL

Southgate Group goes into administration

2011-11-15T10:50:00.000Z

Poole-based Southgate Group has gone under after appointed administrators failed to create a rescue plan for the business last week.

The company went into administration due to cashflow difficulties, poor trading and the current economic climate.

The company was placed into administration by Begbies Traynor on November 11 and the affairs, business and property is now being managed by joint administrators Julie Palmer and Kirstie Provan.

The dealer group’s website has been closed down with a holding message to contact the administrators.

Southgate closed its two Mitsubishi dealerships and a joint Subaru and Peugeot site last week, leaving it with Peugeot sites in Southampton, Winchester and Andover which continue to trade. A total of 111 staff have been made redundant.

Palmer, a partner at Begbies Traynor, told the Southern Daily Echo there had been some parties interested in purchasing the business, but had decided to wait for the administration to go through to set up fresh dealerships on the Southgate sites. She said some staff could be rehired.

DATED: 15.11.11

FEED: AM

Government backs national register of electric vehicle charging points

2011-11-15T10:49:00.000Z

A national register of charging points for electric vehicles is to be created for the UK.

The database is being set up by the Government, which has appointed charging post maker POD Point to develop the database.

It is hoped to help EV users to plan their journeys and mitigate the challenge of restricted range.

Currently there is no centralised official record of where all the charge points are, but the Department for Transport estimates that the actual figure is closer to 2,500.

Transport Minister Norman Baker said the database would help motorists to reach their destination.

Baker said: "We know there is public appetite out there for plug-in vehicles, and as a government we are doing everything possible to make them a real option for both motorists and industry."

The DfT estimates that there will be 10,000 charge points in the UK by 2013, with 8,500 provided by the government's £30m Plugged-In Places scheme.

DATED: 15.11.11

FEED: AM

3 Series most searched for used car: October

2011-11-15T10:47:00.001Z

The BMW 3 Series was top used car searched for on Netcars.com in October.

The Volkswagen Golf and Ford Focus came in second and third place respectively.

Position Manufacturer Model Number Of Clicks

1 BMW 3 SERIES 59459

2 VOLKSWAGEN GOLF 47776

3 FORD FOCUS 45197

4 AUDI A3 39155

5 FORD MONDEO 32607

6 VAUXHALL ASTRA 31914

7 NISSAN QASHQAI 28158

8 AUDI A4 27461

9 VAUXHALL ZAFIRA 22448

10 AUDI TT 21657

11 FORD FIESTA 19978

12 HONDA CR-V 19199

13 VAUXHALL INSIGNIA 18630

14 HONDA CIVIC 18405

15 BMW 5 SERIES 17896

16 BMW 1 SERIES 16820

17 BMW X5 14762

18 AUDI A5 13233

19 VOLKSWAGEN PASSAT 12957

20 VAUXHALL CORSA 12273

DATED: 15.11.11

FEED: AM

Mitsubishi moves to fill gaps left by Southgate

2011-11-08T12:49:00.000Z

Mitsubishi is searching for new franchise representation in the south coast following the closure of Southgate-owned dealerships in Andover, Romsey, Poole and Bridport.

In a statement Mitsubishi Motors UK confirmed four of its sites had ceased trading.

“As a priority we are now working with customers who have been affected by this unfortunate situation and are also searching for new representation across all four open points.”

The eight-outlet dealer group, which also includes Peugeot dealerships, is ranked number 193 in the Motor Trader Top 200.

Southgate Group is a family owned business, which resulted from the acquisition, by David Moulton, Garry Rowles and Norman Hoult in May 1996 of the Shorts of Winchester Peugeot operation.

Managing director David Moulton maintains overall responsibility for the Southgate Group.

DATED: 08.11.11

FEED: MT

Southgate administration ‘likely’ within days

2011-11-08T12:48:00.000Z

South coast dealer group Southgate Group looks likely to go into administration in the next “two or three days”, according to Kirstie Provan, partner with corporate recovery specialists Begbies Traynor, which was called in by the directors to offer advice on the rescue of the business.

Provan confirmed a buyer for the business was being sought but administration was likely with time at a premium.

Southgate Group is an eight-outlet dealer group ranked number 193 in the Motor Trader Top 200.

Based in the south of England across Hampshire and Dorset, last week it closed Mitsubishi branches in Andover, Romsey, Poole and Bridport. A Subaru and Peugeot site in Blandford, Dorset also closed.

More than 40 staff have been made redundant at the group. Company directors are in discussions over three Peugeot sites in Southampton, Winchester and Andover.

A spokesman for Peugeot said the carmaker was working with Southgate to find a solution that was in the best interest of customers.

"We already have a number of interested parties," he said.

Yesterday Mitsubishi confirmed it was looking for partners to fill the open points left by Southgate.

“As a priority we are now working with customers who have been affected by this unfortunate situation and are also searching for new representation across all four open points,” the company said.

Southgate Group is a family owned business, which resulted from the acquisition, by David Moulton, Garry Rowles and Norman Hoult in May 1996 of the Shorts of Winchester Peugeot operation.

DATED: 08.11.11

FEED: MT

Saab signs potential takeover deal with Chinese investors

2011-10-28T12:47:00.001Z

Saab has signed a memorandum of understanding (MoU) with Chinese companies Pang Da and Youngman for the sale and purchase of 100% shares of Saab Automobile and Saab GB for €100 million (£88m).

The agreement is subject to a definitive share purchase between Swedish Automobile, Pang Da and Youngman which also needs to be approved by shareholders, relevant authorities and certain other parties.

The £88m will be paid in instalments and Saab said an important consideration it to enter into the transaction is the commitment of Pang Da and Youngman to provide long term funding for the business.

The MoU is valid until November 15 which will give Saab more time to reorganise the business.

Saab’s administrator Guy Lofalk had applied for the business to exit reorganisation and be declared bankrupt but has now applied to withdraw his application.

This latest lifeline with Saab's Chinese investors is the latest in a twisting saga to save the company from bankruptcy.

Saab terminated its provisional agreement with Youngman and Pang Da for a 53.9% stake in the Swedish brand for £213 million on October 24. The Chinese investors also made a full bid to buy 100% of Saab but their first offer was rejected.

Saab had secured a second round of funding four days ago in the form of £44.6 million from US private equity group North Street Capital to help the business continue as it restructures. This offer has now been revoked in light of recent developments.

The Swedish brand won approval on September 22 to go into bankruptcy protection in order to restructure its business.

Saab GB has said it’s still “business as usual” in the UK. Dealers have access to new and used car stock and the business has launched marketing campaigns offering free servicing deals on both new and used cars to help boost confidence.

There’s still no estimated date for when production will restart, but Saab GB will continue to operate the business in the UK as normal and has sufficient funding in place to meet all creditor obligations and will continue to pay all employees, dealers and suppliers.

Saab is offering UK customers two years’ free servicing on all approved used Saabs to attract more business into showrooms.

DATED: 28.10.11

FEED: AM

MG Motor UK selects GMAC UK as finance partner

2011-10-28T12:46:00.000Z

MG Motor UK has selected GMAC UK, a subsidiary of Ally Financial Inc, to be its preferred retail financing provider in the UK for manufacturer programmes and standard rate finance.

GMAC UK will provide financing to MG customers under the MG Financial Services brand.

Guy Jones, sales and marketing director of MG Motor UK, said: “As a company with extensive experience, resources and capabilities in the UK market, GMAC will support our brand and help us grow our business.

“This important development allows us to offer a competitive range of retail finance products for the new MG6 GT, Magnette and following models.”

GMAC and MG have entered into a multi-year agreement to finance new and used vehicle sales for customers through MG dealers.

GMAC is also the preferred financier for Vauxhall, Chevrolet and Saab dealers and their customers in the UK.

DATED: 28.10.11

FEED: AM

Audi dealers face continuing wait for new director

2011-10-28T12:45:00.000Z

Audi dealers look unlikely to greet a new UK director of the brand ahead of their preparations for the 12-plate campaign next March.

The process of appointing a replacement for Jeremy Hicks is still on-going, said Audi UK’s head of PR Jon Zammett.

However, he declined to comment on whether an announcement will come before the end of the year. Zammett said filling such an important role cannot be rushed.

Hicks was put on gardening leave in August ahead of joining Jaguar Land Rover at the start of November as managing director of its UK sales operation.

The search for his successor has also been impacted by the change of managing director at its parent Volkswagen Group UK, which has seen former Nissan Europe executive Simon Thomas take over from Robin Woolcock.

The new Audi UK director must be approved by both Thomas and Audi AG executives in Germany.

DATED: 28.10.11

FEED: AM

HML could bring new lenders to sector

2011-10-28T10:46:00.000Z

Financial outsourcer HML, a subsidiary of the Skipton building society, believes it is in a position to enable the entrance of new lenders to the UK motor market through “white label” partnerships.

The company operates a totally outsourced model whereby a funder would provide capital, but HML would supply people, infrastructure and portfolio management for a market entry.

The company has recently started exploring possibilities with overseas finance providers, as well as venture capitalists and private equity providers in the UK.

