New car registrations dip, but used demand remains steady. Where do buyers prefer to get PX values? How do tariffs impact the UK plus dealer finances!
While new car registrations dip in August, used demand remains steady. Where do buyers prefer to get PX values? How will trade tariffs impact the UK and dealer financials?
Plus, #AllTheChatterThatMatters with your co-hosts Curtis and Philip
#automotive
Motor Trade Radio: 7 September 2024, E55, S10
If you enjoyed this week’s Motor Trade Radio podcast, powered by MOTORS, and want to dig deeper into our featured headlines, then here are the links to all the stories.
HEADLINES
CAR DEALER
August new car market dips by 1.3% ahead of critical plate-change month
The UK new car market fell by 1.3% last month with 84,575 units registered, the SMMT said this morning. August is traditionally one of the quietest months of the year for new car sales, and the trade body said that with just 1,082 fewer sales than in the same month last year, many buyers were preferring to wait until September’s new number plate.
MOTOR TRADE NEWS
No holiday break for used car market in strong August
Demand for used cars remained strong through August, reports MOTORS. While August is traditionally a quieter month due to many potential buyers being on holiday, dealers saw improved days to sell as prices and stock levels remained steady, according to the monthly Motors Market View analysis of the key used car trends across its platform.
AM ONLINE
Franchised dealers remain preferred choice for PX valuations despite rise in online services
Most customers still prefer using franchised dealers for part-exchange valuations over online platforms. according to recent research from JudgeService. The JudgeService 2024 State of the Nation report, which surveyed 5,789 customers, found that nearly two-thirds (63%) are likely to obtain a part-exchange valuation from the retailer they plan to purchase from, up from 62% last year.
AM ONLINE
UK set to become key battleground for Chinese EV brands as EU tariffs bite
The UK car market - as one of the largest in Europe - is set to become a critical battleground for Chinese automotive brands following the EU's new tariffs on Battery Electric Vehicles (BEVs).
THE TELEGRAPH
Petrol cars ‘rationed to meet eco targets’
Car makers are rationing sales of petrol and hybrid vehicles in Britain to avoid hefty net zero fines, according to one of the country’s biggest dealership chains. Robert Forrester, chief executive of Vertu Motors, said manufacturers were delaying deliveries of cars until next year amid fears they will otherwise breach quotas set for them by the Government.
DEALER GROUP RESULTS ROUNDUP
CAR DEALER
Vertu Motors reports ‘strong’ trading despite new car sales down due to ‘softening’ market
Dealer group Vertu Motors has reported a strong five-month trading performance despite new car sales falling due to a ‘soft’ market and some manufacturer discounting.
MOTOR TRADER
Weak demand in Europe and EV price markdowns hit Hedin in H1
Weaker demand in Europe and the “significant” price cuts in electric vehicles hit Hedin Mobility’s performance in the first half of 2024. The group turned in losses of MSEK 718 (-£53.3m) on turnover of MSEK 46,803 (£3.48bn).
MOTOR TRADER
TrustFord profits fall 43% to £15.1m in 2023
TrustFord, the factory-owned dealer group, turned in pre-profits down 42.8% to £15.1m on turnover up 9.2% to £1.88bn in the year to 31 December 2023.
AM ONLINE
John Clark hit £1bn turnover in 2023, secures spot as top 20 dealership
John Clark Motor Group has topped £1 billion turnover milestone in its latest figures for 2023 with net profits placing it in the upper quartile for return on sales.
AM ONLINE
Holdcroft’s revenue tops £750m but profits hit by external factors
Holdcroft Motor Group, saw turnover surpassing the £750m mark in spite of facing substantial challenges that impacted overall profitability.
We hope you enjoyed this week’s big car retailing stories roundup. Catch #AllTheChatterThatMatters on Saturday mornings on the Motor Trade Radio podcast, powered by MOTORS.
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