The UK has entered recession for the first time since 2009 after COVID-19 coronavirus lockdown measures contributed to a 20.4% contraction of the economy in the second quarter of 2020.
Many will still need time to fully consider the content of the Financial Conduct Authority’s (FCA) final ruling from its motor review and the impending ban on discretionary commission models, published earlier this week.
Cambria Automobiles chief executive Mark Lavery has urged his car retail colleagues to lobby Government over an all-out push to Electric Vehicles (EV) which risks catching UK automotive “sleeping at the wheel”.
Car dealers are among businesses across the UK who have been told that they must pay back any overclaimed funds from Government’s coronavirus job retention scheme (CJRS) – deleting any online claims made in error within 72 hours.
The Financial Conduct Authority (FCA) has confirmed its move to ban all discretionary commission models in motor finance to save car buyers £165 miilion-per-year and eliminate “conflicts of interest” in the sector.
As the motor retail sector emerges nervously from lockdown, dealers are reporting that the shift towards a digitally-led sales model for new and used cars is progressing far more quickly than many might have imagined even just a few months ago.
The UK's automotive retail sector remains ‘desperate for more certainty’ on COVID-19 legislation and Government’s guidelines on face coverings, according to the NFDA.
Employers can exercise “more discretion” over their employees return to work as part of a conditional schedule for the further easing of COVID-19 lockdown restrictions in England.
The time has come for the Government to give a definitive bit of advice, to codify what the Prime Minister could only splutter when he said: “Instead of ‘stay at home if you can’ – I think we should now say, well, ‘go back to work if you can’.”
Cash-strapped motor finance customers can ask for a second three-month freeze or cut on their monthly payments that could last into 2021, the Financial Conduct Authority has confirmed.
MotoNovo claims to have moved towards the Financial Conduct Authority’s (FCA) car finance ideal scenario with the launch of its new “priced to risk” MotoRate offering.
A Trading Standards investigation has exposed almost £350,000 worth of faults on used cars offered for sale by dealers in the South West of the England.
Car retailers will not be called upon to enforce the mandatory wearing of face coverings by customers at UK dealerships under new guidance issued by Government.
Car retailers have been warned to be on their guard after a fraudster attempted to scam the James Glen Car Sales out of £41,000 and a Porsche Cayman sports car by exploiting the Government’s Bounce Back Loans (BBL) scheme.
The Society of Motor Manufacturers and Traders (SMMT) has expressed “bitter disappointment” over the omission of an automotive sector stimulus package in the Chancellor of the Exchequer’s ‘mini budget’.
Chancellor of the Exchequer Rishi Sunak put job retention and creation front and centre of his £30 billion COVID-19 “mini budget” – prioritising hospitality, tourism and housing with fiscal stimulation measures.
Chancellor of the Exchequer Rishi Sunak is unlikely to support individual businesses like car dealerships with new COVID-19 recovery packages in tomorrow’s “mini budget”, it has been claimed.
Car retailers in Italy will benefit from a post-COVID sales boost after the country’s government gave the green light to scrappage scheme incentives for buyers.
The Financial Conduct Authority is set to demand motor finance firms extend the support available to customers left short of cash due to COVID-19.
Hardly a year goes by without the role of regulation in the economy being reconsidered. Even now, in the midst of a national crisis, the debate continues.
Toyota and Lexus are offering discounts of up to £4,000 to owners of older vehicles to trade up to a brand-new car with the launch of its own its scrappage schemes.
MotorVise Automotive has partnered with Drive Assured and The Compliance Company to form the Motor Alliance – a new business aiming to drive car dealers’ profitability.
The Prime Minister Boris Johnson has announced that a “one metre plus” social distancing policy will be introduced from July 4 as part of a series of COVID-19 legislation easing measures.
The Society of Motor Manufacturers and Traders (SMMT) has called for a Government-backed automotive sector restart package and “turbocharged” Brexit talks to kick-start the COVID-19 recovery.
HM Treasury has appointed the current chief executive of London Stock Exchange Nikhil Rathi as the new permanent chief executive of the Financial Conduct Authority (FCA).