Graham Donald, HML’s commercial manager, said the company is identifying sources of capital, but added “there are no bites just yet.”

Once licensed by the Financial Services Authority and registered at the Office of Fair Trading, Donald said, a supplier of capital would be free to go direct to the public or partner with dealer groups.

As well as courting potential new market entrants, the company is exploring the domestic car finance market with a view to purchasing and managing portfolios of PCP and HP loans.

Donald said the company also had plans to explore the development of deposit products to captive finance companies with banking licenses.

“We’re making people aware of what HML does,” said Donald. “We have huge experience within the mortgage sector, but people don’t necessarily know we’re here in motor finance.”

DATED: 28.10.11

FEED: MF

Car finance applications rise by 18%

2011-10-26T21:50:00.001Z

New and used car finance loan applications are up by 18 per cent year-on-year, as consumer demand for asset-backed car finance grows, according to data from Creditplus.co.uk, the online car finance provider.

The company said provisional car finance acceptances have increased by nearly 50 per cent year-on-year. The average car loan amount has increased from £7,068 in 2010 to £7,350 in 2011 and the average cash deposit has leapt by 490% per cent to £1,406.

“These figures show that asset-backed car finance continues to be extremely popular and has the edge over other purchasing options, as consumers are able to tailor a finance package to suit their budget,” said Shaun Armstrong, managing director of Creditplus.

“Our typical internet audience comprises 26 per cent prime, 23 per cent subprime and 51 per cent near prime. Over the last 24 month we have seen the near prime market grow due to many people trying to clear debt, and so their credit files have improved. However, some consumers have also struggled in recent months and although they still have very good credit files, they are no longer considered prime.”

Earlier this month the Finance & Leasing Association reported that car dealers had achieved their highest share of the private new car finance market for four years.

In the last 12 months 57.9 per cent of new car buyers used dealer finance. The number of new cars bought on finance was up by 17 per cent in August, and the number of used cars was up by 8 per cent, compared with August last year.

DATED: 26.10.11

FEED: AM

The Car Finance Company to put £66m into market in next two years

2011-10-25T23:51:00.002Z

A new car finance company with a unique business model focused on physical branch sales has recently announced major growth plans, after four years of keeping a low profile in the industry.

Subprime specialist The Car Finance Company plans to inject £66m into the motor finance market in the next 24 months as part of a planned expansion drive.

The company, which won the Lender of the Year award at the recent F&I Awards held by Frontline Solutions, operates out of three physical premises on British high streets but hopes to expand to 20 locations over the next two years.

Although the branch strategy incurs overhead costs, it’s not something founder and managing director Mark Smith is afraid of: “We’re meeting every customer. We’re getting to know them, and can be sure they understand every term in the contract. They must understand every term and condition, or we won’t lend money to them.”

Smith says his company's model is built on an ethical foundation, based on trying to make car finance as approachable and affordable to consumers as possible, with an emphasis on repeat business rather than high rates charged.

Under the company's method, dealers submit proposals to their local branch, before sending customers on to the shop to have their applications underwritten. If this is not possible, The Car Finance Company will send representatives to the dealer to meet customers face to face.

“Our model is different and we will accept the costs involved, because spending time with the customer is essential to us,” said CEO Andrew Walton-Green. “We’re looking at a long-term model. We don't want the customer to feel like a pariah. We want to help people who genuinely want to repair their credit.”

Their fourth office opens in Chatham in November and staff have already been hired for Reading, Crawley, Bristol, the south coast of Wales and Cambridge, with a growth from 27 to 90 employees projected for the current growth spurt.

“As long as we can maintain quality, we can go faster,” said Walton-Green.

DATED: 26.10.11

FEED: MF

Widespread pessimism about UK economy "overdone"

2011-10-25T23:51:00.001Z

Anthony Hilton, Evening Standard financial editor and chair at the AM Financial Conference 2011 next month believes widespread pessimism about the state of the UK’s economy is "overdone".

Hilton said: "My take on the economic outlook is that there are good reasons to be optimistic and that widespread pessimism is overdone.

"As the UK recovers from recession it traditionally has several years of above average growth.

"It is often not appreciated at the time in the aftermath of a downturn how well things are going. In the 1990s politicians were ridiculed for seeing "green shoots" but with hindsight they were right."

Hilton will be talking at the AM Financial Conference 2011 on November 15 at the Oxford Belfry and will provide delegates with his analysis of the recovering UK economy, as well as his views on the automotive retail market.

Hilton believes businesses should have their fingers crossed for cheer next year.

He said: "VAT will cease to be an issue at the turn of the year, and sterling has been pretty steady at its lower level for some time now. Oil prices are all over the place day by day but still significantly below their peak.

"Finally there is the simple fact that if people don't have much to spend, retailers have to cut prices to tempt them into the shops. That ought to make 2012 a bit more cheerful than this year. That is certainly what happened last time. As Jonathan Loynes of Capital Economics points out, inflation also hit 5.2% in September 2008. But it was down to 1.1% just 12 months later."

DATED: 26.10.11

FEED: AM

Nidd Vale plans to relocate Harrogate showroom and HQ

2011-10-25T23:49:00.000Z

Nidd Vale Motors is planning to relocate its multi-franchise site and headquarters in Harrogate to a new purpose-built 20,000 sq ft car showroom next to St James’s Business Park in Knaresborough.

Its current site on Leeds Road would make way for a new Marks & Spencer Simply Food shop.

The dealer group is holding public consultation at Leeds Road giving details of the planning application which will be presented to Harrogate Borough Council later this year.

The Leeds Road site currently holds Vauxhall, Saab, Mazda, Seat and its aftersales business.

DATED: 26.10.11

FEED: AM

Saab secures new funding deal with US investor

2011-10-21T11:48:00.000Z

Saab has secured a second round of funding in the form of £44.6 million from US private equity group North Street Capital to help the business continue as it restructures.

North Street Capital has paid £6.32m for 2.38 million shares in Saab’s parent company Swedish Automobile and the remaining £37.5m has been provided as a loan.

Saab has accepted the deal as it now doesn’t believe it will receive promised funds from Chinese investors Zhejiang Youngman Lotus Automobile and Pang Da in time.

Saab said in a statement: "Saab has doubts that the bridge funding of Youngman and Pang Da, of which a partial payment has been received, shall be paid in full on October 22, 2011."

Saab signed an agreement with Youngman on September 12 to borrow £61.1m in exchange for non-exclusive rights to Saab’s Phoenix architecture technology. It’s unclear what will happen to this deal now Saab has secured a different deal with North Street Capital.

The Swedish brand won approval on September 22 to go into bankruptcy protection in order to restructure its business.

Saab is offering UK customers two years’ free servicing on all approved used Saabs to attract more business into showrooms.

Matthew Bateman, used car business development manager at Saab GB, said: "“The offer of two years’ free servicing on all approved used Saab vehicles comes with many benefits.

"Not only does the plan provide customers with worry-free maintenance over the two years; it also offers the advantage of a significant cost-saving.”

DATED: 21.10.11

FEED: AM

Volkswagen product plans show no sign of abating

2011-10-21T11:42:00.000Z

Volkswagen plans to launch critical new models into the city car, lower medium and upper-medium segments which will show new design flair and will bring new business to the brand.

However it will not build another coupe-convertible once production of the current Eos comes to an end, as the German carmaker expects the newly launched Golf Cabriolet to cater for these customers, said its head of marketing communications, Giovanni Perosino.

In the city car market, it will reveal a five-door version of its new Up at the Geneva Motor Show, followed by a sportier GT model later that year, and an electric version in 2013.

The three-door Up hits UK showrooms in February, followed two months later by the new Beetle.

Late 2012 will also see a global reveal of the 7th generation Golf, which Perosino said will truly impress current Golf owners and new customers.

He also revealed that the replacement for the Passat CC, to be revealed at the Los Angeles Motor Show next month, will be badged simply as the CC, to distance itself from Passat's association as a business car and to establish itself as a stronger retail proposition.

DATED: 21.10.11

FEED: AM

Smart Ar5e Answers

2011-10-21T11:38:00.001Z

SMART ARSE ANSWER 5
It was mealtime during a flight on a British Airways plane:
"Would you like dinner?" the flight attendant asked the man seated in the front row.
"What are my choices?" the man asked.
"Yes or no," she replied.

SMART ARSE ANSWER 4
A lady was picking through the frozen Chickens at a Woolworths store but she couldn't find one big enough for her family.
She asked a passing assistant, "Do these Chickens get any bigger?"
The assistant replied, "I'm afraid not, they're dead."

SMART ARSE ANSWER 3

The policeman got out of his car and the Teenager he stopped for speeding rolled down his window.
"I've been waiting for you all day," the Cop said.
The kid replied, "Well I got here as fast as I could."
When the policeman finally stopped laughing, he sent the kid on his way without a ticket.

SMART ARSE ANSWER 2
A lorry driver was driving along on a country road. A sign came up that read " Low Bridge Ahead."
Before he realised it, the bridge was directly ahead and he got stuck under it..
Cars were backed up for miles. Finally, a police car arrived.
The policeman got out of his car and walked to the lorry's cab and said to the driver, "Got stuck, eh?"
The lorry driver said, "No, I was delivering this bridge and ran out of diesel!"

