All articles by Richard Irvine-Brown
Richard Irvine-Brown
Subaru finance up but marginal compared to sales
Japanese carmaker Subaru has posted a year-on-year rise in sales of 86.6% for February, with a slight increase in finance written. According to figures from the Society of Motor Manufacturers and Traders the rise in new registrations for Subaru over the same period, was 85.54%, with the marque selling 154 new cars. Subaru attributes the increase in sales to the popularity of the new XV model and the Everything Taken Care Of aftersales package.
Used car values bounce back in February
The average value of a used car was up 3.7% month-on-month and 4.3% year-on-year to £6,244 in February, according to British Car Auctions (BCA), despite a drop in sales volume of 6%. Although the February average was the third-highest posted by BCA, it doesnt pass the record set in December 2011 of £6,541. BCA attributed the dip in January to a decline in average values in the fleet and lease sector as sold volumes went up 70% compared to Decembers shortened trading period
Lowest ever hits-to-enquiries for Crushwatch
The Vehicle Recovery Scheme run by the Finance & Leasing Association (FLA) and Association of Chief Police Officers (ACPO) recorded its lowest ever percentage of hits to enquiries in February. Of the total of 5,078 enquiries made during the months, 8.75%, or 415 enquires, found a car with outstanding finance The lowest percentage since vehicle checker HPI, which helps run the recovery scheme, began publishing monthly results in summer 2010
Finance ‘good news’ for March registrations
Dealerships and manufacturers finance providers talking to Motor Finance seem positive about sales and finance of new cars, with the 12 number plate available in March The Society of Motor Manufacturers and Traders has predicted £5bn will be spent on 350,000 new cars this month but while nobody expected a return to the levels before the 2008 credit crisis, there seemed to be good news at dealerships of Ford and Vauxhall, the biggest-selling brands last March, and of recent years
Finance deal spike for luxury cars
Bridford, which last November reported supplying £1m of finance on the Range Rover Evoque alone and recorded £4.4m-worth of business in March with the introduction of variable rates, said more customers were opting to take finance deals instead of losing up to £50,000 in the first year of running a luxury car. As well as the aversion to losing equity in a vehicle, finance deals were proving popular as they gave customers the option of exchanging their car for the latest model or, potentially, taking full ownership of a car that, a year after purchase, looks likely to increase in price.
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Borderway owners’ group profits up 50%
H&H Group, owners of H&H Borderway Finance, has recorded a 50% jump in profit in 2011, thanks mainly to its livestock auction business. Based in Carlisle, H&H comprises eight companies and posted more than £1m in profit in the last six months of the year The group also recorded £7.1m in turnover in 2011, up almost 45% on 2010, and has increased its staff numbers by 10% across the eight companies to 260.
Dealership roundup
The deal follows Hartwells sale of a Southampton Vauxhall dealership to Cambria Automobiles in September, though it continues to trade 10 different brands across 28 sites from the south coast to Grimsby.
GM-PSA deal: implications uncertain
Representatives of Citrons finance team, PSA Peugeot Citron and GMAC said it was too early to comment on what PSAs alliance with General Motors (GM) might mean for UK car finance. The deal, announced on Thursday, saw GM take a 7% stake in the French manufacturer and is reckoned to be worth $2bn (£1.25bn) in cost savings to both companies
Manheim aids vendors with online sales
With the number of those bidding online at car auctions on the rise, Manheim Remarketing has launched an interactive web service for those selling cars at auction. The Vender Online service will broadcast auctions live over the internet to vendors with an option to click On Sale once bidding for their vehicles has reached a level they are happy with. Auctioneer Manheim says the technology will allow vendors to participate in auctions they might not reach in person, or multiple auctions at the same time, as well as making for quicker decisions and reducing provisional sales.
Franchised dealers double at Manheim auctions
Vehicle auctioneer Manheim Remarketing is reporting a doubling in the attendance of used car dealers from manufacturer-franchised showrooms between January 2011 and January 2012. Manheim attributes the rise to the decline in viable stock of second-hand vehicles For a vehicle to be considered retail quality; it must be around three of four years old, meaning the used car market is now trading cars, or the lack of them, bought new in 2008.