Brexit continues to provide a confusing state of affairs for car dealers.
Motorists anticipate opportunities in free-trade, more British-made cars and better job prospects in a post-Brexit UK.
The boom is set to continue as new research reveals almost nine out of ten car-buyers say Brexit does not affect their plans to buy a new car.
Dealers say business is booming and expect to prosper in 2017 despite the pro-Brexit referendum vote – and millions of consumers saying it has altered their car buying plans.
Whilst an uncertain political landscape affects consumer confidence, dealers don’t need to worry unduly.
Brexit fears and uncertainty around increasing car prices are threatening to stall the new car market.
The Government has been told it has to make a trade deal with the European Union to avoid World Trade Organisation tariffs that could see an average £1,500 added to new car prices.
The long-term future of Vauxhall’s UK plants will be at risk if the Government’s Brexit deal fails to secure tariff-free access to the EU.
The cost of buying a new car in the UK could increase by as much as £2,300 as a result of a ‘hard Brexit’.
Industry commentators fear combination of sub-prime lending, currency fluctuations and Brexit could prompt a fall in residual values.
BMW is considering manufacturing the electric version of its Mini compact car in Germany instead of the UK if the latter exits the European Union.
It’s no secret that the car industry has been thriving in recent years, with the Society of Motor Manufacturers and Traders’ (SMMT) latest statistics showing a 2.3 per cent rise of new car registrations in 2016 – the fifth consecutive year of growth.
Vauxhall plants in the UK would be losers in any deal for PSA Group to acquire Opel/Vauxhall from General Motors.
The PSA Group is reported to be in talks to buy Vauxhall and Opel from GM.
In the search for 'big data' across dozens of channels, dealers and carmakers may be missing out on real opinions
NFDA director Sue Robinson said it is “vital that UK retail motor industry is recognised by the Government alongside manufacturers in the post Brexit negotiations” following a meeting with MPs at the House of Commons.
The UK new car market achieved a 12-year high in January, with a 2.9% uplift in registrations. Private registrations were up 5%.
Manufacturers looking to combat the expected slowdown in new car sales during 2017 are already discounting cars by as much as £5,000, according to BuyaCar.co.uk.
The majority of UK car dealers are positive about their business prospects for 2017, with 65% expecting growth.
A wave of new car price increases prompted by the weakness of the pound should place a new degree of emphasis on more effectively promoting motor finance, says iVendi.