SMART ARSE ANSWER OF THE YEAR 1
A teacher at West Australian University reminded her pupils of tomorrow's final exam.

"Now listen to me, I won't tolerate any excuses for you not being here tomorrow.
I might consider a nuclear attack, a serious personal injury, illness, or a death in your immediate family, but that’s it, no other excuses whatsoever!"

A smart-arsed Teenager at the back of the room raised his hand and asked,"What would happen if I came in tomorrow suffering from complete and
utter sexual exhaustion?"
The entire class was reduced to laughter and sniggering. When silence was restored, the teacher smiled at the student, shook her head and sweetly
said, "Well, I would expect you to write the exam with your other hand."

DATED: 21.10.11

FEED: PTL

Saab administrator throws in towel

2011-10-21T11:37:00.000Z

STOCKHOLM -- The administrator in charge of Saab's reorganization said he had sent an application to a Swedish court to end the process because there was not enough cash to save the carmaker.

"The money is not enough to continue the reorganization," Guy Lofalk told Reuters on Thursday. "Now, an application (to terminate the reorganization) has been mailed. It should be on the court's desk tomorrow."

Lofalk said $70 million promised by U.S. private equity company North Street Capital on Thursday for Saab was far from enough to continue reorganization.

He said Chinese investors Zhejiang Youngman Lotus Automobile Co and Pangda Automobile Trade Co. are keen to buy Saab but have failed to reach an agreement with Saab's current owners.

Saab owner Swedish Automobile said it will contest the application and request for continuation of the voluntary reorganization process. The company will apply at the court for the replacement of Lofalk as administrator, it said in a statement.

Lofalk said he was told by authorities in China that Youngman and Pangda had the financial muscle to save Saab.

"I can just say that the parties didn't manage to reach an agreement on a sale," he said.

The Chinese companies signed a non-binding memorandum of understanding in June to take stakes in Saab for a combined 245 million euros.

Chinese authorities have yet to give a green light on the two taking ownership in Saab.

DATED: 21.10.11

FEED: ANE

Alec Murray back as RMI chairman

2011-10-20T14:57:00.000Z

Alec Murray has returned to the Retail Motor Industry Federation as its new chairman.

Murray took over from acting chairman Colin Parlett on October 1. He was previously chairman of the NFDA in the mid-nineties, then from 2005-2006. He also acted as RMI chairman from 2006-2008.

Murray’s previous roles have included chief executive of Quicks Group and deputy chairman of Caledonia Motor Group.

Murray said “I am delighted to be back as chairman of the RMI and look forward to once again supporting the industry through the challenging times ahead.

“The RMI’s proposed restructure will ensure it represents its member’s views, concerns and interests at all levels and across all sectors. This is an ethos I fully support and will continue to promote this throughout the RMI in the future months.”

DATED: 20.10.11

FEED: AM

Vertu Motors sees profits fall 16% in line with expectations

2011-10-20T14:53:00.000Z

Vertu Motors saw pre-tax profits fall by 16% to £4.1 million for the six months August 31, 2011 but the drop is in line with the group’s expectations.

Vertu’s interim results show that revenue grew by 7% and gross margins rose slightly from 11.5%to 11.6%with aftersales marging improving in "all areas".

Like-for-like used car volumes declined by 5.9% which Vertu said reflected the "tougher consumer environment".

Robert Forrester, Vertu chief executive, said: “I am pleased to report that against the backdrop of continued pressure on the UK consumer, the group has continued to deliver and invest in its growth strategy.

“We have opened a further seven sales outlets since March 1, 2011 taking the total to 82.

In addition, our new like-for-like retail car volumes were 10% better than the market and aftersales continues to be robust. The group continues to generate substantial amounts of cash.

“With our strong, ungeared balance sheet and the on-going significant operational cash generation Vertu Motors is clearly in a position where current market weakness will create further acquisition opportunities in line with our growth strategy.”

The group said consolidation opportunities were increasing and it has un-utilised facilities of £35m in addition to cash resources.

Forrester is expecting Vertu’s full year results to be “at the lower end of the range of market expectations” due to the challenges in the current market.

The business has reduced overheads in the six month period on a like-for-like basis with “strong financial controls and cost focus”.

Vertu’s balance sheet is underpinned by a freehold and long leasehold property portfolio (including assets held for resale) of £75.7m (31 August 2010 : £72.6m).

DATED: 20.10.11

FEED: AM

Lexus adds sports trim for CT 200h

2011-10-20T14:52:00.000Z

Lexus has added some extra visual muscle to its CT200h with a new F-Sport trim option.

The CT200h F-Sport features 17-inch dark-finish alloys, a larger rear spoiler, flared side skirts, a mesh front grille and new aero-styled bumpers front and rear. Interior specification adds F-Sport steering wheel with a flat bottom section and aluminium pedals and scuff plates.

Adding to the specification of the SE-L grade, the F-Sport gains cruise control, F-Sport black leather upholstery, heated front seats, electric driver’s seat adjustment, auto-dimming (electrochromatic) electrically retractable door mirrors and a rear parking camera that links to a display in the rear-view mirror.

Lexus has also tuned the CT 200h F-Sport’s suspension for a “more engaging drive”.

The new Lexus CT 200h F-Sport is available to order now, with first UK deliveries in January. Prices start at £27,850.

DATED: 20.10.11

FEED: AM

Pendragon focusses on used cars to deliver profit

2011-10-20T14:50:00.001Z

Pendragon will focus on used cars and aftersales to help it deliver profit this year.

According to the AM100 topping group, aftersales remain the core area of profitability for the business.

Aftersales turnover declined by just over 2% in Q3, but gross aftersales profit margin in the quarter improved by 110 basis points over the prior year, with gross profit flat for the quarter.

Used car volumes increased by 18% in Q3 while new car volumes fell by 10.3% with Stratstone and by 10.8% in its Evans Halshaw business.

Pendragon is using a vehicle health check programme to stimulate aftersales work and has developed “a number of other initiatives”.

The group saw “significant volume growth” in used car sales in Q3 with like-for-like volumes up 18%.

During July and August Pendragon had observed a decline in margin against the prior year. However, used car margins have recovered for Pendragon strongly in September and it expects to see the normal seasonal patterns in used car margin in the fourth quarter.

Overall like for like used retail gross profit in the nine months to date was 1.2% ahead of the prior period.
In a statement to the stock market, Pendragon said: “Despite the increasingly challenging macro-economic environment and continued economic uncertainty, underlying trading performance remains in line with our expectations for the full year.

“Used performance continues to be a differentiator for the group and we believe this will continue in the final quarter with further recovery in used margin.

“The new retail car market is challenging, particularly for some of our franchises in the volume sector.

“However, we expect stronger performance from some of our prestige franchises in the fourth quarter.”

DATED: 20.10.11

FEED: AM

Eastern Western Group add first Seat franchise

2011-10-18T13:35:00.000Z

Eastern Western, the top 30 AM100 dealer group, will add the Seat franchise to its portfolio for the first time with a new showroom in Benton, Newcastle at the end of November.

Trading as Western Seat, the new outlet on Bellway Industrial Estate will have a six-car showroom and a six-bay workshop.

Staff at the dealership are currently undergoing training on site and at Seat’s National Learning Centre.

Paul Johnson, Western Newcastle general manager (pictured), which remains a Saab dealer and was recently appointed an authorised Ford Service Centre, said: “2011 has been Seat’s best ever year in the UK with the company taking a record share of the market while other manufacturers struggled.

“And with a raft of new models, including the Mii city car just around the corner 2012 looks sure to be even better.”

Johnson said product was only part of the story at any dealership and the quality of the care and service the new showroom provides to customers will be “the most important ingredient in our success”.

DATED: 18.10.11

FEED: AM

Vindis open Bentley dealership in Cambridge

2011-10-18T13:34:00.000Z

The Vindis Group will open a new Bentley showroom in Cambridge in mid-December.

The new dealership is Vindis’ second Bentley site building on its Bentley Norwich business.

Bentley Cambridge will be situated on Milton Road, next to Cambridge Volkswagen; also part of the Vindis Group.

Victoria Stubbs, Vindis marketing and operations manager, said: "Bentley Cambridge will adopt the same work ethic and customer focused attitude that sets Bentley Norwich above other dealerships."

Bentley Norwich won ‘Top Bentley Dealership in the UK 2010’ and ‘The Global Bentley Product Knowledge Challenge 2011’.

DATED: 18.10.11

FEED: AM

Saab receives first part of £61.1m bridging loan

2011-10-17T09:25:00.001Z

Saab has received the first bridging loan payment of €70 million (£61.1m) from one of its Chinese partners Zhejiang Youngman Lotus Automobile.

Further payments under the amended and final bridge loan agreements signed between Youngman and Saab are expected to be made during this week and by October 22 of this year.

Saab is now confident it has the money it needs to make it through its restructuring period.

Saab intends to repay its bridge loan within the next “few weeks” with the proceeds of the €245m equity investments from Youngman and its other Chinese investor Pang Da, which are still subject to approval.

