Author: Aimee Turner
Shares in Close Brothers have taken a pointy hit within the wake of a landmark ruling by the Court of Appeal which determined that motor finance brokers must provide full disclosure on commissions when arranging automotive loans.The choice comes after three cases involving Close Brothers, Motonovo Finance and South African Firstrand Bank were merged earlier this 12 months. The cases got the green light in March to appeal the choices of earlier court hearings and all proceeded to 1 trial on the Court of Appeal in July.The judges ruled that disclosure didn’t occur in any of those cases which initially present in favour of…
MG has secured its position as probably the most in-demand brand for brand spanking new electric vehicle (EV) enquiries on Auto Trader this October, generating 21% of all inquiries.That is greater than double that of BMW, which holds second place with 8.9%, and 4 times the share of Nissan, which is available in third with 5.2%.The highest three most sought-after EVs on Auto Trader this month are all MG models: the MG4, MG5, and MG ZS. The MG4, the preferred model, accounts for 9.2% of enquiries, followed by the MG5 with 5.5%, and the MG ZS at 4.9%. Login to…
French bank Crédit Agricole is stepping into a strategic partnership with GAC International, the European branch of China’s fifth largest automobile manufacturer Guangzhou Automobile Corporation (GAC). The deal will see CA Auto Bank offer tailored financing solutions for GAC’s full EV lineup because it prepares to enter the European market in January. “With its century of experience and operations spanning 18 European countries, CA Auto Bank is well-positioned to support GAC’s European expansion,” said Stéphane Priami, CEO of CA Personal Finance & Mobility. The bank will provide flexible and modern financing options, including traditional credit, leasing, and stock financing delivered…
Tandem Motor Finance has signed a brand new take care of iVendi that may enable the corporate to supply its products to “1000’s” of additional automobile dealers. The partnership introduces a brand new point-of-sale platform, designed to streamline the distribution of motor finance across vehicle retailers. This platform facilitates easy handling of quotations and applications for each online and showroom purchases, while ensuring a high level of compliance. Dave Anderson, sales director at Tandem’s motor finance division, said: “That is an exciting development for us, which can help extend our market reach and ensure more dealers grow to be aware…
The sale of a Lincoln motor trade complex will see family-run Sandicliffe extend its East Midlands dealership footprint, complementing its existing locations in Nottinghamshire and Leicestershire.While the ultimate sale price achieved for the previous Charles Warner 2.78 acre-site on Lincoln’s Outer Circle Road stays undisclosed, agent Eddisons reports that it was inviting offers within the region of £2.5 million for the entire complex, including the excellent set of integral automotive sales and servicing buildings, offices and ancillary properties, totalling 43,210 sq ft.Based on Will Wall, director at Eddisons, who led the deal, the situation sees the dealership arrange in a main…
The European Union has made a decisive move to implement tariffs of as much as 45% on electric vehicles (EVs) manufactured in China.The European Commission, which received enough support from member states, views the tariffs as a protective measure to safeguard Europe’s automotive manufacturing industry from being undercut by lower-cost Chinese imports.“The EU and China proceed to work hard to explore another solution that may must be fully WTO-compatible, adequate in addressing the injurious subsidisation established by the Commission’s investigation, monitorable and enforceable,” stated the Commission. Login to proceed reading Or register with AM-online to maintain up to this point…
Research by Warranty Solutions Group (WSG) reveals that electric vehicles (EVs) are significantly more costly to repair than their internal combustion engine (ICE) counterparts.In line with WSG’s evaluation of EV warranty claims for 2023-2024, repair costs for EVs are, on average, 30-50% higher.Amongst essentially the most common EV issues are failures in battery charge control modules, power distribution boxes, warning lights and shock absorbers. Login to proceed reading Or register with AM-online to maintain up thus far with the newest UK automotive retail industry news and insight. This Article First Appeared At www.am-online.com
The Manchester-based automotive team at UHY Hacker Young – auditor for the dealer categories within the AM Awards – has turn into a part of fast-growing accountancy firm Cooper Parry.The renowned automotive advisory team, led by Dave Kendrick (pictured), Paul Daly and Ian McMahon, has steered a number of the most vital industry deals to completion including most recently managing the DM Keith acquisition of automobile and motorcycle dealer group Colin Appleyard.This deal increases the top-15 firm’s specialist team to over 1,400 professionals across audit, tax, outsourcing, and deals and pushes the firm’s group turnover to £180 million. Login to proceed…
AM100 heavyweight Stoneacre Motors has acquired a brand new dealership owned by Close Motor Company in Peterborough, adding Isuzu to its portfolio.The newly acquired dealership is positioned on Newark Road, next to the prevailing Stoneacre Peterborough SEAT and CUPRA dealership.“This proximity allows us to supply a broader range of vehicles and services, ensuring a convenient and comprehensive customer experience,” the business said.“This acquisition strengthens our promise to exceed the expectations of each customer, offering more options and the identical high level of care our customers have come to expect.”At first of this yr, Stoneacre added to its portfolio of Mazda franchises…
Regional automobile dealer group Thurlow Nunn is extending its Suffolk footprint with the acquisition of Lings Hyundai in Lowestoft, adding the Korean marque as its fourth automobile brand.With a powerful presence across Norfolk, Suffolk, Cambridgeshire, Bedfordshire and Buckinghamshire, the addition of the Hyundai brand follows the launch of its first MG franchise in East Anglia.Thurlow Nunn also recently opened a brand new Peugeot showroom in Norwich and said it now has plans to introduce several recent Stellantis franchise points by the tip of 2024. The dealership group can be a Honda aftersales retailer. Login to proceed reading Or register with…
