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 … [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 … [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 … [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 … [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 … [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, … [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 … [Read more...]
EVs on charge in collapsed UK market
The UK new car market fell almost a third last year with registrations dropping 29.4% to 1,631,064 units, according to the Society of Motor Manufacturers and Traders today. A -10.9% decline in December wrapped up a turbulent year, which saw demand fall by 680,076 units over 12-months to the lowest level of registrations since 1992. Against a backdrop of … [Read more...]
Car dealers want Government support after Covid-19
Car dealers want Government support for motor industry following Covid-19. A quarter (25%) of car dealers are keen to see a reduction in business rates as the UK recovers from the impact of Covid-19, one in five (19%) want to see current support measures phased out, rather than a hard stop and others are calling for motor-specific policies like changes to … [Read more...]
Tradelines 5 August
The car market turned upside down in July, said Sean Kemple, MD of Close Brothers Motor Finance. The bounce back from near-zero sales in April to a 11% uplift in July reflects the momentous release in pent-up demand because there is usually a summer slump, but 2020 has been anything but normal. Right now it’s the used car market where the real growth is … [Read more...]
