The Bank of England has raised interest rates by 5ppts to 4% – their highest level since October 2008.
Used car prices have continued to climb, reaching the 34th month of consecutive growth, according to Auto Trader.
Sales of new and used cars fell by 13% in a “conflicting” January, when compared to the same month last year.
Peugeot’s 208 hatchback ended the Volkswagen Golf’s 15-year reign as Europe’s best-selling car as the region’s troubled automotive sector suffered a third consecutive year of declining sales in 2022.
Almost half of in-market car buyers lack faith in the approved-used car programmes offered by dealers and manufacturers.
Maxus has launched its own light commercial vehicle (LCV) scrappage scheme to coincide with the launch of Transport for London’s own £110 million bid to reduce emissions.
A festive rush to stock petrol and diesel cars triggered 25% sales growth at UK auctions as consumers cooled on the idea of buying a pre-owned electric vehicle (EV).
Volvo Car UK chief executive Kristian Elvefors has informed the Swedish carmaker’s dealers of a three-month postponement to its planned roll-out of agency model new car retail.
HMRC has is introducing a new VAT return scheme for dealers that buy cars in Great Britain and plan to resell them in Northern Ireland or the EU.
Dealers and remarketing firms need to increase their investment in vehicle reconditioning to ensure older vehicles meet the expected retail standard.
Motorpoint chief executive Mark Carpenter has insisted the car supermarket group will succeed in its goal of becoming a “highly profitable market leader” despite faltering finance commissions and used vehicle margins.
The prospects of UK car manufacturing sector’s future has been labelled “precarious” as pressure mounts to accelerate investment in zero-emissions electric vehicle (EV) production following 2022’s 9.8% sector decline.
Onto has raised a new credit funding line of £100m from global investment group CDPQ and independent asset manager Pollen Street.
Lithia Motors’ Jardine Motor Group takeover talks have highlighted the undervaluation of UK car retail businesses, analysts have claimed.
Stellantis UK managing director Paul Willcox has insisted that there will be no more cuts to the carmaker’s UK retail network, despite revealing a ‘theoretical’ 40-partner plan for the longer term.
Volkswagen Group UK is part of a vehicle-to-everything (V2X) bidirectional charging trial aiming to boost the affordability of electric vehicles (EV).
The average price of a used car advertised for sale on Auto Traders has reached a new record high after car retailers started the new year with “real momentum”, it has been claimed.
Bank of England governor Andrew Bailey has said the UK is likely to experience “weak activity over quite a prolonged period” despite optimism prompted by falling inflation and lower energy prices.
Wholesale prices for used electric vehicles (EVs) fell by almost £5,000 during Q4, according to Aston Barclay.
Cap HPI has warned that further ‘significant reductions’ in used electric vehicle (EV) prices are expected after Tesla’s Model 3 lost a quarter of its value in less than four months.
