According to a report released today by Ernst & Young, plummeting car sales, heavy discounting of new vehicles and lower levels of servicing work have combined to catastrophic effect on the automotive retail market in the UK, which has seen franchised dealership insolvencies double year on year. The report reveals a total of 24 dealer … [Read more...]
The unseen downside of scrappage
November 9, 2009 By Leave a Comment
It seems that we are always banging on about scrappage, and to tell you the truth we probably are, but it is still a unique concept and it’s easy to see the drastic changes in the car business this year as a result of it so, as a result, we will continue to bring our view on the world of scrappage to our readers. Having had a chance to … [Read more...]
October 2009 new car sales figures
November 5, 2009 By Leave a Comment
The official figures are in for October 2009 and are they're up 31.6% with 168,942 units being registered. Obviously the scrappage scheme is still having a massive impact, but with the market in October last year already depressed and down 23% on the year before is it really having the impact that people were hoping for? · New car … [Read more...]
Renault consider F1 withdrawal
November 5, 2009 By Leave a Comment
Renault have held an emergency board meeting in Paris to discuss pulling out of Formula 1 with immediate effect. The French car company was considering whether to remain in the sport with its own team, switch to simply being an engine supplier or quit altogether. The outcome of Wednesday's meeting was not immediately forthcoming. News of … [Read more...]
Carmaker Toyota looks to smaller loss
November 5, 2009 By Leave a Comment
Toyota, the world's biggest carmaker, has cut its operating loss forecast for the financial year to 350bn yen ($3.9bn; £2.36bn) from 750bn yen. It comes as the maker of the Prius hybrid revealed quarterly net profits of 21.8bn yen for the three months to October, against 139.8bn yen in 2008. In August, it revealed plans to close a production … [Read more...]
GM plans to cut 10,000 Opel jobs
November 5, 2009 By Leave a Comment
General Motors (GM) has confirmed that it plans to cut 10,000 jobs across its European car unit Opel, which includes the Vauxhall brand in the UK. The announcement comes a day after GM said it was cancelling its deal to sell Opel to Canadian car parts firm Magna. Unions in Germany said workers would begin walk-outs from Thursday in protest at … [Read more...]
RBS to sell breakdown and recovery business Green Flag
November 4, 2009 By Leave a Comment
The Royal Bank of Scotland Group will, as expected, sell its roadside breakdown and recovery business Green Flag as part of the restructuring of the business to meet European Commission requirements on state aid following the organisation's bail-out by the UK Government. RBS is majority owned by the UK Government and yesterday's (Tuesday, … [Read more...]
Toyota withdraws from Formula 1
November 4, 2009 By Leave a Comment
Toyota has confirmed that it is pulling out of Formula 1 racing after posting its worst ever financial loss. The world's largest car manufacturer will concentrate on its core business. Toyota president Akio Toyoda said the Japanese team had no option but to pull out citing "the current severe economic realities" affecting the world. The … [Read more...]
GM cancels Magna deal
November 4, 2009 By Leave a Comment
General Motors has cancelled plans to sell a majority stake in its European car business Opel, which includes its UK brand Vauxhall. GM had agreed to sell Opel and Vauxhall to Canadian car parts firm Magna. The US giant said in a statement that its board had made the decision because of "an improving business environment for GM over the past … [Read more...]
German new car sales up 24 percent in October
November 3, 2009 By Leave a Comment
Germany's new-car market grew by 24 percent year-on-year in October even after a car their own scrappage scheme ran out of money in September, the VDIK foreign carmaker association said today. About 321,000 new cars were registered in Europe's biggest car market last month, bringing the total in the first 10 months to 3.312 million, a gain of 26 … [Read more...]
Sharp fall in BMW profits
November 3, 2009 By Leave a Comment
German luxury carmaker BMW has reported a sharp fall in third-quarter profits, blaming a fall in consumers spending. Net profit sank 73.8% to 78m euros ($115m; £70.5m). However, the carmaker said it hoped to make a full-year profit after recent signs of recovery. Total sales of BMW, Mini and Rolls-Royce brand cars were 7.2% lower at 324,100 … [Read more...]
Transport minister launches new fuel economy label for used cars
November 2, 2009 By Leave a Comment
A colour-coded car fuel economy label as used for new cars has been adapted for the sale of used cars, making it easier for consumers to access fuel efficiency data of potential purchases. The new label, launched by Minister for Transport Sadiq Khan, provides consumers with clear ‘at a glance’ information on the running costs, fuel consumption … [Read more...]
Suzuki triples profits forecast
November 2, 2009 By Leave a Comment
Japanese carmaker Suzuki Motor has tripled its forecast for full year operating profit, after reporting better-than-expected six-month figures. Its strength in the Indian market has meant it has performed better than its rivals, which rely more on US sales. It reported six-month net profits of 12.5bn yen ($139m; £85m) which was 63% down on … [Read more...]
DVLA launch new 0300 car tax line
November 2, 2009 By Leave a Comment
DVLA has launched a new memorable 0300 telephone line for motorists to tax their vehicles. The new number, 0300 1234 321, is available 24 hours a day, 7 days a week and takes less than 4 minutes to use. The service automatically checks that correct insurance and MOT documents are in place. The popularity of the environmentally-friendly phone and … [Read more...]
Cost-cutting boosts Ford profits
November 2, 2009 By Leave a Comment
Ford has announced profits of almost $1bn (£611m) between July and September thanks to increased market share and a successful cost-cutting programme. Pre-tax profit for the quarter came in at $997m, compared with a loss of $161m a year earlier. Revenue was $30.9bn, down $800m on a year ago. The US carmaker said it was making "tremendous … [Read more...]
New car price rises keep on coming
November 2, 2009 By Leave a Comment
The cost of new cars is going up again with more price rises from a number of manufacturers. Renault and Skoda are the latest manufacturers to increase the cost of new cars. Renault prices are up by 3 per cent on particular models while Skoda has put up prices by an average of 2.1 per cent across the range. Citroen has also increased the cost … [Read more...]
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