All articles by Richard Irvine-Brown
Richard Irvine-Brown
SMMT raises forecast after April leap in sales
April saw a surprise leap of 3.3%, year-on-year, in private car registrations, according to the Society of Motor Manufacturers and Traders (SMMT), which has raised its expectations for total new car sales in 2012. SMMT chief executive Paul Everitt said the April figures, which included 14.8% growth in private registrations, year-on-year, demonstrated raised confidence across the UK motor industry and a steady increase in consumer confidence. Added to the 1.41% rise in market size since the start of the year, compared to January to April 2011, the SMMT has now raised its 2012 forecast to 1,950,000 total unit sales
Fleet Friday: new appointments, used prices, EVs
Philip Allan has been appointed national fleet and business sales manager for Seat and Matthew Dale has joined Nissan from Lombard as national LCV sales manager.
Carcraft ‘disappointed’ by FSA fine
A statement issued by the used car supermarket, run by CC Automotive Ltd on behalf of the UK Car Group (UKCG), reiterated that the fine related to sales of PPI several years ago between April 2007 and September 2008. Carcraft, which stopped selling PPI in June 2010, was also, more generally, cited by the FSA for poor monitoring and competency of staff but the statement hit back, saying the Authority: had no cause for concern about the design and structure of Carcrafts systems and controls in relation to PPI selling, and stated that Carcrafts sales model and standard documentation were sound.
BMW FS profit contribution drops, Q1
Both revenue from financial services and the contribution of finance to total revenue of the BMW Group were up, year-on-year, according to the companys first quarterly results of 2012.
£91,000 PPI penalty hits Carcraft parent
UK Car Group (UKCG), owner of used car supermarket Carcraft, has been fined £91,000 by the Financial Services Authority (FSA) over sales of payment protection insurance (PPI). The news is a further blow to Carcraft, which was reprimanded by the Office of Fair Trading (OFT) in November for inadequate business practices, including the selling of finance. The FSA said UKCG, operator of Carcraft through appointed representative CC Automotive Ltd, failed to heed warnings raised internally about PPI sales, advised by a variety of providers, between April 2007 and September 2008
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JCT600 signs with Experian and Aviva
Simon Barrass, group finance and insurance director at JCT600, which has 48 sites across the North of England, said the company was impressed by the flexibility of the new scheme, which aims to offer customers the fastest comprehensive car cover available
Mixed price movements at Manheim
The overall average selling price of part exchange vehicles at dealerships was £2,456 in April, down £1 from March, and up 0.78%, year-on-year, according to Manheim Market Analysis. Manheim also put the average age for part exchange vehicles at 98 months for April, down by a month from the average in March, with an average mileage of 75,007, down just 0.81%.
H&H Classics’ opens auction vendor options
H&H Classics, the remarketing arm of H&H Group, which also owns H&H Borderway Finance, will offer vendors two new tools to help sell vehicles at its auction held during the Coventry Festival of Motoring in August. Open sales run by H&H Classics, as opposed to Specialist and General sales, will include the options of a £50 physical space from which vendors may advertise or potentially sell their vehicles, or to put a vehicle in to an American-style rolling auction whereby more items can be added to the stock on sale.
Suzuki broadens motorbike finance rate cut
Suzuki has extended its low-rate finance package offered earlier this year on all models above 126cc from 1 May. Rebate deals of £800 on the GSX-R750 and 600 models, and £500 on other models will be made available, with the option of putting that money down as a deposit on a finance package.
RCI Q1 financing up 12%
Finance provided in the first quarter of 2012 by RCI Financial Services (RCIFS), the UK subsidiary of RCI Banque, was up 12% compared to the same period of 2011. Although international and domestic figures have indicated a downturn for RCI Banques manufacturer partner the Renault-Nissan Alliance, RCIFS posted a new record for March based on the strong performance of funding for Nissan and second-hand cars