The ongoing fuel crisis is detering new car buyers, according to Close Brothers Motor Finance.A fifth (20%) of the UK public admit the fuel shortage up and down the country has put them off buying a new car.The research, which examined the impact of the national fuel shortage on car buying, found that well over a quarter (27%) say the crisis has made them think about purchasing an … [Read more...]
Fuel shortage green light for ev sales boom
After one on-line retailer reported a 60% jump in ev-searches over the weekend, analysts believe the fuel shortage will be the big catalyst to boosting the uptake of the greenest cars.Sean Kemple, Managing Director of Close Brothers Motor Finance, said, “The current fuel crisis may well be the catalyst for motorists to go green."Vauxhall is bringing out eight new electric models, … [Read more...]
Car stock shortages looming, warn finance lender
Stock shortages emerge as the biggest worry for dealers in the year ahead, according to new research from Close Brothers Motor Finance. The Dealer Satisfaction Survey found that almost a third (31%) of motor dealers see the lack of stock availability as the biggest threat to their business, with the global semiconductor shortage having a significant ripple effect on the motor industry. Despite … [Read more...]
Used cars’ sales booming, says industry
The UK’s used car market grew 108.6% in the second quarter of 2021 according to the Society of Motor Manufacturers and Traders. Some 2,167,504 vehicles changed hands, up 6.6% on 2019 pre-pandemic levels, the best Q2 performance and almost the best quarter ever for the used car market. The increase tracks the country’s gradual emergence from lockdown, as businesses reopened, demand for personal … [Read more...]
Post Coronavirus symptoms trouble trade
The recovery from Covid-19 continues to be the main concern for car dealers when thinking about the future of their business, according to new research from Close Brothers Motor Finance. Over a third (35%) of dealers surveyed in the Dealer Satisfaction Survey said that Covid-19 recovery and the potential for future lockdowns poses the biggest threat to their business in the next 12 months, while … [Read more...]
Slow recovery in new car registrations
New car sales are slowly picking up after the first full month of showroom openings, said the Society of Motor Manufacturers and Traders. Registrations in May reached 156,737 units, an almost eightfold increase on the same month last year, but down -14.7% on pre-pandemic May 2019, and -13.2% on the 10-year May average. Against a more positive economic backdrop – including OECD forecasting a 7.2% … [Read more...]
Seeing is believing say car buyers
While the pandemic has accelerated online buying across multiple sectors, most drivers are not quite ready to take the leap and buy a new car online without seeing it first. According to Close Brothers Motor Finance’s Britain Under the Bonnet Report, a new car tops the list of things that people would research online but need to see in real life before buying – even over a new home. Just over a … [Read more...]
Covid-19 polarises buyers around the nation
Covid-19 has polarised the world, and the nation – including car buyers. According to research from episode one of the annual Britain Under the Bonnet report, from Close Brothers Motor Finance, some 38% of drivers are more likely to delay buying a car due to the economic uncertainty caused by Covid-19 and Brexit, while 12% have brought forward their plans. The fifth edition of the report, which … [Read more...]
Government statements slowing car sales recovery
Continuing confusion over Net Zero targets is slowing the recovery of motor sales. Seán Kemple, Managing Director of Close Brothers Motor Finance, said, “March marks a year since the first UK national lockdown, and the industry has evolved remarkably during this time. “New car sales are going ahead through click and collect, or click and deliver, services, and dealers continue to adopt new ways … [Read more...]
Buyers urged to question finance and commission rates
One third (34%) of British consumers expect car dealers to earn commission on vehicles bought on finance, and a further 28% don’t mind so long as they’re informed, according to new research from Close Brothers Motor Finance. This news comes as the FCA introduces new regulation for the motor finance industry, which comes into force on 28 January. The changes include banning pricing models which … [Read more...]
