Car retail businesses drove record pay rises in 2022 with bonuses and incentives to management soaring by 70% to deliver average remuneration of £407,000, the latest BDO Salary Survey has revealed.
Increasing numbers of franchised car retailers are considering exit strategies as economic pressures and uncertainty around agency model retail plunge the sector into a period where uncertainty is now the norm, MHA has suggested.
‘High demand’ for petrol and diesel vehicles is continuing to drive the strength of the used car market, according to Cap HPI’s Derren Martin.
The Motor finance market reported growth in both the value and volume of new business for the first time since March during August trading, the Finance and Leasing Association (FLA) has reported.
Used cars are getting older, yet prices of diesel, petrol and used hybrids have remained “remarkably” stable over the past 12 months, according to Autorola.
Used car prices rose by 2.17% on Auto Trader as new car supply constraints continued to drive a buoyant market in September.
Expanding the Ultra-Low Emissions Zone (ULEZ) could prompt 39.8% of car owners in London to make the switch to an electric vehicle (EV), research has revealed.
The cost-of-living crisis is forcing families to sell their cars, according to Starline’s October Used Car Tracker.
Ford almost doubled its registrations to lead the Society of Motor Manufacturers and Traders (SMMT) ranking of the UK’s best-selling car brands in September.
Registrations of new cars in the plate-change month of September reached 225,269 units; the 4.6% uplift marking the new car market's second successive month of year-on-year growth, SMMT data shows.
The Office for Zero Emission Vehicles (OZEV) has temporarily extended the plug-in car grant delivery period from 12 to 18 months – ending the threat of thousands of potential lapsed claims.
BMW doubled its September electric vehicle (EV) sales as zero emissions vehicles secured a market share of 17% in last month’s new car registrations.
Used car supermarkets and franchised retailers responded to September’s sector stability to increase the value of their advertised vehicle stock by 1.5% and 1%, respectively.
Car retailers have been the target of a “veiled threat” from an overstretched HMRC after the Government body identified the sector as a VAT risk area, MHA has revealed.
Registrations of Chinese-built electric vehicles (EV) soared 78% across Europe during August as overall vehicle registrations rose for the first time in 2022.
An “extremely tough and uncertain economic environment” for car manufacturers has overshadowed a 34% recovery in productivity during August, the SMMT has said.
Two thirds of UK motorists are against the proposed ban on selling petrol and diesel cars after 2030, a study by iCompario has revealed.
Car retailers’ used car forecourts are unlikely to benefit from “significant volumes” of additional stock as a result of the sector’s seasonal September sales boost.
Land Rover dominated Dealer Auction’s August ranking of car brands and models offering the largest sales margin to car retailers.
The Bank of England has raised the UK interest rate by 0.5ppts to 2.25% in spite of Monetary Policy Committee (MPC) uncertainty over the best approach to stem inflation.
