The vital role the remarketing sector is playing in the electric vehicle transition needs to be more widely recognised and supported if it is to succeed, says the Vehicle Remarketing Association. Philip Nothard, VRA chair, said without an efficient and properly functioning EV service, logistics, storage and remarketing industry to support the volumes of electric cars and vans about to enter the … [Read more...]
Trade Centre profits fall despite soaring sales
Trade Centre Group profits more than halved last year. Figures filed at Companies House, Cardiff for 2022 show the used car supermarket group with showrooms at Neath and Cardiff saw profit before tax collapse 62.9 per cent from £18.6m in 2021 to £6.9m in 2022. The group has other outlets in Coventry, Rochdale, Rotherham, Wednesbury and Birmingham and sold more used cars – 35k in 2021 to more … [Read more...]
Deeside college students plug into EV technology
Students powering through an innovative electric vehicle programme in Wales want others to plug-in and join them and meet growing demand for thousands of technicians nationwide. The Hybrid/Electric Vehicle Repair 2 and 3 qualifications at Coleg Cambria Deeside have been a huge success, with up to 100 learners completing courses in the past 18 months. And now the college has unveiled a new Level … [Read more...]
EV discounts arriving to lift sales
Discounts are starting to appear on new electric vehicles for really the first time since they entered the mass market, delegates were told at the Association of Fleet Professionals 2023 Conference. Recent price cutting by Tesla and the arrival of new manufacturers from China were both helping to create a more competitive environment, alongside a gradual ramping up of production volumes … [Read more...]
EV values slide as fleets reshape businesses
Used electric cars and vans are expected to fall further in value in coming months, according one industry expert. The slippage might also see petrol and diesel models cut back by manufacturers to meet tightening ev sales targets by Government. Interference in the ICE market will have the effect of driving up values of existing models as a consequence. Used electric vehicle values could fall by … [Read more...]
Stocking issues continue for dealers
More dealers say that stock supply is currently the biggest challenge facing their business than at any point in over a year. May’s Startline Used Car Tracker shows that 84% believe it is their number one concern. This is the highest level since the monthly survey first began 13 months ago, with the previous high of 77% being recorded in July 2022. Additionally, 54% say that the general … [Read more...]
Newslines 23 May
RM Sotheby’s has successfully conducted its biggest ever Villa Erba sale, grossing a remarkable €52,953,100 in front of a packed salesroom on the shores of Lake Como. The undeniable star attraction of the sale was the no reserve Aurora Collection, which sold for an astonishing cumulative value of €25,288,500 after hotly contested bidding throughout with a number of collectors in the room, on the … [Read more...]
Banks must finance more EV deals
Almost six out of 10 dealers (58%) believe that more support is needed from their motor finance providers to retail electric vehicles, shows new research. May’s Startline Used Car Tracker reports that 41% say their lenders are less keen to finance EVs, 10% want higher deposits from buyers and 5% charge higher interest rates. A further 5% say their lenders simply won’t touch EVs at all. Just … [Read more...]
Bank Rate rise is challenge to traders
The decision by the Bank of England to raise their interest rates by 0.25%, to 4.5%, will inevitably have implications on the motor trade, according the car dealers' body. The Bank of England has confirmed that interest rates will rise by 0.25%, from 4.25% to 4.5%, the twelfth consecutive rise since December 2021. Sue Robinson, Chief Executive of the National Franchised Dealers Association … [Read more...]
Use your car less and drive up bills and trouble
Cutting down on your car use and mileage might be a false economy in the long run, according to Vertu Motors. Cars provide convenience and freedom to motorists, but, with the current pinch on the cost of living, many Brits may be looking to cut down their mileage to save money. However, the experts at Vertu Motors have warned that car owners still need to maintain their vehicles, even if they … [Read more...]