IHS Markit forecasts used by automakers and suppliers for strategic decisions has downgraded its assessments across "virtually all regions." It called the coronavirus pandemic "the single biggest risk factor facing the auto industry for many years," reports Automotive News Europe. Global sales will fall by more than 12 percent this year to 78.8 million units, a downgrade of 10 million units from … [Read more...]
Finance News
Fleets urged to take renewable fuels route
A new guide from the Low Carbon Vehicle Partnership for fleet operators shows how renewable fuels can immediately cut greenhouse gas emissions in road transport, particularly from commercial vehicles for which few low emission solutions are currently available. While the focus has been mainly on vehicle electrification for meeting the UK’s net zero target as it applies to road transport, … [Read more...]
Tradelines 25 March
Petrol prices crashed to an 18-year low this week. Falling oil wholesale cost saving are now reaching forecourts and Morrison’s has slashed 12ppl petrol and 8ppl diesel with prices at about 104ppl and 111ppl respectively, says the RAC, which is urging drivers to only go out if vital and support small independent retailers if they can. National Express timetables will be reduced today after which … [Read more...]
Car makers want urgent comprehensive support
The effect of the coronavirus on society and the global economy is unprecedented with grave consequences for the automobile industry, say European car makers. Indeed, most of the members of the European Automobile Manufacturers’ Association have already announced temporary closures of plants due to collapsing demand, supply shortages, and government measures, and are facing cases of corona … [Read more...]
Car makers want urgent talks over future
The car-makers want detailed talks with British Government in the light of the corona virus and implications for the industry struggling with falling demand. The industry employs over 823,000 in Britain and Mike Hawes, SMMT Chief Executive said, “We welcome the additional and significant emergency support for business announced by the Chancellor. “The UK automotive industry is inherently strong … [Read more...]
Dealers seek Government help
The retail automotive sector employs 590,000 people in the UK and businesses must be protected through supportive fiscal measures during the outbreak of the Coronavirus, said Sue Robinson, Director of the National Franchised Dealers Association. NFDA yesterday wrote a letter to the Chancellor of the Exchequer, the Rt Hon Rishi Sunak MP and Alok Sharma, Secretary of State for Business, Enterprise … [Read more...]
Two-wheeler sales rising as cars fall
February 2020 has delivered a strong 3% increase in motorcycle sales compared to last year, improving a typically quiet month, said Stephen Latham, Head of the National Motorcycle Dealers Association which represents motorcycle retailers across the UK. Some 4,607 new motorcycles were registered in February, up from 4,473 in February 2019. In terms of year-to-date, the market has grown 2.9%, from … [Read more...]
Budget of hope to smooth rough ride ahead
The Budget provides something for today’s and tomorrow’s drivers, said RAC head of policy Nicholas Lyes. “Today the Chancellor has given a boost to drivers of today’s vehicles with a fuel duty freeze while also investing in tomorrow with funding for rapid charging hubs for electric vehicles, an extension to the plug-in car grant, funding to repair Britain’s roads and a commitment to spend on … [Read more...]
Traders attack new consumer advice
Car dealers and auction houses have fallen out with trading standards officers. “It is disappointing that following a number of responses, including our detailed comments on the draft guidance consultation, the Chartered Trading Standards Institute has ignored the majority of the issues NFDA had outlined alongside other industry trade bodies”, said Sue Robinson, Director of the National … [Read more...]
Call for Budget rethink on VED rebates
Today's Budget should be used as an opportunity to re-examine the impact of Vehicle Excise Duty on rental companies and other businesses that keep new vehicles for less than a year, says Meridian Vehicle Solutions. Phil Jerome, managing director at the medium-term rental specialist, said that the current inability to obtain a full refund on any outstanding balance from the first VED payment at … [Read more...]
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