Accountancy group UHY Hacker Young claims that the post-Brexit rise in the cost of cars may have started, with lease prices up 8% in the space of just two months.
The NFDA has announced it will meet with politicians in February about the implications of Brexit for motor retailers.
Business secretary Greg Clark has outlined four promises made to Nissan’s executive committee ahead of last week’s announcement that the brand would continue its investment in UK manufacturing.
Ford factory closures and price hikes are “on the table” as the manufacturer looks to cut costs amid fears that Brexit could cost the brand over £800 million over the next two years.
Since the EU referendum, sterling has plummeted in value against dollar, the euro and the yen, but what does it mean for UK car dealers?
AM’s survey of how the automotive retail industry planned to vote in the EU referendum predicted the result exactly. Its effects are much less certain.
Britain’s Brexit decision could provide a boost to the used car sector at the expense of new car sales, according to Startline Motor Finance.
Nissan is taking legal action against the Vote Leave campaign after its logo was used on leaflets calling for voters to back Brexit in Thursday’s referendum.
A Brexit poll of members of the National Franchised Dealers Association in May led to mixed results, which were not published.
UK’s drivers do not trust the European Union on motoring issues related to roads, emissions, safety standards, fuel tax, cost of motoring or car manufacturing issues.
Our dealer clients are generally of the view that we will remain in Europe, but that footfall into showrooms is unlikely to be affected either way.
Staying in the European Union is best for its business and best for British jobs, says the Society of Motor Manufacturers and Traders today.
Toyota has written an open letter to its workforce reiterating its position on the UK’s EU membership.
More than half of AM-online users think Britain should exit the EU.
Visitors to the annual Vehicle Remarketing Association Conference voted 70% in favour of remaining in Europe as senior figures from the financial and automotive sector debated the potential effects of Brexit. A live poll of visitors to the annual event, this year hosted by journalist and former newscaster Ginney Buckley, revealed an overwhelming desire to remain in the common market among those present at Solihull’s Cranmore Park Conference Centre. The live poll saw 26.4% of conference attendees vote in favour of leaving the EU, meanwhile, with just 3.6% stating that they were as yet undecided. The vote came as Jaguar Land Rover director of financial services, David Betteley, Woburn Consulting Group’s financial services consultant Peter de Rousset-Hall and Richard Hill, head of automotive at RBS debated the issue following a presentation from Deloitte senior analyst and economist Debrapratim De. De had told the event that Brexit would “almost inevitably” lead to the reduced availability and the higher cost of finance and a squeezing of the disposable incomes. After stating that the current automotive boom had been built on consumer demand driven by “easy money”, he said that in the event of Brexit: “There would be a short-term credit crunch and 25 to 30% decline of the pound against the dollar. The Euro would also take a hit. “There would be an immediate sell-off in equities and we might see capital flow out of the UK.” De also said that the departure of Britain from the EU, in the event of Brexit, could trigger the “disintegration of the EU”, adding: “There is a growing level of Euro scepticism and nationalism in Europe as a whole and, in a recent survey of European citizens, 48% think that if the UK left the EU others would follow.” But the Deloitte financial experts also said that, in the long-term, Britain could benefit from Brexit, the move creating a “more vibrant, market-driven economy”. He said: “At the moment our economy is strong, our population and industry is growing. I don’t think the world can do without us.” Amongthe panel discusiing the issue of the referendum, Betteley said: “Our corporate view is that we should remain. Europe is an important market for us. We buy a significant amount of components in Europe. We are currently advising all our people to use their vote very carefully.” Hill said: “Britain is often referred to as Treasure Island, but that coincides with periods where the pound is very strong. If that situation changes quite dramatically it would be quite interesting to see what European manufacturers do in terms of sales in the UK given that they wouldn’t represent the large profits that they are seeing today.” This month’s AM magazine will feature the results of a fortnight-long poll of the publication’s online readership which asked which way people would vote in the June 23rd EU referendum. A strong response has allowed AM to break-down details of the age and regional voting demographics, how many people have already made preparations for a possible Brexit and who could be most affected by a potential departure from the common market.
Why are UK dealers reluctant to fully address what the UK quitting Europe would mean for their industry, asks Prof Jim Saker?