Saab signed an agreement with Youngman on September 12 to borrow £61.1m in exchange for non-exclusive rights to Saab’s Phoenix architecture technology.

The Swedish brand won approval on September 22 to go into bankruptcy protection in order to restructure its business.

Saab hopes bankruptcy protection will give it time to secure new funding promised from Chinese investors.

Two Swedish unions had applied for the company to be declared bankrupt, because it has been unable to pay wages.

DATED: 17.10.11

FEED: AM

Benfield buys Colebrook and Burgess

2011-10-17T09:24:00.000Z

Benfield Motor Group has taken over Audi franchisee Colebrook and Burgess in a deal which will add £140m turnover to its business.

The acquisition includes Audi centres in Newcastle, Tyneside, Wearside and Teeside plus a bodyshop, preparation centre and head office facility. All traded as North East Audi.

All 279 Colebrook and Burgess employees have transferred to Benfield with immediate effect this afternoon.

Its previous owners and directors, Andrew Maidwell and John Hutton, have sold in order to pursue other interests outside of the motor industry.

The addition means Benfield’s group turnover will now be more than £500m and its dealership network now numbers 35 across the north-east of England, Teesside, Yorkshire, Cumbria and south-west Scotland.

Mark Squires, Benfield’s chief executive, said it was a “very significant development” in the growth of Benfield Motor Group.

“The Audi franchise is arguably the most valuable franchise in motor retailing and is currently the fourth largest distributor in the UK.

“Colebrook and Burgess is a well run business with family values and a positive and proactive approach to customer service.

“This is a natural fit for Benfield. It’s a highly regarded business with great people and there are obvious synergies between the two businesses which we will explore in the coming months ahead”, he added.

Benfield managing director Nigel McMinn (pictured) is now in operational control of the new businesses.

Andrew Maidwell, Colebrook and Burgess’ managing director, said he had given careful consideration to the best options for the business and its employees, and considered Benfield Motor Group was an independently family-owned business with very similar values to his own.

“From a personal point of view it was very important to me that the new owners of the business would be capable of developing the business further and continue to recognise the values of our staff and North East Audi well into the future,” Maidwell added.

DATED: 17.10.11

FEED: AM

Harrison judgement “huge blow” for CMCs

2011-10-13T15:33:00.000Z

The Court of Appeal yesterday upheld the High Court decision in the much documented case of Harrison v Black Horse.

Black Horse lent the Harrisons £60,000 and sold them PPI for £10,200, the commission on which was 87% of the premium. The Harrisons claimed this was unfair.

Greg Standing, a partner in Wragge & Co’s finance litigation team and an expert on defending lenders against such claims said: “In essence the Court of Appeal found that Black Horse met the standard imposed by the FSA through its ICOB rules and that it would be anomalous if it were the case that it was necessary to disclose the commission to comply with the Consumer Credit Act, yet not necessary to comply with ICOB rules.”

The Court of Appeal also said that even though the commission was large there was no basis to distinguish PPI from the sale of other products where sellers have no obligation to warn that the products are expensive.

Standing continued: “This is a very positive decision for all lenders who will need to review strategy for dealing with alleged PPI mis-selling cases. Obviously it’s a huge blow for CMCs.

DATED: 13.10.11

FEED: MF

Arnold Clark takes on Chrysler and Jeep

2011-10-13T15:32:00.000Z

Arnold Clark has added the Chrysler and Jeep franchise for the first time and the brands will join its Fiat dealerships in Ashton, Ayr (pictured with Mark Crockart, general manager) and Elgin.

Chrysler and Jeep are now part of the Fiat Group after it rescused the brands from bankruptcy in 2009.

Chairman Sir Arnold Clark said: "This is a new and exciting opportunity for the Arnold Clark Group and we look forward to meeting and welcoming both new and existing customers to our dealerships in Ashton, Ayr and Elgin, where we continue to offer genuine value for money and high levels of customer satisfaction traditionally associated with Arnold Clark."

The expansion into new brands follows the group’s better than expected results from last year. Pre-tax profits were down by 31.7% from £73.9 million to £50.5m in 2010. However, turnover was up by 6.1% to £2.271 billion, net assets were up 8% to £447m and new car unit sales were up 3% to 77,626 units.

The group continues to be acquisitive and Sir Arnold said the business will "take advantage of any suitable expansion opportunities that may arise".

DATED: 13.10.11

FEED: AM

Motor finance market share hits new high

2011-10-13T15:31:00.000Z

Motor finance achieved its highest recorded share of the private new car sales market for four years in August.

In the last 12 months, 57.9% of people buying new cars used forecourt finance, according to the latest figures from the Finance & Leasing Association (FLA), the trade body for the motor finance industry.

The number of new cars bought on finance was up by 17% in August, and the number of used cars was up by 8%, compared with August last year.

In the new car market the recent sales trends continued. Leasing was up by 38% and personal contract purchase (PCP) by 24% compared with the year before. Use of both forms of credit rose in the used car market.

Paul Harrison, head of motor finance at the FLA, said: “These figures show that forecourt finance continues to be extremely popular. Motor finance has an edge over other purchasing options in current economic conditions as customers are able to negotiate a finance package to suit their budget, whether it is a leasing, PCP, hire purchase or a loan agreement.”

DATED: 13.10.11

FEED: AM

4x4 prices on the rise as UK braces for winter

2011-10-13T15:30:00.001Z

Values on used 4x4s are already starting to rise in reaction to reports that the UK will face another harsh winter.

According to BCA September saw the value of four wheel drives begin to climb sharply, with prices now getting close to those seen in January and February this year.

The average value for all 4x4s sold by BCA in September rose to £12,805 from £12,509 in August and £10,381 in July.

September recorded the second highest average 4x4 value so far this year and there is every indication that values will rise further in the colder months ahead.

Tim Naylor from BCA believes anyone in the market for a 4x4 would be wise to buy now, especially as last year’s early snowfall caught out many people.

He said: “For many motorists – particularly those living in rural or remote areas – a 4x4 is becoming a necessity in winter, rather than a luxury.

“Although we had an unusually warm September, prices have already started rising and the first hint of snow and severe winter conditions could see significant demand for all-weather vehicles which will send values sky high.”

Naylor suggested that buyers should look for a high specification vehicle to ensure it retains its value.

Naylor said: “Alloys, leather interior, air-con and sat-nav all add value. Buyers also like ‘rugged’ accessories, such as mounted spotlights and a roof bar, and these accessories can drive prices up too.

“Performance and torque could also be important for future buyers and diesels are generally more popular although petrol does well as long as the mileage isn’t too high.

“But absolutely essential is ensuring the vehicle has a comprehensive up to date service history” concluded Tim Naylor. “It may have been no further off-road than up a suburban kerb, but it could be prudent to walk away if it doesn’t have a full service history.”

DATED: 13.10.11

FEED: AM

Jacksons buys Tony Purslow dealerships

2011-09-29T10:32:00.001Z

Poole-based Jacksons has bought Mercedes-Benz dealer Tony Purslow to create a £100m a year dealer group.

The deal adds outlets in Basingstoke, Guildford and Hindhead to its existing sites in Dorchester, Poole and Salisbury, creating a total workforce of 300 employees.

Jacksons, bought by South African business man Roy McAllister (pictured) in 2007, was named Mercedes-Benz Retailer of the Year in 2009.

Jacksons managing director Le Roy Muntingh said the company had been looking to expand for some time and the purchase of Tony Purslow presented a perfect and timely opportunity.

“It is not only the size of the Tony Purslow group and its close proximity to our existing retail locations that makes the acquisition an ideal fit,” said Muntingh.

“As a privately-run company, Tony Purslow has operated in a similar vein to us since 1995, with high levels of efficiency and a flat staffing structure that engenders quick decision making at the heart of its success.

“With an unstinting commitment to customer service and the highest quality staff, both groups have become established within the top performing Mercedes-Benz Market Areas and this acquisition creates an organisation of real strength that will boast a turnover in excess of £100m.”

He said both market areas will continue to run separately for the foreseeable future.

DATED: 29.09.11

FEED: MT

Skoda reveals new city car

2011-09-29T10:31:00.000Z

Skoda has unveiled its all-new Citigo city car which will go on sale in the UK in summer 2012.

Based on the same platform asVolkswagen’s new Up! model, this will provide Skoda dealers with a new entry point and brings the brand’s portfolio up to six models.

“The Citigo is one of the pillars of our growth strategy. It paves the way for tremendous opportunities in a new segment,” said Skoda board chairman Winfried Vahland.

The four-seater car will be launched in three-door and five-door body styles. With a choice of two 1.0-litre petrol engines (60PS 105g/km and 75PS 108g/km).

After launch ultra low emission versions of these engines will be offered boasting fuel consumptions of 67.3mpg (97g/km) and 65.7mpg (99g/km) respectively.

Seat is also expected to launch a version of the Up!

DATED: 29.09.11

FEED: MT

Infiniti opens dealership in Stockport

2011-09-29T10:30:00.000Z

Infiniti has opened its fifth UK showroom in a purpose-built two acre facility in Stockport and confirmed plans to open another centre in Leeds over the coming weeks.

