Following its now unconditional offer for second-largest UK dealer group CD Bramall plc, Pendragon concluded a $177 million loan note issue this week, through a private placement with US institutional investors.
The EC's latest car price comparisons show continuing convergence, but differentials between low-pre-tax price markets Denmark, Greece and Finland and Germany, Europe's biggest and most expensive market, are still considerable.
Edmunds.com, the US online resource for automotive information, reports that the average manufacturer incentive per vehicle sold in the US was $2,365 in January 2004, up $343, or 17%, from January 2003, and down $90, or 3.7%, from December 2003.
Speaking at the Geneva Show, Ford Europe president Lewis Booth confirmed the company's forecast of a pre-tax loss for this year before restructuring charges of between $100m and $200m. Booth also said Ford would cut fixed costs in Europe by $450m this year.
Reporting on a stagnating market in 2003, the German ZDK records shrinking dealer numbers and motor retail jobs.
MG Rover Group has unveiled a new 75-based Rover V8 saloon at the Geneva show. The 4.6-litre car is distinguished by a new front-end treatment. MG Sport and Racing added a higher-powered version of the XPOWER SV, too.
Need an incentive to give up the fags? Try this. Our latest Parker's 100 report into depreciation shows that if you bought a new Porsche Boxster and ran it for three years, the money you'd lose in depreciation is £13.06 a week - or less than the cost of smoking 10 cigarettes a day – it takes number one place in our new index.
One of the best known trade fuel treatment and additives brands of the 1980s and 1990s is looking to franchised dealer workshops for a major revival.
Fifteen years ago franchised dealers enjoyed 45% of the service and repair market, and independent garages had 35%. Six years later the franchise share fell to 35% and independent garages sat smugly on 45%.
The Government is taking steps to stop motor traders reducing VAT payable on employees' use of demonstrators for nominal fees sometimes as low as £1 a year.
Auto Network UK is to launch a new 'Insurance & Compliance Solution' for dealers at a debate hosted in London at the SMMT on 9 March.
The private-company aftermarket trade organisation MVRA reports it has been contacting other manufacturers in the past six weeks to find out if they plan to follow Ford's lead in cutting repairer discounts. They won't, it says.
The Marketing Director of Kia Motors (UK) Ltd has decided to leave the company, amicably, for personal reasons following its relocation from Tunbridge Wells to Weybridge.
A report in The Guardian of 2 March, which follows recent critical reports on MG Rover financial structures in The Telegraph, claims the four men credited with saving MG Rover have “dismantled the group and created a private empire”.
Responding to its 57% drop in 2003 net profits, Volkswagen is due to detail plans for massive cost savings of €4bn over two years at a 9 March news conference – news that pushed its share price up today.
The European Garage Equipment Association says it has received little satisfaction from the majority of car makers following a circular letter and two reminders it sent them following its talks with the EC's competition authorities last July.
Two Harley-Davidson dealerships in Chesterfield and Nottingham have launched a new no-appointment service operation.
'Robust sales are putting the UK in danger of becoming the 'treasure island' of Europe again for carmakers – this time not because prices are higher than the mainland, but because markets with a strong manufacturing base, such as Germany and France, are underperforming.'
For years, insurers have focused on offering drivers the cheapest premiums as a way of winning business. But a new report suggests they should really be offering better services. A survey of 300 drivers across the UK found that just 33% think price is the most important factor when buying motor insurance while 25% are unhappy with the services they receive. Their biggest complaint is about courtesy cars – usually the lack of one.
Turnover at the UK and international vehicle distributor Inchcape plc increased by 9.6% to £3,855.2m, for 2003. Operating profit before goodwill amortisation and exceptional items rose strongly, by 20.1% in the year, from £117.2m in 2002 to £140.8m in 2003. The resultant operating margins strengthened from 3.3% in 2002 to 3.7% in 2003.
The Financial Times today suggested Hyundai will announced at Geneva today that it plans to build its €1.1bn ($1.3bn) European car plant in Slovakia. The choice had been narrowed to Slovakia vs. Poland, but reports last week said it would be delayed to mid-March.
Porsche announced the precautionary recall of 22,158 of its Cayenne SUV to fix a brake spring that could wear an electrical cable. The recall affects about two-thirds of production to date.
Chrysler Group in the UK has launched an industry-first scheme to provide customers with a Chrysler or Jeep courtesy car comparable with their own vehicle after breakdowns or accidents.
Responding to the open letter of resignation issued on 27 February by 20 members of its Bodyshop Consultative Group members, the Retail Motor Industry Federation (RMI) issued the following response: ”The RMI regrets the decision by these Consultative Group members and is pleased to note that they have not resigned from RMI membership.”
An open letter from members representing some 100 bodyshops was delivered to RMI chief executive Matthew Carrington today, 27 February, and released to media.
With '04'-plated cars due to arrive on UK roads from the start of next month, Glass's has been examining the premium that buyers can expect to pay for the latest nearly-new cars.
A survey by the Alliance & Leicester indicates that while 68% of car buyers shop around to ensure they get the right car, 69% of new or nearly new car buyers didn't shop around for finance.
The latest Alliance & Leicester Car Price Index figures show the price of new cars fell year-on-year by just 0.3% in January, but prices are still roughly 12% lower than they were in January 2000.<
Subaru UK CEO Ed Swatman has publicly attacked Warranty Direct's recent news release suggesting that its Impreza is the most expensive car to repair in the UK.
