Car retailers have been told “there can be no compromise” when it comes to the technology leveraged to ensure compliance with the Financial Conduct Authority’s (FCA) new Consumer Duty.
The UK remains the only European country to experience a decline in used car values during 2022, according to Indicata.
Premium cars defied the UK’s deepening cost-of-living crisis to dominate the Aston Barclay desirability index in early September.
The automotive sector is braced for the impact of a record 0.75ppt rise in interest rates if the Bank of England acts to curb inflation next week.
The cost-of-living crisis is pushing new and used car buyers to opt for finance rather than cash purchases, research by What Car? has found.
Uncertainty surrounding the balance of supply and demand in the automotive sector has created the most difficult period ever to forecast used car value trends, according to Cap HPI.
The used car sector delivered double-digit growth in the value of new business generated in July as supply issued continued to subdue new car registrations.
Car retailer’s priorities have shifted away from new and used car sales to improved compliance and aftersales focus.
Mercedes and MG were the only franchises to prevent a Lexus lock-out as the Japanese car brand emerged as car retailers’ favourite manufacturer partners for a seventh successive NFDA Dealer Attitude Survey.
New Prime Minister Liz Truss has told the House of Commons that the “most in need” UK businesses will receive support to tackle soaring energy bills.
Cazoo has confirmed that it will retreat from mainland Europe to focus on the UK used car market as part of cost-saving measures expected to deliver net savings of over £100m by end of 2023.
Car subscriptions services are expected to become more popular as living costs increase, causing more consumers look for greater flexibility with their finances.
October’s fuel cap price increase - if implemented - would result in a safety risk for motorists as one-in-five say they plan to cut back on car maintenance.
Consumers are purchasing new cars within five days of making a first enquiry, according to Marketing Delivery.
The commercial vehicle sector has suffered its eight month of decline, as August’s registration figures were 24.6% down.
Vertu Motors is taking its car dealerships “off grid” as part of efforts to combat the soaring cost of energy in the second half of 2022.
August’s new car registrations winners included Citroen, Cupra, Dacia and Tesla as the retailers helped UK automotive to only its second month of growth in 2022.
Used premium cars are attracting more buyers in the 18-24 age group than before, according to Heritage Car Insurance.
Franchised car retailers may be forced to set aside manufacturer standards and don jumpers and jackets in showrooms to mitigate the impact of soaring energy costs.
September’s new car sales will be a ‘true barometer’ of the UK’s automotive recovery after a 1.2% rise in August registrations left the sector down 10.7% down year-to-date.