The Infiniti Centre Stockport is located on Bailey Road in Portwood, near the M60, and will serve Greater Manchester and surrounding counties.

The business is operated by Mana Premiere Automobiles (MPA), which also runs Infiniti centres in Birmingham and Glasgow and will run the forthcoming Leeds centre. MPA is looking to have around eight Infiniti Centres in the UK by the end of 2013.

Infiniti has ambitious UK growth plans and is targeting one in 10 luxury car sales by 2016. The brand aims to increase its network to around 40 sites, with one new centre planned to open on average every two months for the next six years.

The brand currently has a four model line-up but plans to expand that to six, including its first mid-engined two seater sports car.

“The Centre is in a fantastic location at the heart of a strong Infiniti demographic audience,” said Richard Braithwaite, Centre Manager. “We have already sold our first car – to an ardent Lexus driver.”

DATED: 29.09.11

FEED: MT

Fiat opens multi-brand site in Croydon

2011-09-14T09:02:00.001Z

Fiat Group has opened a new showcase site in Croydon housing all four of its sites: Fiat, Alfa Romeo, Jeep and Chrysler.

This is one of the first sites of its type in Europe and will trade as Motor Village Croydon.

A major, undisclosed investment has been made by Fiat in the site which features four separate showroom areas.

Motor Village Croydon joins Fiat Marylebone in central London, Fiat’s Battersea service centre and Fiat Direct in Hayes, to increase the brand's presence in London and Surrey.

“We started here with Fiat in January and Alfa Romeo came in May,” said Tony Dittli, director, Motor Village Croydon.

“Chrysler and Jeep joined us in July, so it’s continually evolving. We are still developing and learning but I think we have a superb showroom site from which to offer quality service and become the reference point for these great brands.”

DATED: 14.09.11

FEED: MT

Cambria acquires Vauxhall site from Hartwell

2011-09-14T09:01:00.000Z

Cambria Automobiles has acquired a Vauxhall site in Southampton for an undisclosed sum.

This will be the AIM-listed group's first Vauxhall site and brings its representation up to 27 sites representing 39 franchises.

The south-east based group also announced in its pre-close statement, for the 12 months ended 31 August, that it has achieved another year of significant earnings growth despite the 9 per cent fall in new car market and 21 per cent fall in retail sales in the year to date. Despite a tough second half the group confirmed it will issue its first dividend.

"Following a strong first six months, the group experienced a mixed performance in the second half of the year, but remains on track to deliver full year results broadly in line with market expectations," it said.

Cambria said the acquisition of the Hartwell business was completed on 1 September.

"The Board is delighted to be partnering with Vauxhall and intends to pursue further opportunities with it. The acquired business has been loss making in recent years, and it is anticipated that the acquisition will be earnings dilutive in the short term while the Cambria systems and processes are implemented.

"We are confident of returning the business to profitability in the medium term. The business was acquired on a net asset basis and no goodwill was paid," it said.

Cambria confirmed it is looking for further businesses to acquire.

“I am pleased with the performance achieved by the group against a background of a very challenging new and used car market.

"We continue to use this market weakness to drive forward our buy-and-build strategy, utilising our strong balance sheet. We continue to out-perform our underlying markets and view the future with confidence notwithstanding the obvious short-term challenges the industry faces,” said Mark Lavery, chief executive officer.

Cambria trades as Doves, grange, Dees, Motor Parks and Invicta Motors.

Meanwhile, private equity group Promethean wants to sell all or part of its 33.3 per cent stake in Cambria. Promethean is locked in to its investment until 30 June 2012, unless Cambria agrees to an earlier exit.

DATED: 14.09.11

FEED: MT

Seat appoints new head of fleet

2011-09-14T09:00:00.000Z

Seat has appointed Steve Robertson to the new role of head of fleet and business sales following the departure of Nick Andrews to Mercedes-Benz.

Robertson, who has worked in the motor industry for 30 years with dealer and fleet experience, has been head of marketing at Seat since 2006.

“I'm very pleased to be making this move across to Seat UK's successful fleet and business operation,” he said.

Seat UK managing director Peter Wyhinny said: “This is a fabulous gain for Seat fleet. Steve will bring his extensive motor industry experience to bear on this important part of Seat UK's business, and I have every confidence that he will lead the growing fleet team to significantly bigger and better things over the coming months and years.”

Meanwhile, ex-Seat UK head of operations Richard Harrison has been appointed as group sales director for Seat SA with responsibility for Germany, the UK, France, Italy and Portugal.

Harrison spent four years heading up Seat UK's operations team during which time he oversaw the network grow and sales increase.

A separate announcement concerning his successor and the new Seat UK head of marketing will be made in the near future.

Wyhinny said: “This is a great opportunity for Richard, and I'm very pleased that his talents have been recognised by our colleagues at Seat SA headquarters in Martorell.

DATED: 14.09.11

FEED: MT

Interest Rate Announcements

2011-09-08T13:49:00.000Z

Bank of England maintains Bank Rate at 0.5% and the size of the Asset Purchase Programme at £200 billion

The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion.

News Release - Bank of England maintains Bank Rate at 0.5% and the size of the Asset Purchase Programme at £200 billion

DATED: 08.09.11

FEED: BoE

Saab bankruptcy likely 'in days'

2011-09-08T13:48:00.000Z

The carmaker Saab's application for protection from its creditors to help it avoid being pushed into bankruptcy has been rejected by a Swedish court.

In response, Swedish trade unions said they could demand that Saab be declared bankrupt within days.

Saab had applied for protection while trying to secure additional funding.

Saab had to suspend production in April when its suppliers stopped deliveries after not being paid. Its workers have also had their pay delayed.

Vanersborg district court rejected Saab's application because it did not believe it would work.

Blue-collar union IF Metall's leader, Stefan Lofven, said: "We will now thoroughly analyse the new situation. If the company doesn't find another solution or file a bankruptcy request themselves, we may be forced to do that in the next few days."

White-collar union Unionen's chief lawyer, Martin Wastfelt, said it might make a similar decision imminently.

"It's all about minimising the risks to secure our members' money," he said.

On Wednesday, Victor Muller, chief executive of Saab's owner, Swedish Automobile, said Saab's suppliers were owed some 150m euros ($210m; £131m).

Delayed deals

Swedish Automobile, formerly called Spyker, bought Saab from US giant General Motors in January 2010.

Before the summer, Swedish Automobile announced that two Chinese firms would buy minority stakes in the company.

However, these deals have not yet had regulatory approval in either Sweden or China.

They also need to be approved by the European Investment Bank (EIB).

Under the agreements, Zhejiang Youngman Lotus Automobile plans to pay 136m euros for a 29.9% stake, while Pang Da Automobile will pay 109m euros for 24%.

But the Chinese government is unlikely to give the two companies the go-ahead, according to car analyst Jay Nagley of Red Spy Automotive.

"The Chinese government is concerned that its car industry is too fragmented," he said.

"It wants to see fewer, larger firms that can compete on the international stage. It doesn't want to see ambitious companies like these two buying a very small Swedish manufacturer."

Jonas Froberg, car correspondent at Swedish newspaper Svenska Dagbladet, said: "People in Sweden love Saab, and they hope it will continue. But many are pessimistic, and have become more so over the summer."

DATED: 08.09.11

FEED: BBC

Saab GB exempt from voluntary reorganisation

2011-09-07T23:51:00.001Z

Saab Automobile has been placed into voluntary reorganisation today (7 September 2011) with the District Court in Vänersborg, Sweden. Saab GB has confirmed it is not affected by the move.

Its parent Swedish Automobile NV (Swan), formerly Spyker Cars, confirmed Saab Automobile AB and its subsidiaries Saab Automobile Powertrain AB and Saab Automobile Tools AB (collectively Saab Automobile) have all filed for voluntary reorganisation.

Saab Great Britain and Saab Cars North America are excluded from the reorganisation.

“Swan and Saab Automobile are of the opinion that, considering Saab Automobile’s current limited financial resources, a voluntary reorganisation will entail the best preconditions for using existing resources in the most efficient way,” said a company statement.

Swan is awaiting approval from the Chinese government for a €245m deal to distribute cars in China.

“The eventual purpose of the proposed voluntary reorganization process is to secure short-term stability while simultaneously attracting additional funding, pending the inflow of the equity contributions of Pang Da and Youngman.”

Saab confirmed it has formulated a reorganisation plan aimed at lowering its cost-base and creating a “viable, competitive and independent organisation”

The plan will be presented to creditors within the next three weeks.

In a separate statement Saab GB confirmed it was not part of the voluntary reorganisation filing.

"Saab GB will continue to operate the business in the UK as normal and has sufficient funding in place to meet all creditor obligations and will continue to pay all employees, dealers and suppliers as normal," it said.

Spyker Cars acquired Saab from General Motors in June 2010.

DATED: 08.09.11

FEED: MT

Van sales up 23 per cent in August

2011-09-07T23:49:00.000Z

The recovery of new sales in the van and truck sectors continued in August with both van and truck registrations increasing significantly year-on-year, according to SMMT figures.

