It looks as if Direct Line founder Peter Wood has thrown in the towel in his bid to buy Cox Insurance. He says that the company's refusal to give him access to information had left him “unable to move forward” after his recent bid valuing the company at around £250m was rejected.
The difficulty in obtaining Daewoo parts which had developed since the GM merger should be a thing of the past, a company spokesman said today. GM Daewoo has invested over £2m in new stock at its Northampton warehouse.
The first batch of the first car developed under the GM Daewoo banner, the Kalos, have now arrived in the UK. A shipment of 500 of the new supermini arrived this week at Bristol's Portbury Docks after several weeks in transit from Korea.
MG Rover's L series turbo diesel engine has been upgraded to give 11 per cent more power and 8 per cent more torque – but with no penalty in CO2 emissions. Power increases from 101 to 113Ps and torque from 240 to 260Nm.
Honda has 3 per cent of UK market share for 2002 firmly in its sites. And with a solid platform of new model launches in 2003, the company says it is set to increase its UK market penetration next year.
BMW is giving Internet users a fly-on-the-wall view of the Mini production process at Oxford via its www.mini.co.uk website. The 12-minute time-lapse video covers the entire production process.
Toyota has hinted at the ambitious plans now in place to give the carmaker a more active role in Europe's diesel market. And the production of more than 120,000 of its new low-particulate D-CAT diesel engine at its new Polish engine plant will be the trump card, Toyota Motor Corporation chairman Tsutomu Tomita has revealed.
Volvo has launched a pilot car rental scheme targeted at local businesses. Volvo Rental's main market will be to deliver a short term fleet “top-up” service for companies - but the scheme will also be used to attract company car opt-out drivers to the marque
Porsche has pre-sold 25,000 of its new SUV the Cayenne – and the carmaker is already talking of boosting its planned production run of 25,000 to 40,000 per year. Retailing at between £38,000 and £64,000 and with a profit margin of in excess of 20 per cent, dealers in Germany are already hailing the new model as a trump car for the already-profitable sportscar maker.
The pay talks between Peugeot and T&G union leaders broke down yesterday and more than 4000 Ryton plant workers are now to be balloted for strike action. Although unions are alleging that the 7.3 per cent pay offer is worth considerably less over its two-year term, yesterday's talks broke down over company plans to raise employee pension contributions.
Direct Line founder Peter Wood has hit out at Cox Insurance yesterday after the eighth-ranked UK motor insurance company rejected his purchase offer worth between 85 and 100p a share. The insurance magnate, who is currently involved in the Esure insurance business with the Halifax and Bank of Scotland Group, alleges that Cox had “actively encouraged” his bid.
Motor World has seen its fortunes rise since the MBO from the Finelist Group. Grahame Steed speaks to chairman John Mousell about the dramatic turnaround.
It is ironic that in recent editions of the AM business briefings that we have centred on good cash management and housekeeping in order to run your business in the most efficient manner.
With the onset of the new block exemption rules it has never been more important to recognise that the route to a successful motor retailing business is directly through creating happy customers.
The founder of Direct Line Peter Wood has bid £200m for the UK's eighth largest motor insurer Cox Insurance. His bid is backed by HBOS with which he has a joint venture through the Esure online insurance business.
Renault is understood to be sponsoring Channel 4's drama series next year in a deal worth more than £3m. The sponsorship will comprise a wrap-around presentation to such series as <i>The West Wing</i>, <i>The Sopranos</i> and a new series of <i>Teachers.</i>
Negotiations are underway today to avert a strike at Peugeot's Ryton plant near Coventry. This follows an overwhelming workforce vote to reject the company's latest pay deal worth 7.3 per cent over two years.
The VBRA is urging bodyshops to renegotiate their contracts with the insurance companies so that the knock-on environmental costs of the repair process are not carried by the garage. The move follows the Chancellor Gordon Brown's announcement in his Pre-Budget Statement of an increase in the Landfill Tax.
GM is set to market two new cars in India next year to take advantage of a projected 9 per cent per year growth in the subcontinent's car market. Currently taking just 1.6 per cent of the Indian market, GM expects to sell around 9000 cars in 2002.
The RMI claims to have dissuaded the HM Customs and Excise from unnecessarily imposing an extra £70m VAT tax burden on the motor retail industry. VAT inspectors had argued that dealers should be charging VAT when supplying Vehicle Excise Duty with new vehicles – particularly as part of an 'on the road price'.
The RMI claims to have dissuaded the HM Customs and Excise from unnecessarily imposing an extra £70m VAT tax burden on the motor retail industry. VAT inspectors had argued that dealers should be charging VAT when supplying Vehicle Excise Duty with new vehicles – particularly as part of an 'on the road price'.<p>
Defence firm Northrop Grumman is still in talks with the US Justice Department over its proposed merger with its rival TRW – and hopes that a 'mutually acceptable consent decree can be reached within several days.' The sale of TRW's automotive division, the Lucas brand owner to New York Equity House Blackstone Group for £2.99 bn is dependent on a clearing of the log jam in the defence company merger.
New car sales in Britain have reached an annual selling rate of 2.63m in the third quarter of this year, according to DVLA licensing data analysed by R. L. Polk and Company. Although carmaker market shares were little changed from a year-earlier, market leader Ford's slice has dipped from 17.4 to 14.7 per cent in the 12 months to September.
President of the RMI Fred Macguire has been named Maxol Irish Motor Industry Person of the Month. Macguire won the award for his promotion of professionalism within the motor industry.
Volkswagen has announced that it is to launch two new lower-priced models onto the Chinese market – producing the 1.6 litre Golf and the Polo at its joint venture Shanghai plant next year. The Shanghai-Volkswagen Golfs and Polos will take VW into the sub-£7600 price category on the Chinese market for the first time.
The £2.99bn purchase of the Lucas brand owner TRW Automotive by New York equity house Blackstone Group is likely to be delayed after the main part of a purchase “chain” deal hit the regulatory buffers. US Department of Justice officials have put conditions on the proposed purchase of TRW's defence business by rival Northrop Grumman.
Fiat has now notified 5,600 workers that they are to be laid off for up to a year as part of the company's emergency restructuring in the face of its burgeoning debt. This followed the breakdown yesterday of the latest talks between government and trade union officials.
Vauxhall's new portfolio of vans is delivering the goods for the manufacturer's commercial vehicle division. A spokesman said a 30 per cent sales hike in November means that the company has already crossed its 30,000 sales target for the first time.
The SMMT and RMI are agreed that the UK motor industry is still on target to meet the forecast record 2.5m plus car sales for 2002. This is despite the release of <a href="http://www.smmt.co.uk/downloads/news/3982.xls"class="standardlink"target="blank">November</a> car registration figures today which show that total sales were down 6.8 per cent at 171,674 units.
Want to gain the industry's ultimate recognition for the excellence of your motor retailing, or aftersales operations? Or your innovative approach to your business? If you do, you only have until December 13 to apply for one of the <I>AM</I> Awards 2003.
