The UK Government has confirmed that it is reinstating the VAT margin scheme for cars imported and resold by car retailers in Northern Ireland – avoiding pressure on dealer margins and price increases for customers.
The UK’s franchised car retailers have been praised for their ability to adapt and meet the challenges of COVID-19 pandemic after the SMMT reported a 29.4% decline in new car registrations during 2020.
Car retailers impacted by the new ‘Tier 4’ COVID-19 lockdown restrictions imposed in the South East were among those who told BDO that the incoming vaccine will deliver a “sharp recovery” from the pandemic.
Business leaders from AM100 franchised car retailers Sytner, Lookers, TrustFord have joined the NFDA in lobbying Northern Ireland MPs on a Brexit tax issue which could result in a 20% price hike for used cars.
COVID-19 may have stalled the car retail sector for three months and plunged the UK into the most severe economic contraction on record, but Renault UK managing director Vincent Tourette still fears the effects of a “very hard Brexit” even more.
The NFDA is awaiting confirmation from the Welsh Government as to whether the country’s car retailers will be able to provide ‘click and collect’ car sales when Wales return to a state of COVID-19 lockdown.
The UK’s leading event for motor retailers is going VIRTUAL.
TWO days of insightful, engaging content that Automotive Management LIVE is known for whilst enabling our audience to connect with the full range of suppliers to motor retail, learn and share industry best practice, and discuss how to prepare for the future of motor retail.