Sales of vans for the month increased by 22.8 per cent in August to 10,640 units. This pushed year-to-date volumes up by 20.9 per cent to 161,040 units.

Sales in the truck sector (over 6 tonnes) grew 23 per cent to 2,411 units to 24,822 units. Year-to-date sales are up 25.4 per cent to 24,822.

“August saw the strong and sustained bounce-back continue across much of the van and truck industry as operators returned to more typical replacement schedules,” said Paul Everitt, SMMT chief executive.

“With the [combined] commercial vehicle market up by over 20 per cent for the year-to-date, industry is optimistic, but short to medium term economic uncertainty is likely to temper the rate of future growth.”

August is typically a below average month for the commercial sector accounting for less than 5 per cent of annual van sales and 6.5 per cent of truck sales.

UK van and truck registrations August 2011 (Source: SMMT)

	August	% change	Year-to-date	% change
Vans	10,640	22.8%	161,040	20.9%
Trucks	2,411	23.0%	24,822	25.4%
Total	13,051	22.8%	185,862	21.5%

DATED: 07.09.11

FEED: MT

Demand pushes up prices for used 4x4s

2011-09-07T23:48:00.000Z

Values of 4x4s are rising as a result of higher demand.

Manheim Remarketing’s latest market analysis for cars revealed that in August values of 4x4s rose 3.3 per cent or £369 to £11,424.

Values of 4x4 part exchange values rose 2.4 per cent or £113 to £4,804 over the period, it said.

Mike Pilkington, managing director, Manheim Remarketing said: “The demand for 4x4 stock has started to move early this year with memories of the harsh winter of 2010 still obviously set firm in the minds of consumers and dealers alike.

Earlier this month weather forecaster James Madden of Exacta Weather forecast snow as early as October.

“As we head towards winter, I expect to see the first signs of some moderate to heavy snowfalls as early as October or November in certain parts of the UK.

“In terms of the meteorological winter, I expect December, January, and February to experience below average temperatures, with the heaviest snowfalls occurring within the time frame of November to January across many parts of the UK."

Tyre supplier ATS Euromaster has ordered £600m-worth of cold-weather tyres for the forthcoming season – more then twice the value it ordered last year.

DATED: 07.09.11

FEED: MT

Tesco eyes the car finance market

2011-03-03T21:57:00.001Z

Following its reputed upcoming launch into the UK used car market, Tesco is understood to be planning a suite of car finance offerings to complement personal loans from Tesco Bank.

The news emerged at an asset finance seminar held by the National Association of Commercial Finance Brokers on 1 March, where business leaders from two major UK lenders stated that they knew of the supermarket giant’s intentions to move into the car finance market.

In April, Tesco is expected to begin retailing used cars acquired through a tie-up with ex-fleet provider Motability. According to information leaked to Car Dealer magazine, it will sell cars through a partnership with online retailer carsite.co.uk.

At launch, Tesco is expected to provide personal loans to customers looking to buy used cars through the site. However, there is widespread speculation that Tesco is talking to at least one hire purchase provider with a view to providing the product, and that it may later look to provide HP and PCP from its own balance sheet.

Tesco commented to Motor Finance that its used car venture – including any finance component – was “still speculation at this point”. A spokesperson later commented “if at any point we do decide to start selling cars, we will make a formal announcement.”

DATED: 03.03.11

FEED: MF

Low mileage, small cars still top dog for buyers

2011-02-22T21:08:00.001Z

The economic downturn, coupled with greater awareness of greener motoring means used car buying trends are moving with the times. According to an analysis of checks done with HPI during 2010, nearly 40% of all the cars it checked were small family cars and superminis, reflecting the demand for fuel efficiency and lower motoring costs for both families and those looking for a reasonably powerful run-around. HPI urges used car buyers to take advantage of readily available information on fuel and efficiency ratings for used cars to make a well-informed buying decision.

HPI analysis of the types of vehicles checked in 2010 shows an increasing number of small engine cars being bought, which is a trend that has continued over recent years. In a possible reaction to the poor weather conditions over the past year, or the increasing number of potholes on Britain's much-maligned roads, 4x4s have also experienced a small resurgence, coming in third as the most popular type of vehicle checked with HPI, followed closely by compact executives. However, the continued popularity of smaller cars and a general downward trend for purchasing larger vehicles over recent years seems to confirm that used car buyers are giving more consideration to fuel economy and long-term motoring costs when making their purchasing decisions.

"Our figures show that mid-range 1500 to 1599 engines are the most popular for small family cars, with around 26% of checks done on these. However more powerful 1900 to 1999 engines ran a close second in the small family car bracket, coming in at 25% of checks conducted, "says Nicola Johnson, Consumer Services Manager for HPI. "Engine size for the supermini category is more of a mixed bag, with the smaller 1200 to 1299 engine size proving the most popular with just over 20% of checks conducted. However both the smaller 1100 to 1199 and larger 1500 to 1599 were also popular for superminis"

There is a greater industry focus on delivering alternatives such as electric vehicles and bio fuel, but HPI's 2010 figures show they remain an unpopular choice with used car buyers; less than 1% of checks are done on these. Petrol vehicles are undoubtedly the most popular, still accounting for 62% of all checks conducted, with diesel making up nearly 37%.

Nicola Johnson comments, "Used car buyers still seem to reluctant to embrace electric vehicles and bio fuel. The cost of these vehicles, combined with a relatively poor infrastructure - especially for used models when it comes to repairs and servicing - are obviously disconcerting for potential buyers. However, the technology is moving forward all the time, with innovation from race teams helping push the envelope for road vehicles, so we are sure we will see a pick up in these vehicle types on the used market over the coming years."

HPI's figures show the average used car buyer is clearly becoming more environmentally conscious, with a third of vehicles checked having an 'A' CO2 rating. However, in terms of the most popular models checked with HPI, the most common CO2 rating for a supermini was 'F' and for a small family car 'G', suggesting that perhaps these smaller models are not always as environmentally friendly as appearances suggest.

Johnson concludes, "Consumers are clearly focusing on reducing the size of their vehicle as they brace themselves for another year of economic instability. However, being armed with vital tools such as HPI's free CO2 Certificate, will enable you to make buying decisions supported by expert information such as emissions and fuel efficiency ratings. HPI's CO2 Certificate comes as standard with every HPI Check conducted.

"Although the future remains uncertain, used car buyers can at least be sure about the vehicle they are buying, not just in terms of the vehicle's finance, accident, mileage and theft history, but just how much it will cost them to run during these turbulent times."

DATED: 22.02.11

FEED: GG

Tesco refuses to comment on used car plans

2011-02-06T20:09:00.000Z

Tesco has refused to comment on suggestions it is planning to sell used cars, dismissing them as "rumours and speculation".

There had been suggestions the retailer was planning to launch an online operation.

But today a spokesman said: "Every week you hear that Tesco is planning something. Last week it was we're moving into Vietnam, this week we're going to sell used cars. We will not comment on rumours and speculation."

Tesco has this month announced a partnership with Blackcircles.com to sell tyres through checkout promotions and referrals.

DATED: 06.02.11

FEED: AM

Keeping an uninsured car soon to be illegal in Britain

2011-01-11T20:51:00.001Z

New rules will make it illegal to keep an uninsured car in Britain whether it is being driven or not.

Owners who have not declared their uninsured cars and vans off the road could have them seized and crushed.

Transport Minister Mike Penning said uninsured cars were a "real road safety issue". The measure, introduced under Labour, will be made law "shortly".

But the AA said it would not hit the "motoring underclass" who did not register their car.

The new rules will apply in England, Scotland and Wales but not Northern Ireland.

The Department for Transport (DfT) said it did not have a definite date for when an announcement would be made.

But a spokesman stressed owners who had a Statutory Off Road Notification, enabling them to keep their uninsured car, would not be affected.

'Huge burden'

At present it is illegal to drive a car while uninsured. The penalty for doing so is a maximum fine of £5,000 and six to eight penalty points. The police have the power to seize, and in some cases, destroy the vehicle that is being driven uninsured.

Under the new system, it will be an offence to keep an uninsured car.

It will be enforced by comparing the database of the Driver and Vehicle Licensing Agency with that held by the Motor Insurers' Bureau, which was set up to compensate victims of uninsured drivers.

Owners of uninsured vehicles will then be contacted by letter to warn them they face a £100 fine if the car or van is not insured by a certain date. If the vehicle remains uninsured, regardless of whether a fine has been paid or not, it could then be seized and crushed.

In 2009, it was estimated that about two million motorists in Great Britain drive uninsured.

DATED: 11.01.11

FEED: GG

GM chief tees up Buick for luxury market

2011-01-11T20:50:00.000Z

Carmaker General Motors is planning to rejuvenate its Buick brand to rival German and Japanese luxury brands.

"It has to be at least a flanking brand," GM's chief executive Dan Akerson told BBC News in an interview ahead of the Detroit motor show.

GM also wants to modernise its Cadillac luxury brand by adding smaller and more fuel-efficient models.

The efforts should help the automotive giant compete globally in the fast-growing market for luxury cars.

