The Volkswagen Tiguan People's Reviewer contest is drawing to a close and the final line-up of potential Jeremy Clarkson’s is now confirmed. The results of the group 3 contest were announced today … [Read more...]
Lookers join calls for scrappage extension
August 19, 2009 By Leave a Comment
UK car dealer Lookers has said it wants to see the government's car scrappage scheme extended into next year. Under the scheme, which was launched in May this year, a £2,000 incentive is paid to motorists who hand over their old cars and buy new models instead. The dealer called for the extension as it announced first half-yearly profits of … [Read more...]
GM offload Saab to Koenigsegg
August 19, 2009 By Leave a Comment
General Motors has finalised an agreement to sell its Saab unit to Koenigsegg Automotive, the Swedish producer of high-performance supercars. The deal, which cements a provisional accord struck in June, will mark another step forward in efforts to restructure GM as the loss-making US carmaker narrows its range of brands. … [Read more...]
Pendragon waste £1.3 million on aborted rights issue
August 19, 2009 By Leave a Comment
Car dealer Pendragon shelled out £1.3million to City advisers for work on a planned rights issue that never happened, it was disclosed yesterday. The group, which trades as Stratstone and Evans Halshaw, was gearing up to tap investors for emergency funding. But the board then decided the move was not necessary after striking a three-year debt … [Read more...]
Swedish consortium plans bid for Volvo
August 18, 2009 By Leave a Comment
A Swedish business consortium, keen to return Ford's Volvo unit to Swedish ownership and keep it out of Chinese hands, has intensified its efforts to raise enough money to make an offer for Volvo, according to weekend media reports. Dagens Industri said the group, Konsortium Jakob AB, had been approached by Volvo trade unions after reports that … [Read more...]
VW remain cautious despite third consecutive month of sales growth
August 17, 2009 By Leave a Comment
Volkswagen has reported a third consecutive month of sales growth in July but Europe's largest automaker doubts that this is an indication of a lasting recovery for the world's car markets. "The recession is not over yet, it has perhaps bottomed out, but we see no signs yet of a sustained recovery on world markets. That is why we are viewing … [Read more...]
Mandelson says no to scrappage extension
August 17, 2009 By Leave a Comment
Business Secretary Lord Mandelson has ruled out extending the car and van scrappage scheme under which owners can obtain a £2,000 discount on a new vehicle when they trade in a model that is more than 10 years old. Since the scheme was launched in May more than 150,000 vehicles have been ordered through the programme using up more than half of … [Read more...]
Gulf state of Qatar to buy 10 percent stake in Porsche
August 14, 2009 By Leave a Comment
The Gulf state of Qatar will buy 10% of the shares held by family investors in Porsche, the German carmaker said. The news comes after Volkswagen (VW) and Porsche agreed the details under which they will merge by 2011, ending months of bitter feuding. … [Read more...]
Details emerge of VW Porsche deal
August 14, 2009 By Leave a Comment
Volkswagen (VW) and Porsche have agreed the details under which VW will merge with its German compatriot by 2011. Under the deal, VW will initially buy a 42% stake in Porsche by the end of this year for 3.3bn euros ($4.7bn; £2.8bn). The deal ends months of acrimony between the two firms, and concludes Porsche's failed efforts to buy VW. … [Read more...]
Tourists face car hire shortage
August 14, 2009 By Leave a Comment
As we reorted last week (Motor trade recession may effect holiday car rentals) holidaymakers in parts of the UK and Europe are facing bigger bills for hire cars - or risk not getting one at all - due to a shortage of vehicles. Hire firms have not replaced fleets due to forecasts of fewer tourists, as well as difficulty accessing finance, … [Read more...]
MG Rover directors could face disqualification
August 13, 2009 By Leave a Comment
The Government is planning to bring civil proceedings to disqualify the four directors of collapsed car company MG Rover from being company directors in the future. Following Monday's (August 11) decision by the Serious Fraud Office that it would not pursue criminal proceedings against the so-called 'Phoenix Four', a Department for Business … [Read more...]
Russia joins the scrappage bandwagon
August 13, 2009 By Leave a Comment
Russia is set to introduce its own car scrappage scheme following the success of similar programmes in the US and Europe in boosting car sales. The Russian Industry and Trade Ministry said the scheme could be introduced in January next year. Russian media reports say that a 50,000 ruble ($1,567; £942) incentive will be given to motorists who … [Read more...]
Dealers happier with their manufacturer masters
August 13, 2009 By Leave a Comment
Dealers' satisfaction with their manufacturer partners is at its highest point, according to the 2009 Sewells annual dealer attitude survey. The overall dealer satisfaction with manufacturers rose from 65.9 last year to 66.8 points out of 100 in 2009, which matches the highest levels of satisfaction ever achieved back in 2007. The survey was … [Read more...]
Ford increased market share in Europe highest since 1999
August 12, 2009 By Leave a Comment
Ford of Europe said new car sales in its 19 main markets increased by 5 percent to 125,200 in July, giving the carmaker its highest market share since 1999. Booming sales of the Fiesta and Ka helped Ford boost its market share by 0.6 percentage points to 9.0 percent. Total industry sales fell by 1.5 percent to 1.4 million, meaning Ford is … [Read more...]
RHJ say Vauxhall safe if they win bid
August 12, 2009 By Leave a Comment
RHJ International, the Belgian group vying to buy Vauxhall/Opel says it has no plans to close the car firm's two manufacturing plants in Britain at Luton and Ellesmere Port. RHJ and Magna International are the two companies bidding to take a controlling stake in General Motors Europe. It had been thought that a new owner would close at least one … [Read more...]
Is main dealer servicing cost effective?
August 12, 2009 By 4 Comments
In these hard times wherever you look along the high street, on-line or even in restaurants and supermarkets, there is a deal or an offer or a discount to be had and the motor trade is no different. … [Read more...]
Jaguar Land Rover no longer needs government help
August 11, 2009 By Leave a Comment
The Indian owner of Jaguar Land Rover has told the UK government it no longer needs support for the carmaker, after obtaining private funding. Tata said it had secured some direct bank loans, as well as guarantees that would allow it access to European Investment Bank funds. … [Read more...]
SFO will not investigate MG Rover collapse
August 11, 2009 By Leave a Comment
The Serious Fraud Office (SFO) has said it does not intend to launch a criminal investigation into the collapse of carmaker MG Rover. Its announcement comes a month after Business Secretary Lord Mandelson asked the SFO to study the results of a four-year independent report into the saga. … [Read more...]
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