All articles by Charles Wheeldon
Charles Wheeldon
Ex-fleet all-time high as used values dip
The figures show average values fell by £134 to £5,964 in June.Despite this, fleet values reached a new high, averaging more than £8,000 for the first time on record, as BCA sold a slightly richer mix of cars from fleet and lease operators in June.Part exchange values also recorded a small month-on-month rise of £27.Nearly-new values fell by nearly £2,000, due entirely to changing model mix as fewer prestige and executive cars reached the market.
Slower growth for UK car parc
The total number of cars on UK roads has grown 9% in the past 10 years, which is a slower growth rate than the previous decade (which increased by 17%), according to the Society of Motor Manufacturers and Traders (SMMT).
BEN announces end-of-year Ball
The event hosted by the auto industrys charity will include a four-course meal, a performance from the West End musical We Will Rock You, and entertainment from the Marching Band and several other acts. BENs head of marketing Ray Diggins said: This years BEN Ball has an impressive line-up and an evening that will be enjoyed by everyone.This is a fantastic opportunity and we hope you will join us and support our colleagues both past and present by making this a great success.
Used stock prices held in check
Consistent prices of around 97% of CAP Clean were achieved in May for ex-fleet cars, while the buoyant light commercial market saw prices average 100% of CAP Clean, the Vehicle Remarketing Association (VRA) reports. A good, steady balance of used stock has been consistently entered for sale in May and June, which has helped fleet vendors in particular to achieve healthy conversion rates and consistent prices selling to the trade and to retail buyers
European car registrations suffer decline
The financial crisis gripping the European Union is starkly reflected in the latest monthly figures released for sales of new passenger cars in its 27 member countries. All the major markets bar one contracted compared to May 2011, ranging from -4.8% in Germany to -8.2% in Spain, -14.3% in Italy and -16.2% in France
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Subprime excellence includes finance know-how
Subprime finance and motor retail group ACF Car Finance has nominated its Maidstone and Wolverhampton showrooms as regional centres of excellence for staff training. This follows an audit of customer satisfaction surveys carried out on buyers of used cars from all the groups dealerships Customers were asked a range of questions about their buying experience including the provision and explanation of finance during the sale
SAF approval for dealer groups
Two of the UKs largest dealer groups, Eastern Western Motor Group and Hartwell, are the latest to become SAF approved under the Specialist Automotive Finance (SAF) scheme SAF was introduced by the Finance & Leasing Association (FLA) in 2007 to improve finance knowledge in showrooms and increase customer confidence by demonstrating to customers that the business is committed to educate its staff on all the different finance products available in the dealership.
Most used cars have hidden history
A new report by information services company Experian has found that 88% of used cars checked by its AutoCheck and Vehicle Check services in the past year had some form of hidden history which might affect its value. Almost a third (32%) of these cases involved critical issues, such as having outstanding finance (11%), being reported as stolen, or, as with 13.5% of all vehicles checked, having been previously written off by insurance companies. The report reveals that most hidden histories were found on cars over five years old, and that the majority of cars being sold with outstanding finance are under five years old.
ACF offers 12 months’ cover
In a three-month trial, the national motor dealer is including the cover on all its used cars, whatever the vehicles age or mileage, providing for the cost of repairing or replacing virtually any mechanical or electrical component which fails. The cover was developed in conjunction with RAC Warranty, which extended the scope of its platinum product for ACF by allowing it to be applied to vehicles up to 10 years old, and with up to 100,000 miles on the clock.
BEN goes back to school
This years National BEN Week has been themed as back to school and will take place from 16 to 22 July, with the charity urging all automotive companies to join in.