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The boss of an independent garage appeared before magistrates charged with drink-driving while on a “road-test” of a customer’s Audi A5 coupe. Southampton magistrates were told he’d decided to make use of the automotive to drive home from work, but stopped off to satisfy friends at a bar in the town for some time. Jhalman Rai, owner of J S Autos in Southampton, was spotted by police driving erratically in August 2023, and he was unsteady on his feet once they stopped him and asked him to exit the automotive. PC Russell Tribe told the court: “I discovered it highly unlikely for…
The Financial Conduct Authority has just told AM it has “no intention of banning GAP Insurance”, in response to unsubstantiated reports that the product have to be scrapped this 12 months. The insurance industry regulator has made its concerns concerning the sales practices around GAP insurance for several years, and recently warned that customers weren’t being given good value from GAP, also often called return to invoice (RTI) cover. It is anxious that GAP insurance often earns high revenues for insurers and their dealers/brokers, but lower than £1 in every £10 spent by consumers on GAP is ever paid out…
Stockport tops the list because the town where EVs and plug-in hybrids have gained essentially the most popularity. In response to confused.com figures, over the past five years, the town which lies 7 miles south-east of Manchester saw a formidable 851.3% average yearly rise in electric vehicles with the variety of EVs registered in the realm growing from just 415 at first of 2018 to 93,686 earlier this yr. Which means, in theory, that with a population of 294,000, Stockport has nearly one EV for each three residents. Nonetheless, it notes that almost all of those EVs are registered to…
The independent aftersales sector is looking on Brussels to stop dragging its feet and deliver sector-specific laws on vehicle data access before latest cyber security laws kick in and risks blocking efforts. Together the coalition represents 80% of the European automotive economy and includes automotive parts suppliers and distributors, workshops and their technology suppliers, mobility services firms, the insurance industry and consumers. Nearly all of modern vehicles are connected and offer immense potential for safer, smarter and cheaper mobility for European consumers and businesses. Nevertheless, independent aftersales businesses claim the manufacturers’ quasi-monopoly control of auto data is impeding the…
East Anglian dealer group EMG Anglia has been acquired by Grainger Motor Group founders, brothers Harry and Neal Grainger.Based on EMG’s latest statutory accounts, showing £116 million turnover, the deal implies that Grainger Motor Group will rapidly near the edge of the AM100 rankings of the UK’s largest franchised motor retailers.“The longstanding, successful EMG business is an acquisition that matches geographically and strategically with our growth ambitions, allowing us to further our strong partnership with Kia and pick up our former relationships with Mazda, Nissan and MG,” said the Grainger brothers, who had previously worked with their father David Grainger at Norton…
Before January 2021, some lenders allowed brokers (the individual that arranges the loan, for instance, a automotive dealer) to regulate the rates of interest they offered customers for automotive finance. Typically, the upper the rate of interest, the more commission the broker received. This was referred to as a discretionary commission arrangement.The Financial Conduct Authority says discretionary commission arrangements created an incentive for brokers to extend how much people were charged for his or her automotive loan. It banned this practice in 2021. But there has since been a high variety of complaints from customers about how much they were charged before…
Carmoola, the net automotive finance start-up created by a team of British and Ukrainian former Movebubble and Zoopla executives, has secured an additional £15.5 million in enterprise capital funding. The UK-based fintech which specialises in direct-to-consumer automotive finance, secured an £8.5 million Series A round and a £95 million debt facility in February 2023. The funding will enable Carmoola to make further inroads into the UK’s £100 billion used automotive finance market which is forecast to grow to £190 billion by 2027. Coupled with a disciplined approach to capital allocation, Carmoola said this investment will speed up its journey to…
G3 Vehicle Auctions has added two recent storage facilities on 4 acres near its £12 million purpose-built Castleford headquarters. The brand new site extends the business’s secure storage capability on the M62 corridor by an additional 29% and was driven by a surge in used cars in January. Rob Argyle, G3 chief financial officer, said: “One in every of the principal advantages of being a really independent business is we could be agile relating to reacting to the market. Subsequently, in response to a bumper begin to G3 with each stock levels and recent vendors, we now have invested in further…
Bumper co-founder and CEO James Jackson explains why a concentrate on service has never been more vital for dealers than it’s today. The automotive industry is undoubtedly one of the crucial dynamic on this planet. It’s a sector that lives and breathes on innovation, with those businesses innovating fastest and deepest at all times winning. Consumers are quick to vote with their wallets if a brand comes out with something they’re eager to get a chunk of. Whether you might be a manufacturer or dealer, maintaining competitive advantage is not any longer just concerning the vehicles you make and sell;…
Ashley Chesters is to tackle the role of a Swansway SEAT service manager after five and a half years at Crewe Volkswagen. Ashley first worked as a service advisor before progressing onto the workshop controller role at Crewe Volkswagen where he achieved Volkswagen workshop controller accreditation, along with organising the big workshop team throughout their day-to-day operations. On receiving the promotion, Ashley said: “Since I received my workshop controller accreditation back in July, the subsequent goal for me was to achieve a service manager position, I’m really excited to place my very own stamp on the role and tackle this…
