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 … [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 … [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 … [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 … [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 … [Read more...]
New car sales crumble, used-models in demand
New car sales are still crumbling under the weight of supply shortages, rising costs and concerned buyers facing higher costs of living. UK new car registrations fell by -15.8% to 119,167 units in April, according to the Society of Motor Manufacturers and Traders. Despite showrooms being open for the entire month, unlike the previous year which saw … [Read more...]
EVs get Budget boost
Electric vehicles have been given a boost in the Budget. Sean Kemple, Managing Director of Close Brothers Motor Finance, said: “We are finally starting to see the government put its money where its mouth is when it comes to investing in greener roads. "An additional £620 million into public charging in residential areas and targeted plug-in vehicle … [Read more...]
Fuel shortages drying up car sales, says finance company
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 … [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 … [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 … [Read more...]
