Some 10% of Brits have been the victim of fraud when buying a car, according to the latest ‘The Road Ahead’ research from Close Brothers Motor Finance. With the growth and evolution of the motor industry and its market, changes to the car buying experience over time have provided consumers with more choice, but also presented scammers with more opportunities to deceive buyers. The findings … [Read more...]
Tradelines 30 November
The excessive margins being taken on fuel by the UK’s four big supermarkets have been further called into question as the RAC discovered membership-only retailer Costco has reacted to the falling wholesale market by cutting its petrol by 8p a litre to 147.7p– 12p less than the average price of a litre bought at a supermarket and 14p lower than the UK average. The RAC – which earlier this week … [Read more...]
After the hard winter, more chilling news to come
A massive hike in fuel duties is on the cards next spring after a particularly tough winter of rising costs, said the RAC. RAC head of roads policy Nicholas Lyes said, “As things stand, drivers will face an enormous hike in the cost of fuel next Spring due to fuel duty going up. “The Office of Budget Responsibility expects to see 12p added to a litre of fuel, as a result of the current 5p duty … [Read more...]
Dealers and makers’ reputations bashed by delays
Car manufacturers and dealers are suffering reputational damage as a result of unavoidable supply chain disruption, according to research from Close Brothers Motor Finance. While two-thirds (66%) of consumers considering a new car say they understand the difficulties involved, nearly half (48%) say the delays negatively impact their perception of motor dealers. A similar proportion (46%) say long … [Read more...]
Tradelines 31 August
Nearly half of motorists planning to buy a car in the next year would be prepared to pay more to skip waiting lists caused by supply chain problems, according to research from Close Brothers Motor Finance. It follows a fifth consecutive month of decline in registrations in August, which the Society of Motor Manufacturers and Traders attributes to ongoing global supply chain issues, predominantly … [Read more...]
Car production improves but issues remain
Though the outlook is beginning to look more positive as production levels rise for the third month in a row and the industry shows signs of recovery, persistent issues will continue to cause turbulence in the coming months, said Lisa Watson, Director of Sales at Close Brothers Motor Finance. “The ongoing conflict in Ukraine means the well-documented semiconductor shortage is continuing to cause … [Read more...]
Inflation puts brakes on ev models
Rising inflation and cost of living will put the brakes on car sales, particularly electric models, says Close Brothers Motor Finance. It will also slow down the UK Government’s drive towards greener policies for other products and services, according to Lisa Watson, Director of Sales at Close Brothers. The cost-of-living crisis is having a hugely damaging impact on people’s lives, and … [Read more...]
Car production stutters on shortages
UK car production declined -19.2% in the first six months of the year, according to the Society of Motor Manufacturers and Traders, with 95,792 fewer vehicles built compared with the same period in 2021. Just 403,131 units were built, representing the weakest first half since the pandemic-ravaged 2020 and worse than 2009 when the global financial crisis decimated demand. The main cause remains … [Read more...]
Softening of demand for cars is concerning
The cost of cars is by far the top priority for car-buyers as the cost of living crisis bites, according to new findings from Close Brothers Motor Finance’s Dealer Satisfaction Survey. Almost three quarters of dealers (74%) put the cost of the car at the top of the list of customer priorities when looking to buy, followed by the mileage (26%). Other priorities included extras like the sound … [Read more...]
EV and used car sales are soaring
The UK’s used car market increased 5.1% in the first quarter of 2022, according to the latest figures by the Society of Motor Manufacturers and Traders. Some 1,774,351 transactions took place, with 86,596 additional cars changing hands compared with the same period in 2021, when car showrooms nationwide were closed due to pandemic-related lockdowns with only click and collect transactions … [Read more...]