All articles by Charles Wheeldon
Charles Wheeldon
Used car values bounce back in May
Month-on-month values improved in all three main market sectors in a complete reverse of last months figures.Fleet and lease car values increased by 3.8% month-on-month to £7,934 the highest average monthly value recorded since BCA began reporting in 2005.Part exchange values rose by £35 to £2,847, up 1.2%, while nearly new values increased by over £2,500 to £20,470 due to changing model mix in a low-volume sector, as well as BCAs special sales.
Progress’ for Advantage Finance
The statement reveals that Advantages transactions, revenues and collections are all above budget and employee productivity is at record levels.Gross receivables are 11% higher than last year and S&U maintains that these receivables are of better quality than ever.As a result, impairment is both below budget and the level of last year.
Data Bank: Motor industry statistics from the SMMT
Click on the image to view the PDF version
Voiture d’occasion – non merci
When it comes to used cars you would be wiser to choose a Japanese model and avoid those manufactured by our friends across the Channel. The website found that a fifth of all the three-year-old cars failed the test, but also found significant differences in the performances of different marques.
Subscribe to our Newsletter
Get industry leading news, data and analysis delivered to your inbox
New car market down in Europe
New car sales in Europe fell by 6.1% in April, compared to April 2011, according to statistics published by auto information supplier Jato Dynamics. New car sales for the year-to-date to April 2012 also fell, by 7.1%, compared to the year-to-date figures to April 2011. Of the big five markets, the UK (3.3%) and Germany (2.9%) achieved better April sales than April 2011; France recorded a small decrease in sales (-1.9%), while Italy (-18%) and Spain (-21.7%) recorded significant declines.
Dealers missing out on commission
Car dealers are often so focused on completing sales that they overlook finance commission, missing out on a potential income stream, according to Tim Marlow, owner of luxury vehicle specialist Bridford. Marlow said: Dealers are letting easy money walk out of the door by not offering to quote on finance when customers already have lenders in mind or are considering using in-house options. When buyers look at vehicles they often get provisional finance in place beforehand and will have a quote they are satisfied with, but dealers should offer to see if they can beat it through finance houses.
Motor and asset finance help Close Brothers
A strong performance in motor and asset finance has helped Close Brothers to release an optimistic interim management statement for the third quarter of its financial year, ending 30 April The loan book increased 6% in the quarter to £4bn (Q2: £3.8 bn) reflecting strong new business levels particularly in motor finance, asset finance and property, and has increased 15% in the financial year to date.
Used car values fall in April
Across the board, values fell from £5,974 to £5,599, which is similar to the pattern in March and April last year.Used cars averaged 94.6% of CAP Clean in April, compared to just over 97% in March, while age rose to 64 months and mileage climbed above 60,000.
Sir Arnold tops UK motor rich list
Way out in first place is 84-year-old Sir Arnold Clark of Arnold Clark Automobiles, whose clan Rutherford claims is worth £467m, with Sir Arnold adding £37m to his coffers in the past year