New car registrations in Scotland in March fell year-on-year by 22.82% to a total of 31,428 units
GMAC UK is including free involuntary unemployment cover on all its new and used car finance packages, covering repayments of up to £1,000 per month.
The March plate change failed to boost new car registrations which fell by 30.5% in March to 313,912 units.
A former director of an Irish car company has been given a 15-month suspended prison sentence and fined £145,000 for price-fixing, in breach of competition law.
Two UK car manufacturers are expected to hear this week whether they will get help from the European Investment Bank.
Aston Villa football club is offering free tickets to its April 12 game against Everton to LDV employees in a bid to boost morale.
Dealers could benefit from an anomaly in the new Capital Allowance rules which means some high-polluting cars will be cheaper for customers to lease.
It seems some online motoring media got caught out on April 1 with the array of April Fool’s jokes that some manufacturers put out.
Rob Whalley has been appointed managing director of IFM Europe, a subsidiary of Australia-based parts solutions firm Infomedia.
General Motors and Chrysler were given deadline extensions this week from the US Government to attempt to secure their futures.
Inchcape, Britain’s most diversified dealer group, now operates in 26 countries. But only one, China, is still growing according to chief executive André Lacroix. In announcing his 2008 financial results last week Lacroix said: “The downturn affecting our industry has spread throughout the world in the last six months.” Lacroix has made a dash for cash while the equity market is in a mood to accommodate bargain share issues. The 6p rights issue was a massive 88% discount to the prevailing price in the market at the close the previous night. The take-up was good enough for shares to settle at 65p. The cash-raiser yielded £232 million. It will not be extensively used to pay down debt as £150 million of stock reductions already planned will reduce debt even after capital spending on acquisition installments of £60 million and a pension fund top-up. The UK market in March at the half-way point was “very similar to the 28% year-to-date decline”. The fall in pre-tax profit in the year was from £240 million to £108m on revenues that were up 3%, but adjusted for currency were down 4%, like for like. The first half was actually very strong with a record margin of 4.4%. Profit was hit further by exceptional charges for £82.5 million on closures, redundancies and the right-down of values on recent acquisitions. In 2008, vehicle sales from Inchcape’s UK retail operation on a like-for-like basis were down 5.4% against an 11.3% market decline overall. Before the rights issue, Inchcape had gearing 1.9 times earnings so analysts gave the swift and decisive action a warm welcome. The rights issue is believed to have been fully taken up from the underwriters and the share price has strengthened.
SMC Renault Group closed its dealership in Guildford at the end of March.
Buyers always move to more practical choices in a recession (remember when the 1989-91 recession decimated coupé sales?).
IM Group has merged the Subaru, Isuzu and Daihatsu brands under a single management structure, with Paul Tunnicliffe at the helm, in order to reduce costs.
Carmaker targets buyers' concerns over job security
Seat will launch an estate version of its Ibiza model in UK showrooms next year.
Two years after branching into car franchises, Bell Truck Holdings has closed its two MItsubishi dealerships.
Following on from Citroen’s announcement that it has launched a new Secure scheme to allow customers to return their cars if they are made redundant, other manufacturers have launched their own ideas to reassure customers this spring.
New tax rules introduced this week will mean that businesses operating car fleets will have to pay around £50 extra tax per year on many cars with low emissions.
Mazda is expecting to double sales of its new 3 lower-medium model to fleets thanks to a new family of lower emission engines.
German new car sales were boosted by 40% in March compared with the same time a year ago due to the introduction of a scrappage scheme.
Pendragon has admitted it is in talks with its lenders to make changes to its loan terms as it reviews its financing structure amid the economic downturn.
Auction figures show that the trade values of used cars has recovered to spring 2008 levels after the crash of the last nine months
VW van dealers need to get into their communities and target businesses that rely on their commercial vehicle.
Marshall Motor Group has appointed Inchcape’s group aftersales director Neil Tonks, as its new aftersales and corporate sales director.
US car sales have fallen dramatically, although slightly less than had been feared.
Kia has revealed the first picture of its new Sorento.
Daimler has announced plans to reduce the hours and pay of 73,000 non-production workers.
Volvo Car Corporation has appointed Peter Horbury as vice president of design.
South of England motor retailer Westover Group has been appointed a Kia dealer.
