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Chris Barrett, managing director of vAutoStock, explains why it’s so essential that dealers give attention to turning over stock quickly In response to the most recent 2024 outlook from the SMMT, the brand new automobile market is estimated to total overall volume of 1.974 million units. The primary month of the yr saw 142,876 latest cars registered, an uplift of 10,882 units on January 2023, one of the best performance for the month since 2020 and the 18th consecutive month of growth. The rise was driven entirely by the fleet market, which rose by 29.9%, while private retail uptake fell…
AM’s latest Highlight on Finance and Insurance Report has just been published and it will probably be read or downloaded here. For 2024, the highlight report examines topics including automobile subscriptions, the role of artificial intelligence in motor finance, Consumer Duty compliance, growth in Open Banking in automotive, whether GAP insurance has a future in any respect, and best practice in using insurance add-ons as a retention and customer satisfaction tool. “The onslaught of PCP (personal contract purchase) actually gave dealerships an efficient tool to make use of in winning back market share once lost to high street lenders. The innovations…
Renault UK is enhancing its customer journey with a brand new customer enquiry portal, powered by Keyloop Leads. The platform developed by the lead management software expert improves the general user experience and streamlines communication bewtween Renault UK retailers, dealerships, and their customers, providing fast and seamless assistance from phones and desktops. Keyloop Leads helps dealerships reply to leads faster and more effectively, aggregating them from over 300 online sources and sending them to sales teams on the showroom floor immediately. It also provides configurable alerts and ongoing response reminders to assist ensure no opportunity is missed. Responses are branded,…
Renault is ready to revolutionize the automotive market with its all-electric rendition of the classic 5 supermini, slated for a summer release next yr with an estimated starting price of 25,000 euros (£23,400). Unveiled on the Geneva Motor Show, the production model stays true to the concept vehicle, drawing inspiration from its iconic predecessor. Dubbed the Renault 5 E-Tech electric, it marks the debut of the AmpR Small platform dedicated to B-segment electric vehicles. Sporting a more compact motor in comparison with its predecessors just like the Megane E-Tech electric, it would offer three power outputs: 150PS, 122PS, and 95PS.…
If consumers are paying a greater price now than they did before, what harm is the FCA’s intervention actually stopping, and what protection to consumers is it actually promoting, asks litigation expert Jonathan Butler? PPI has spawned many children. In 2021, The Financial Conduct Authority (“FCA”) banned discretionary commission arrangements (“DCAs”), arrangements by which commission payments were tied to the rate of interest on hire-purchase agreements and under which the broker had the discretion to pick out from a pre-determined range set by the finance house, with a choice of a better rate of interest paying more commission. For those…
Senior management changes at Stellantis UK have led to its group managing director Maria Grazia Davino taking direct responsibility for the event of its retail network. It comes lower than six months after Davino took over the lead at Stellantis UK from Paul Wilcox, was tasked with improving group performance and restoring the religion of its Peugeot, Citroen, DS, Vauxhall, Fiat, Alfa Romeo and Jeep dealers as retailer morale had hit all-time low. She told AM in December how she rapidly paused plans to modify to agency contracts until significant issues were ironed out and each Stellantis plus its retailers can…
Unite has issued a warning to Ford on the potential of strikes across its UK sites involving white-collar employees unless the corporate engages in negotiations. The union is insisting that the automotive manufacturer must take part in talks with the conciliation service Acas, or else Unite will proceed with preparing its members for industrial motion balloting. Ford’s proposals for over 3,000 salaried staff and managers have been overwhelmingly rejected by greater than 90% of each groups, based on the union. Specifically, many salaried staff have been offered a one-time, unconsolidated payment of 5% of their salary for 2024, effectively leading…
Two years after being written off, physical auctions are actually being operated again by all of the principal vehicle remarketing providers, reports Shoreham Vehicle Auctions (SVA). It said online-only auction operators succumbed to pressure from each vendors and buyers during Q4 2023 to operate physical auctions to create market confidence and take care of the challenge of multiple price realignments. “Even those firms which have been running ‘online only’ auctions since 2020 are actually investing in refurbishing facilities and re-employing staff to get back to physical,” it noted. SVA said it was one in all the primary auction firms to…
Eight out of ten insurance firms have agreed to pause sales of Guaranteed Asset Protection (GAP) insurance on the request of the financial watchdog. The Financial Conduct Authority (FCA) said it would perform a second round of discussions with those GAP providers that may proceed selling the product even though it said that these have agreed not to make use of latest GAP distributors within the interim. GAP insurance is usually sold alongside automobile finance. It covers the difference between a vehicle’s purchase price or outstanding finance and its current market value, within the event it’s written off before finance has been repaid.…
James Lett, technical expert at Autodata, asks how the industry can encourage more people to enter the sphere. As National Apprenticeship Week comes around again, we recognise that the UK’s trade industry continues to be facing a labour shortage issue. This is very true within the automotive sector, where it’s predicted we’ll experience a shortfall of 160,000 employees by 2031 resulting from an ageing population, a discount in migration and plenty of people leaving the career all together. This shortage of ambitious people doing exertions with their hands begs the query: How can we encourage more people to enter the…
