The automotive sector’s new car supply “squeeze” has been blamed for an 8.5% decline in used car sales during 2022 – with margins remaining strong as retailers struggled to source stock.
Over a third of UK motorists are choosing to hold on to their cars longer as the cost-of-living crisis makes consumers increasingly averse to long-term finance agreements.
Constellation Automotive owner TDR Capital has extended its presence in the car retail sector with the purchase of a 3.1% share in Vertu Motors.
Issues relating to the purchase process or the service received from a dealer after buying a car sparked the majority of consumer complaints about EVs.
Van registrations are predicted to grow by 13.9% in 2023 after starting the new year with their first month of growth since the September numberplate change.
Cox Automotive predicts that new car registrations will increase by 6% in 2023 to 1.71 million.
MG’s flagship HS SUV was the UK’s best-selling car in the first month of 2023 but Volkswagen registrations exceeded closest rival Ford by 36% to start the year as the biggest selling brand.
Society of Motor Manufacturers and Traders (SMMT) chief executive Mike Hawes has said the economic outlook, cost-of-living crisis and anxiety over new technology mean the new car market remains ‘fragile’, despite 14.7% January growth.
The cost-of-living crisis is forcing motorists to consider changing to an alternative car or cut day-to-day spending to stay on the road, Carwow research shows.
The Bank of England has raised interest rates by 5ppts to 4% – their highest level since October 2008.
Used car prices have continued to climb, reaching the 34th month of consecutive growth, according to Auto Trader.
Sales of new and used cars fell by 13% in a “conflicting” January, when compared to the same month last year.
Peugeot’s 208 hatchback ended the Volkswagen Golf’s 15-year reign as Europe’s best-selling car as the region’s troubled automotive sector suffered a third consecutive year of declining sales in 2022.
Almost half of in-market car buyers lack faith in the approved-used car programmes offered by dealers and manufacturers.
Maxus has launched its own light commercial vehicle (LCV) scrappage scheme to coincide with the launch of Transport for London’s own £110 million bid to reduce emissions.
A festive rush to stock petrol and diesel cars triggered 25% sales growth at UK auctions as consumers cooled on the idea of buying a pre-owned electric vehicle (EV).
Volvo Car UK chief executive Kristian Elvefors has informed the Swedish carmaker’s dealers of a three-month postponement to its planned roll-out of agency model new car retail.
HMRC has is introducing a new VAT return scheme for dealers that buy cars in Great Britain and plan to resell them in Northern Ireland or the EU.
Dealers and remarketing firms need to increase their investment in vehicle reconditioning to ensure older vehicles meet the expected retail standard.
Motorpoint chief executive Mark Carpenter has insisted the car supermarket group will succeed in its goal of becoming a “highly profitable market leader” despite faltering finance commissions and used vehicle margins.
