Car regs fall in Oct as vans rally. Used EV & hybrid stocks rise. Peter Smyth on finance scandal. Marshall's profits fall, Lloyd Motor Group expand
New car registrations were down in October as vans rallied. Used EV and hybrid stocks increased. Swansway Motor Group ’s Peter Smyth discussed the car finance scandal. Marshall's profits fell. Lloyd Motor Group expanded.
Motor Trade Radio: 10 November 2024, E67, S10
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HEADLINES
CAR DEALER
BEVs enjoy strong month of growth despite new car market falling in October – SMMT
Last month saw the UK’s new market fall for just the second time this year with registrations down by 6%, according to new data from the SMMT. Figures released by the trade body this morning (Nov 5) show that there were 144,288 new registrations in the tenth month of the year, compared to 153,529 in the same month of 2023.
AM
UK set to race past ZEV legal targets as EV sales continue to soar
October marks the third consecutive month that electric vehicle (EV) sales have hit the 20% mark and places the car industry well above the 2024 targets set by the UK’s Zero Emission Vehicles (ZEV) mandate, according to New AutoMotive.
SMMT PRESS RELEASE
New van market hits three year high but EVs need boost
The number of new light commercial vehicles (LCVs) joining UK roads grew 2.4% in October with 26,974 new vans, pickups and 4x4s registered, according to the latest figures published today by the Society of Motor Manufacturers and Traders (SMMT). It represents the third consecutive month of overall market growth and the best October in three years.
AM
MG3 hybrid emerges as fastest-selling used car, finds MOTORS
The used car market saw a significant shift towards alternative fuel vehicles last month with hybrids and electric vehicles (EVs) combined achieving their highest share of listings yet, according to Motors’ Market View.
MOTOR TRADER
Used EV sales skyrocket as sustainable market gains momentum
The used car market grew by 4.3% between July and September, marking the seventh successive quarter of YoY growth, according to the SMMT. Around 1,965,811 vehicles changed hands, with 81,651 additional transactions compared with the same period in 2023.
DAILY TELEGRAPH
The car finance scandal will be the death of dealerships like mine – we’re stuffed
The judgment at the Court of Appeal – implemented immediately rather than letting the industry prepare for it – will have dramatic consequences not only for us car dealers but customers too. Several major motor finance lenders have had to temporarily close off their books to new business as a result, while some car manufacturers temporarily halted deliveries to showrooms. In short, if you want a car on finance right now, you may well struggle.
CAR DEALER
Marshall Motor Group sees profits plummet in latest set of accounts
Marshall Motor Group saw profit before tax plummet 62% last year as it revealed it sold 21 car dealerships. Profit before tax for the year ended March 31, 2024 came in at £16.4m, down from £42.9m the year before.
CAR DEALER
Lloyd Motor Group continues expansion in north with Stratstone Tyneside BMW and Mini buy-out
Lloyd Motor Group has snapped up Stratstone Tyneside BMW and Mini, strengthening its reach in the north of England. As of October 29, the business, located just outside Newcastle on Silverlink Shopping Park, has been renamed Lloyd North Tyneside BMW and Mini.
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