Petrol prices are set to soar past 110p a litre - £5 a gallon - in the run-up to Christmas, according to industry experts. It means that forecourt petrol prices will be at their highest since September last year and signals a 16% rise since the start of 2009. And drivers will suffer further price rise misery on January 1, 2010 when pump … [Read more...]
Vauxhall job cuts may not be as bad as first feared
November 18, 2009 By Leave a Comment
General Motors' head of operations in Europe has suggested job losses at its two Vauxhall factories in the UK may not be as bad as initially feared. Nick Reilly met Business Secretary Lord Mandelson and the Unite union. It was the first face-to-face meeting between GM bosses and ministers since the US firm decided not to sell Opel, including … [Read more...]
Cost of motoring for Britain’s 30 million drivers falls 5%
November 18, 2009 By Leave a Comment
The cost of motoring for Britain's 30 million drivers has fallen 5% (£123) in 2009 to £2,219, according to RAC's annual Cost of Motoring Index. Despite this small reduction, an RAC poll revealed that eight out of 10 cash-strapped motorists still believe that the cost of running their car has risen. And in response nearly half of those surveyed … [Read more...]
PSA Peugeot Citroen moves into car rental to gain market share
November 17, 2009 By Leave a Comment
PSA Peugeot Citroen is to offer prepaid cars by the day to young city dwellers as part of the French motor company's drive to regain market share and enhance the appeal of its brands with consumers and investors. The new business, branded Mu, is to be launched in Paris, Berlin and Amsterdam this winter and will reach Britain before the … [Read more...]
New talks set on Vauxhall future
November 17, 2009 By Leave a Comment
Opel chief Nick Reilly, General Motors' head of operations in Europe, is set to hold meetings with Business Secretary Lord Mandelson and Unite head Tony Woodley. It is the first face-to-face meeting between GM bosses and ministers since the US firm decided not to sell Opel. GM has indicated it plans to cut about 10,000 jobs in Europe and Lord … [Read more...]
Pendragon looks to a bright future
November 16, 2009 By Leave a Comment
Pendragon, the UK's largest dealer group, is "back from the brink" and looking to a "bright future" characterised by 'less arrogance and more humility' as it celebrated its 20th anniversary in business. The company marked its birthday with 350 high-powered motor industry and financier guests at a special dinner at London's Landmark … [Read more...]
GM to start loan repayments early
November 16, 2009 By Leave a Comment
US car company GM has said it will start paying back its US government loan earlier than expected. The first payment of $1.2bn will be made in December. It could fully repay the money by 2011, four years ahead of schedule. The news came as GM reported a third quarter net loss of $1.2bn. GM chief executive Fritz Henderson said the firm had … [Read more...]
Porsche confirms big annual loss
November 13, 2009 By Leave a Comment
German sports carmaker Porsche has confirmed it made a big full-year loss, largely due to its unsuccessful attempt to take over Volkswagen. Porsche abandoned its long-running attempt to buy VW, Europe's largest carmaker, this summer, despite building a 51% stake in the company. Instead, Porsche is set to become the 10th VW brand under a deal … [Read more...]
Renault plots ‘aggressive strategy’ to regain lost share
November 13, 2009 By Leave a Comment
Renault is vowing to bounce back from a difficult couple of years in the UK market, targeting a resurgence to a 5 per cent market share rather than the lowly 2.5 per cent it currently manages. "Our brand and activity has slightly declined, and not only because of the market but because of some performance issues, and we have to try and restore … [Read more...]
Peugeot raises earnings forecast
November 13, 2009 By Leave a Comment
Peugeot Citroen, Europe's second-biggest carmaker, has raised its earnings forecast for 2009 on the back a revival in the car market. The news comes a month after the firm reported lower-than-forecast third-quarter sales, down 7.7% on 2008. Peugeot said: "The group's production and sales performance is significantly stronger than … [Read more...]
Government gives long-term support for the UK motor industry
November 12, 2009 By Leave a Comment
Government has committed to create an Automotive Council to strengthen engagement with industry and set a long-term plan for its development. This follows its endorsements of the New Automotive Innovation and Growth Team's (NAIGT) recommendations on the development of the sector over the next 20 years. NAIGT, consisting of a cross-industry group … [Read more...]
Private equity groups compete for BCA
November 12, 2009 By Leave a Comment
BCA, Britain and Europe's largest vehicle auction group, has attracted bids from a clutch of private equity groups that are expected to submit final offers next month. The bids are expected to value the company at up to £500 million. Bridgepoint, Cinven, BC Partners and Clayton Dubilier & Rice are all expected to reach the second round of … [Read more...]
Motor Trade Insider Franchised Main Dealer Survey 2009
November 12, 2009 By Leave a Comment
The 2009 Motor Trade Insider Main Dealer Survey is, we believe, the first independent test of its kind. Carried out over the last twelve months we are about to reveal the best performing manufacturer-franchised main dealers in the UK. From dealer location to staff professionalism, both the sales and service departments have been scrutinised by the … [Read more...]
Germany tells GM to go it alone
November 11, 2009 By Leave a Comment
Germany has told General Motors it will have to come up with the money to refinance Opel, after the US carmaker cancelled the sale of its European arm. Economy Minister Rainer Bruederle told GM executives that they had to be responsible for restructuring the unit. Germany had previously offered 4.5bn euros ($6.7bn; £4.1bn) to support Opel … [Read more...]
Reality bites at the auction
November 11, 2009 By Leave a Comment
On making my first visit to the 'ring' for a few weeks I was determined to keep an open mind as to how cars were selling, what was hot and what was absolutely ice cold. I discovered that, probably like most forms of buying and selling, cars which looked the part and had the “pedigree” to back them up sold and had many and various bidders vying … [Read more...]
Renault to challenge Tata’s Nano
November 10, 2009 By Leave a Comment
French carmaker Renault, with its partner Nissan, has said that its planned cheap car for India will cost less to produce than Tata's Nano. The firm would not confirm the price, but says it will be for the entry level market and "priced competitively". The design and manufacture will be done by the Indian firm Bajaj, while Renault and Nissan … [Read more...]
Further job cuts sought at Honda
November 10, 2009 By Leave a Comment
Honda has said it plans to seek further job cuts at its Swindon factory, months after workers accepted a pay reduction to safeguard their future. Union leaders at the factory have said they are angry and disappointed over the company's decision. Honda said due to projected sales it needed to cut 500 posts but stressed no compulsory … [Read more...]
New ‘green’ tax plan for using the car
November 10, 2009 By Leave a Comment
Drivers could be hit with a carbon tax to tackle global warming, according to Lord Smith, the former culture secretary speaking at the Environment Agency's annual conference. He wants to see personal carbon allowances for individuals to cut greenhouse gases by penalising people for using too much fuel. Every time someone used their car, took … [Read more...]
Chinese car sales up 76 percent in October
November 9, 2009 By Leave a Comment
China’s passenger-car sales rose 76 percent in October as economic growth and government stimulus measures spurred demand in the world’s largest car market so far this year. October sales of cars, SUVs and multipurpose vehicles climbed to 946,400 units and sales in the first 10 months rose 45.2 percent from a year earlier to 8.19 million … [Read more...]
Deloitte predicts ‘perfect storm’ of challenges brewing for car industry
November 9, 2009 By 1 Comment
Huge challenges lie ahead in the coming months for the UK automotive industry despite latest new car sales figures showing a 31.6% rise in registrations last month. David Raistrick, UK manufacturing leader at Deloitte said that while the sales figures were 'wonderful news' for the automotive sector and proved that the scrappage scheme had met … [Read more...]
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