The UK's used car market contracted by 8.3% in the first quarter of 2020 following a COVID-19 coronavirus lockdown-prompted 30.7% decline in March sales, SMMT data has revealed.
Generous car retail businesses who promised to exceed the 80% salary funding cap of the Government’s Coronavirus Job Retention Scheme (CJRS) will face an increased financial burden if support is cut to 60%.
Car showrooms are likely to join “non-essential” retail businesses in re-opening on June 1 if infection rates remain under control, Government’s 50-page ‘COVID-19 Recovery Strategy’ document indicates.
Automotive aftersales operations have suffered a loss equivalent to 5.8% of their expected annual turnover in the COVID-19 coronavirus lockdown period to May 3, GiPA UK research has revealed.
The initial impact of the COVID-19 coronavirus pandemic resulted in a 43% decline in profitability for UK car retailers during the key March number plate change month, ASE data has revealed.
Vertu Motors’ director have asserted that the group has sufficient liquidity to exit the COVID-19 coronavirus lockdown and “capitalise on trading opportunities” in an interim trading statement.
The Finance and Leasing Association’s (FLA) has renewed its appeal for help from Government and the Bank of England as coronavirus impact sparks 1.2 million finance forbearance claims.
Cambria Automobiles chief executive Mark Lavery has conceded that “over 100 redundancies” are possible within his car retail group when the Government's coronavirus job retention scheme’s (CJRS) furlough period ends.
Cox Automotive has predicted a stop/start recovery from the COVID-19 coronavirus outbreak for the automotive retail sector – revising its new car sales forecast to detail a 29% decline in 2020.
Car retailers would benefit from more flexibility from Government’s coronavirus job retention scheme (CRJS) as the financial balance of returning furloughed staff to work becomes businesses' "biggest challenge".
Four industry associations representing Europe’s automotive sector have joined forces to call for car scrappage schemes as part of a 25-point COVID-19 coronavirus recovery plan.
The National Franchised Dealers Association (NFDA) has said that it is vital that Government and car manufacturers “evaluate a support package that stimulates the market” following April’s 97.3% sales slump.
AM is keen to gain insight into the levels of support received from Government and car retailers’ manufacturer partners as they battle to mitigate the impact of the COVID-19 coronavirus lockdown.
Pendragon has claimed that it is “well-positioned” despite the end of merger talks with fellow AM100 car retail group Lookers which would have created the UK’s largest car retail group.
Devonshire Motors has launched a “DM Stay Safe” initiative to reassure customers and employees of stringent efforts being made to sanitise its cars and showroom premises amid the COVID-19 coronavirus pandemic.
Planning for a car retail group’s recovery from the COVID-19 coronavirus lockdown has been likened to “starting a completely new business with your hands tied behind your back.”
Bentley will restart production at its plant in Crewe on May 11, following the introduction of 250 new hygiene and social distancing measures.
The easing of car retail COVID-19 coronavirus lockdown restrictions in Austria and Germany have delivered ‘no strong signs’ of a used car market bounce back, according to Indicata.
Motorists concerns about the impact of extended period of inactivity on their vehicle is likely to fuel car dealers' aftersales operations when the COVID-19 coronavirus lockdown is lifted.
Car buyers are embracing online self-service car finance during the COVID-19 coronavirus lockdown period, according to Evolution funding.