'Understated elegance'

US luxury cars are currently struggling to compete outside their home market, whereas foreign rivals such as Audi, BMW, Mercedes and Lexus are growing fast both in their home markets as well as in the US and in Asia.

Mr Akerson said he was confident its latest Buick Verano, which has just been unveiled, would do much to change that.

"We just want to have a bit of understated elegance," he said, insisting the car "looks like a really cool BMW".

Buick is currently the fastest growing brand in its US home market, having seen sales rise 52% in 2010.

"We do think Buick has a different position than it has had in the past," Mr Akerson said, pointing out that Buck customers are now a full 10 years younger than they were in the past.

Smaller Cadillacs

The all-American luxury brand Cadillac could also do with some refinement, he acknowledged.

"We're not happy with the position internationally," he said, though in the US market, he insisted, the marque is outperforming all its rivals in terms of sales growth.

"I think we need one or two more models for Cadillac."

By 2012 Cadillac will have two new models, one of which will be smaller than the marque's current offering, Mr Akerson revealed.

DATED: 11.01.11

FEED: GG

Chinese lift Rolls-Royce car sales

2011-01-11T20:49:00.000Z

China has now overtaken the UK to be Rolls' second- biggest market after the US, while Asia-Pacific is the biggest region thanks to strong growth in the UAE, India, Korea and Japan.

In 2010, 2,711 cars were sold in total, the highest level since new Rolls cars re-emerged under BMW ownership in 2003. The total is 171pc up on 2009 sales and more than double 2008's previous record of 1,212.

Rolls cars have a rich heritage in the UK, with Prince Charles and the Duchess of Cornwall using a classic Rolls-Royce Phantom VI on the night their convoy was attacked by rioters. That car had been with the Royal family for more than 30 years and the prestige associated with the brand has made Rolls popular in Asia.

Demand in 2010 was also fuelled by a new model, the Ghost. The car has been designed to be driven primarily by its owner, as opposed to the chauffeur-driver Phantom, and 80pc of buyers have never owned a Rolls car before.

However, Phantom sales also held firm as bespoke sales rose to record levels, according to Rolls. Bespoke models allow the customer to personalise various features, such as unique exterior paints and internal stitching.

DATED: 11.01.11

FEED: GG

Land Rover Defender

2011-01-11T20:48:00.000Z

Land Rover has gone public on its thoughts for the next generation Defender.

The current Defender sells approximately 22,000 units per year and although received a facelift in 2007, hasn’t really changed much since its launch in 1948. Land Rover believe that any modern replacement for the iconic workhorse should be instantly recognisable and include an extended range to include a more refined version to cater for the urban environment.

Full size design concepts have already been completed and Land Rover expect the next generation Defender to be on sale in 2014 or 2015.

DATED: 11.01.11

FEED: GG

HPI gets contract with finance provider

2011-01-11T20:46:00.000Z

HPI has signed a deal with car finance provider Duncton to provide vehicle data for its finance application assessments.

The data from HPI will ensure Duncton eliminates data capture errors and finances the right car.

Shamus Hodgson, Duncton’s director of sales and marketing, said: “Ensuring we know the provenance of the vehicle we are financing is key to our business model.”

Working closely with Duncton, HPI is applying its vehicle data, including Glass’s Code, to streamline the finance application process. Following the initial application review, an HPI Check is conducted to ensure there is no hidden history, before the loan is finally sanctioned.

DATED: 11.01.11

FEED: AM

The Electric Rolls-Royce

2011-01-11T20:45:00.000Z

The electric Rolls-Royce: Luxury firm plans eco-friendly vehicle

Rolls-Royce is planning an electric limousine, which would be rechargeable...with zero emissions.

There has been speculation for two years that Rolls-Royce was planning a top secret electric model.

Then, before Christmas, Rolls-Royce's chief executive said an electric or alternatively-fuelled 'experimental' Rolls-Royce model would be a 'good idea'.
And yesterday (January 10th), Torsten Mueller-Oetvoes confirmed 'all options' for alternatively-fuelled vehicles were being considered.

Mr Mueller-Oetvoes said: 'We are not going to make any rash decisions. It would be wrong for the brand and wrong for our customers if we were to take a decision without fully exploring all options.'

DATED: 11.01.11

FEED: GG

Toyota expands Prius hybrid car brand

2011-01-11T20:44:00.000Z

Japanese carmaker Toyota is adding new models under its Prius petrol-electric hybrid label.

The move aims to capitalise on the green image of the Prius, which even rival carmakers say has become synonymous with hybrids.

"In the US, hybrid means Prius," said Jim O'Donnell, chief executive and president of BMW of North America.

"No other manufacturer sells significant numbers of their hybrid vehicles."

Toyota has clocked up sales approaching a million Prius cars in the US over the past decade.

"We're doing this because our customers told us they wanted all the benefits of Prius in a variety of vehicles," said Bob Carter, head of Toyota in the US.

The first new Prius to hit the road will be the Prius V, a family vehicle. A smaller Prius C is set to follow, as is a plug-in Prius.

"As the family expands, each member will be an all-new model, not a re-badged version of an existing Toyota hybrid," vowed Mr Carter.

'Best fuel economy'

The compact Prius C model is under development In the US, the third generation Prius, which was unveiled at the Detroit auto show in 2009, still "delivers the best fuel economy of any car without a plug sold in America", according to Mr Carter.

This is essentially because European rivals tend not to offer diesel versions of their cars in the US. In Europe, Prius is facing much tougher competition.

"Don't underestimate the differences between the US and Europe," says BMW's Mr O'Donnell.

"In the US, people are impressed with anything above 30 miles per gallon.

"And that's even when considering how the US gallon is much smaller than the UK one," he adds, referring to how a US gallon is equivalent to 0.83 UK gallons or 3.785 litres.

Even so, hybrid sales in the US command just 2% of the market, observes Mr O'Donnell.

"There's been so much hype about hybrids," he says, insisting that Americans would do well to also consider diesel, or perhaps even diesel hybrids, in their efforts to improve fuel economy

DATED: 11.01.11

FEED: GG

Renault spy scandal: China denies involvement

2011-01-11T20:43:00.000Z

China has denied any involvement in an industrial espionage scandal involving French car maker Renault and alleged leaking of electric car technology.

The scandal has rocked France, with a legislator saying last week that there were indications of Chinese involvement.

But Chinese foreign ministry spokesman Hong Lei said the claims were irresponsible and unacceptable.

He said the government had seen the reports but found they were groundless.

"We have taken note of the relevant report," Mr Lei said.

"As for the so-called story that China is involved, we believe this is totally groundless, irresponsible and unacceptable."

Last week, French politician Bernard Carayon, an expert on industrial espionage, said "proven, diverse and reliable" sources pointed to an effort to obtain secrets from three Renault executives.

The trio were suspended by the carmaker last week.

"There are in effect several sources that are typically thought to be serious who consider that a Chinese buyer is in fact behind this operation," Mr Carayon, a member of President Nicolas Sarkozy's UMP party, had said.

France's industry minister has refused to speculate whether China was involved.

Renault, which with its partner Nissan of Japan has invested $4bn to develop electric cars, has said it plans to take legal action.

DATED: 11.01.11

FEED: GG

Free financial compliance tool

2011-01-07T10:24:00.002Z

ITC Compliance has launched a new, free tool to help dealers ensure they do not mis-sell finance products.

Matt Dyer, ITC’s chief executive, says the real threat to dealers in the future comes mainly from the Financial Ombudsman Service, not the Office of Fair Trading.

“The work done by finance companies means it is unlikely that a dealer would breach OFT rules.

"But the new Consumer Credit Directive coming into effect on January 31 makes it imperative that dealers have, and can demonstrate, an audit trail to prove that they are not mis-selling finance.

"Our free software provides exactly that in a format that can be easily integrated into the sales process.”

ITC research shows that two groups are most at risk: franchised dealers selling other brands of finance in addition to that provided by their manufacturer and independent, non-franchised used car retailers.

“The lack of an audit trail leaves the door wide open for unscrupulous buyers, claims management companies and even disgruntled ex-employees to cause mischief by alleging mis-selling.

"Complaints management companies are looking for ‘the next big thing’ after PPI reclaims and if dealers aren’t seen to be fully compliant with the new directive then they could find themselves having to pay £500 per claim in ombudsman fees, even if no grounds for complaint are found.”

Simon Barrass, group F & I director at JCT600, said: "The system ticks all the boxes for us and is a vital added safety net; especially because the financial ombudsman deals with consumer credit complaints.

"As a group we deal with 14 different finance houses all of which have provided us with great CCD systems but obviously none of them can provide us with an audit trail showing how we arrived at the decision to propose the customer to them. In my opinion ITC's initiative to provide this free software can only be good for dealers."

To register for your free copy of the ITC compliance CCD software go to www.itccompliance.co.uk/?page=ccd

DATED: 07.01.11

FEED: AM

Motor Codes to strengthen position in 2011

2011-01-07T10:24:00.001Z

Motor Codes, the government-backed, self-regulatory body for the automotive industry, is set to raise the bar for customer satisfaction in 2011 and increase credibility for subscribing garages, through top-level links to government.

