Some methods used by finance brokers to reward car dealers that end up overcharging an estimated 560,000 customers about £300 million pounds a year will be banned. The Financial Conduct Authority said it found widespread use of commissions that allow brokers to set the customer interest rate and thus earn higher bonuses. “We found that some motor dealers are overcharging unsuspecting … [Read more...]
Retail News
Aston Martin mark St David’s Day and new Welsh plant
The Aston Martin DBX SUV, which will be built in St Athan near Cardiff, made a surprise visit to No.10 Downing Street in an early celebration of St David’s Day. Aston Martin Lagonda’s investment in a second UK manufacturing facility, which was announced in early 2016, will create over 700 new skilled jobs in the Vale of Glamorgan. Over the past two years the former Ministry of … [Read more...]
Dealers worried over deadline for petrol & diesel cars
Close Brothers Motor Finance’s Dealer Satisfaction Survey has found that two-thirds (66%) of car dealers believe the Government’s plans to ban petrol and diesel cars by 2032 will be too early. The qualitative survey of more than 200 dealers nationwide found that the vast majority (86%) believed the ban would cause another layer of confusion to the market, with 59% believing it would make car … [Read more...]
Shogun Sport CV arrives
The Mitsubishi Shogun Sport is now available as a commercial vehicle. It will appeal to retail and business customers looking for a tough and capable off-road SUV with a high level of specification and a large load area. Based on the well-equipped Mitsubishi Shogun Sport 4 SUV, the Commercial version has a flat rear load area that measures 1,920mm long, 1,000mm wide between the rear wheel … [Read more...]
Government changes are pushing automotive change
With 2018 consigned to the history books it is important to remember that the industry learnt some interesting lessons during the course of the year. With new car registrations down by 6.8%, almost exactly in line with Cazana’s predictions, and used car sales down by 2.1% it is no surprise that for some the full year results were not as expected and the trading conditions flexed in an … [Read more...]
Newslines 26 February
Ahead of one of the busiest months for car insurance renewals with the plate change, research by GoCompare Car Insurance reveals millions of motorists are over-paying to the tune of £1.23bn a year for their car cover by allowing their insurer to automatically renew their policy. At their last renewal 4.6 million drivers rolled-over their insurance without checking to see if they could get the … [Read more...]
Newslines 25 February
The latest Mazda3 coming to the UK from May will begin at £20,595. The 18-strong range of petrol and diesel hatchbacks has five trims running up to £27,735. Ford will conduct an investigation after concerns raised by its own employees over the 'analytical modelling' standards that it employs as part of its US fuel economy and emissions compliance process, says Just-Auto.com . In the wake … [Read more...]
Enjoy your motorbike as weather improves
For some, beloved motorbikes have been stored away since Autumn and riders are itching to take to the open road. writes Chris Sykes. Whether you are a regular rider or burgeoning beginner, here’s Moneybarn’s tips on how to stay safe and still have a thrilling ride. Just remember to carry out the essential checks before you get back on the saddle. Make sure you have the right … [Read more...]
Exchange rate hits UK pcp costs
Car finance costs have increased by as much as 49% since Britain voted to leave the European Union because of exchange rates worsening. The tumbling pound has left UK drivers out of pocket by as much as £98 per month, or £4,606 over the course of the full contract. Sterling has tumbled in value from more than 1.3 euros to the pound in May 2016 to barely 1.1 euros in February 2019. This … [Read more...]
Mid-week motoring: First drive Toyota Corolla
One of the best known names on a car has returned, writes David Miles. Some 14 years after the Toyota Auris name replaced the Corolla we see the return of the World’s best-selling car brand name – Corolla - and it’s on sale in the UK from the new registration plate change month of March. The past generation Corollas achieved over 46-million global sales since they were launched in 1966 and … [Read more...]