The UK’s exit from the European Union will prompt an increased decline in new car and LCV registrations to 2018 than originally forecast.
Vantage Motor Group boss has said that while consumer confidence may wobble post-Brexit there has never been a better time to buy a car.
The assumption that the Brexit leave vote will mean dealers and manufacturers can forget about the need to adopt the complexities of the General Data Protection Regulation, or EU data law, may be wrong.
Automotive industry analysts at IHS have predicted a reduction in vehicle sales and manufacturing for the UK and Europe as OEMs respond with caution to last week’s Brexit vote.
Motorists are likely to see higher prices at the fuel pumps in the coming weeks, due to the fall in the value of the pound.
The motor industry has called for the UK Government to take action to safeguard UK automotive interests and maintain economic stability.
Share prices of the UK’s publicly listed dealer groups dropped sharply this morning following news that the UK’s electorate voted to leave the European Union.
Nissan is taking legal action against the Vote Leave campaign after its logo was used on leaflets calling for voters to back Brexit in Thursday’s referendum.
A Brexit poll of members of the National Franchised Dealers Association in May led to mixed results, which were not published.
Our dealer clients are generally of the view that we will remain in Europe, but that footfall into showrooms is unlikely to be affected either way.
Staying in the European Union is best for its business and best for British jobs, says the Society of Motor Manufacturers and Traders today.
Toyota has written an open letter to its workforce reiterating its position on the UK’s EU membership.
More than half of UK car dealership sales staff intend to vote for Britain to leave the European Union in next Thursday’s referendum.
Toyota is considering taking legal action against the Vote Leave campaign after the unauthorised use of its trademarks.
Potential buyers of higher value used cars appear to be holding back until the outcome of the EU referendum is known, according to Glass's.
Visitors to the annual Vehicle Remarketing Association Conference voted 70% in favour of remaining in Europe as senior figures from the financial and automotive sector debated the potential effects of Brexit. A live poll of visitors to the annual event, this year hosted by journalist and former newscaster Ginney Buckley, revealed an overwhelming desire to remain in the common market among those present at Solihull’s Cranmore Park Conference Centre. The live poll saw 26.4% of conference attendees vote in favour of leaving the EU, meanwhile, with just 3.6% stating that they were as yet undecided. The vote came as Jaguar Land Rover director of financial services, David Betteley, Woburn Consulting Group’s financial services consultant Peter de Rousset-Hall and Richard Hill, head of automotive at RBS debated the issue following a presentation from Deloitte senior analyst and economist Debrapratim De. De had told the event that Brexit would “almost inevitably” lead to the reduced availability and the higher cost of finance and a squeezing of the disposable incomes. After stating that the current automotive boom had been built on consumer demand driven by “easy money”, he said that in the event of Brexit: “There would be a short-term credit crunch and 25 to 30% decline of the pound against the dollar. The Euro would also take a hit. “There would be an immediate sell-off in equities and we might see capital flow out of the UK.” De also said that the departure of Britain from the EU, in the event of Brexit, could trigger the “disintegration of the EU”, adding: “There is a growing level of Euro scepticism and nationalism in Europe as a whole and, in a recent survey of European citizens, 48% think that if the UK left the EU others would follow.” But the Deloitte financial experts also said that, in the long-term, Britain could benefit from Brexit, the move creating a “more vibrant, market-driven economy”. He said: “At the moment our economy is strong, our population and industry is growing. I don’t think the world can do without us.” Amongthe panel discusiing the issue of the referendum, Betteley said: “Our corporate view is that we should remain. Europe is an important market for us. We buy a significant amount of components in Europe. We are currently advising all our people to use their vote very carefully.” Hill said: “Britain is often referred to as Treasure Island, but that coincides with periods where the pound is very strong. If that situation changes quite dramatically it would be quite interesting to see what European manufacturers do in terms of sales in the UK given that they wouldn’t represent the large profits that they are seeing today.” This month’s AM magazine will feature the results of a fortnight-long poll of the publication’s online readership which asked which way people would vote in the June 23rd EU referendum. A strong response has allowed AM to break-down details of the age and regional voting demographics, how many people have already made preparations for a possible Brexit and who could be most affected by a potential departure from the common market.
Probably most importantly for the development of the UK passenger car market, the Bank of England looks unlikely to raise interest rates until well into 2017.
The used car market is starting to reach the long-predicted tipping point into oversupply - with values coming under pressure as a result, reports Glass's.
A vote to leave the European Union in the June 23 referendum could damage the UK’s new car market and lead to massive economic uncertainty.
Brexit could offer diesel vehicles a stay of execution as the UK would no longer to meet stringent EU emissions laws means manufacturers could slow production from 2017, claims Motoring.co.uk.