2011 sees the beginning of a new 'tough but fair' era for Motor Codes under the watchful eye of the newly appointed Chairman of the Motor Codes advisory body, ICAP (Independent Compliance and Assessment Panel). As Chairman, Ron Gainsford, Chief Executive of the Trading Standards Institute, will intensify the monitoring of each Code, concentrating efforts on the growth of the Service and Repair Code. His role will become increasingly vital to ensure subscriber standards continue to be met and maintained, while only the best garages are promoted to motorists.

Internally, Motor Codes has announced the appointment of Chris Mason to Managing Director and he points out that the increasing support of Motor Codes is good news for motorists, "There is now a Motor Codes garage in every major town and city of the UK, which means greater peace of mind for motorists. We have expanded our motorist advice team, providing a free, independent advice and conciliation service, maintaining customer satisfaction levels and greatly reducing potential disputes for subscribers."

An important part of the 2011 activity is the annual Golden Garages competition. Launching on 10 January, it will profile the UK's top 50 service and repair centres, identifying examples of best practice locally and nationally. The competition will conclude in April when the UK's Golden Garage will be revealed.

DATED: 07.01.11

FEED: GG

Electric cars not accessible 'in next five years'

2011-01-07T10:23:00.000Z

The majority of global car executives do not foresee a reasonably priced electric vehicle being available on the mass market in the next five years, a survey has suggested.

Many also believe that electric cars will not be affordable without government subsidies, KPMG said.

But they do think that the market for electric cars will be the fastest growing sector in the market.

Carmakers are investing in electric vehicles to reduce carbon emissions.

This is to both hit emissions targets and satisfy consumers' growing desire for fuel efficient cars.

The survey found that 91% of consumers cited fuel efficiency as the single most important factor when choosing a new car.

Some carmakers, such as Renault and Nissan, are pinning their hopes on pure electric cars.

Others, such as Toyota and General Motors, prefer hybrid technology, which combines both electric and petrol engines.

DATED: 07.01.11

FEED: GG

Close Motor Finance opens branch in Northern Ireland

2011-01-07T10:14:00.000Z

Close Motor Finance has opened its 12th UK branch, and its first in Northern Ireland.

The premises, in Lisburn, follows the company's expansion into Northern Ireland last year.

Branch manager is Gary McAdam, who joined in June.

“We have had a great response from car, motorcycle and LCV dealers, signing over 190 dealerships in our first few months of trading.

"With the branch opening in the province however, we expect an increase in supporting dealers given that the Close Motor Finance model is based upon local ownership and the personal touch a local branch can deliver”.

The new branch has also provided an opportunity to expand the Northern Ireland team, with an additional three internal staff already recruited to support the existing sales personnel.

DATED: 07.01.11

FEED: AM

Nissan reshuffles corporate sales team

2011-01-07T10:12:00.000Z

Nissan Motor (GB) has made a number of changes within its corporate sales department.

James Douglas, Nissan’s current fleet sales director has been promoted to corporate sales director, replacing Tony Lewis.

Lewis has moved to Nissan Europe to take up the position of director sales and marketing, light commercial vehicles business unit.

Douglas joined Nissan in 1998 as area fleet manager and held several sales and marketing roles within the company before becoming fleet sales director in 2007.

James has been replaced by Andy Woodhall, who was previously a regional sales director for Nissan.

Douglas said: “I’m delighted to be taking over the corporate division during such an exciting time.

“Nissan is one of the fastest growing brands in the UK with considerable market share growth.

“Innovative new product such as the all-electric LEAF and Juke crossover make the marque more relevant than ever for corporate buyers.”

DATED: 07.01.11

FEED: MT

Saudi plans $500 million car manufacturing company

2011-01-07T10:11:00.000Z

Saudi Arabia plans to start up its first car manufacturing company with a capital of $500 million and expects a prototype within two years, state media reported on Sunday.

Riyadh-based King Saud University's President Abdullah al-Othman signed on Sunday a memorandum of understanding with a South Korean car manufacturing firm to set up the new company.

"(The company) will have a capital of about $500 million," Othman said, quoted by the state news agency SPA.

Up to 15 percent of the financing for the new venture is to be provided by the university's investment arm, Wadi al-Riyadh Technology, while 30 percent will be covered by the Korean firm. The rest will be offered to investors, the agency said.

A prototype of an economic car suitable for local use will be ready within the next two years, Othman said.

Othman said he hoped that Saudi Arabia could export its first car to other Gulf states as well as North African countries.

Saudi Arabia, the largest Arab economy, is heavily dependent on oil and is trying to diversify its revenue to other sources.

DATED: 07.01.11

FEED: GG

BCA reveals its Top 10 Cars of 2010

2010-12-22T11:59:00.000Z

From a Bugatti Veyron to a Road Train!

Leading vehicle auction company, British Car Auctions (BCA) has drawn up its top 10 of unusual vehicles sold during 2010. The company handles handles an enormous variety of vehicles during the year, with the vast majority being the popular makes and models we all drive from day to day. But with up to 3,000 vehicles being sold every day from its 21 locations, BCA also sees vehicles that are weird, wonderful or just hugely valuable.

"This year's big ticket items were a 2006 Bugatti Veyron, which went for £625,000 and a 2008 Rolls Royce Phantom, which realised £195,500," says Tim Naylor at BCA. "Both sales created a huge amount of interest with buyers registering from all over the UK and even further afield."

"The most unusual vehicles we sold were a pair of Road Trains, more often seen at beach resorts and other visitor attractions. The New Holland Leisure train sold for £4,900, while the Italian made Dotto Train realised £2,500. BCA also sold a lavishly appointed one-off Mobile Office with 12 workstations based on an Iveco truck for £38,500 - ironically it had been used to promote recycling and was being recycled itself!"

"We also held a sale of 'barn find' classic cars, previously in the hands of one owner from the Margate area and hidden in lock-ups and garages for a number of years. The star of the show was a 1959 Ford Zodiac Convertible which made £6,300 despite being in bits and pieces."

"Charity auctions this year included a pink Smart Car supporting the Royal Marsden Cancer Campaign and the Bangers4BEN sale, which raised £5,350 towards the Motor Industry Benevolent Fund. We also sold a beautifully restored Royal Mail Morris Minor van with all the funds raised going to Barnados."

"BCA also had cars with a showbiz connection. In November, we sold a Honda CR-Z Hybrid Coupe for £18,500, formerly owned by Justin Hawkins, ex-lead singer from The Darkness, while earlier in the year a vintage Ford Cortina 2000GT previously featured on the BBC's Culture Show was sold."

DATED: 22.12.10

FEED: GG

Renault cuts new car prices to reduce discounting

2010-12-22T11:58:00.000Z

Renault is cutting its recommended retail prices in January at a time when most car prices will rise as a result of the new 20 per cent VAT rate.

The initiative is intended to close the gap between Renault’s list prices and discounted transaction prices and follows its recent move to simplify its model line up by deleting around 30 per cent of its model variants.

The new pricing, which starts on 4 January 2011, sees cuts ranging from £170 off the entry-level Scénic to £2,300 off the range-topping Laguna Coupe GT.

Thierry Sybord, Renault’s UK managing director (pictured) said the move will reduce the level of discounting in its dealer network.

“There’s been a big difference between catalogue prices and transaction prices and when you do that for a while it destroys the value of the brand. Over the next two years I want to work on the value of the brand and come back with the magic,” he said.

“It’s important to train our network and try and change the habit they have to sell the discount before they sell the product. It’s a big challenge and the network agrees with us. We’re in the same boat.”

DATED: 22.12.10

FEED: MT

Chrysler Jeep UK network set for expansion

2010-12-22T11:57:00.002Z

Fiat and Chrysler CEO Sergio Marchionne (pictured) is aiming for a six-fold increase in Chrysler Jeep sales in the UK.

In his five year plan for Fiat/Chrysler in the UK sales of Chrysler Jeep are targeted to grow from 4,300 over the past year to 29,000 by 2014.

In the past the group has sold more than 22,000 cars a year in the UK.

Fiat UK managing director Andrew Humberstone and Chrysler UK director Nigel Land plan to expand the dealer network from the current 48 to 70 by 2012 and 90 by 2014.

The first recruitment will be in the big cities where Chrysler and Jeep are under-represented. Existing Fiat and Alfa Romeo dealers are favoured candidates.

A key part of the Fiat deal is the integration of the Chrysler and Lancia brands.

In left-hand drive markets of Western Europe, Chrysler will disappear in favour of an expanded Lancia range.

But in the UK and Ireland, where Lancia withdrew from the market in 1994, the Chrysler brand is being retained, Lancia will not be introduced and Dodge is axed.

In June 2011 dealers will get the Chrysler Delta and later the smallest-ever Chrysler, the Ypsilon, a clone of Lancia’s new city car to be launched this coming spring.

Jeep continues as a stand-alone brand which in the UK will have a freshened range of US-built cars consisting of the new Grand Cherokee, the classic Wrangler, and two ‘soft-roaders’, the Patriot and the Compass.

DATED: 22.12.10

FEED: MT