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Dealerships may not be entirely ready for the volume and the complexity posed by the numerous Chinese electric vehicle (EV) brands hitting the UK market.
Trade tariffs imposed by Europe will need to be harsh in order to arrest the future dominance of Chinese electric vehicles (EV) in its home market, according to one industry expert.
Dealer management system firm Pinewood will be focused on growth in the UK and USA once parent group Pendragon has sold its motor retail business to US-based Lithia and Driveway.
With one electric vehicle registered every 60 seconds, EVs now account for more than 16% of overall sales, making Britain Europe’s second largest zero emission car market by volume
US-based Lithia Motors could be set to take over Pendragon's dealership and leasing businesses in a £250 million deal which would leave Pinewood, Pendragon's software division, behind as a standalone entity retaining Pendragon's stock market listing.
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Over three-quarters (80%) of car buyers say they got a good or great deal on their used car despite average listing price 37% above pre-pandemic levels.
Carmakers are facing fines of more than £600m, if new Zero Emission Vehicles (ZEV) mandate rules, for selling non-electric cars and vans, go ahead.
TC Harrison Group is investing in systems and training to help its workforce identify and support vulnerable customers in line with Financial Conduct Authority demands.
