MotoNovo Finance has warned dealers to take seriously the new FCA rules on motor finance that come into effect in January. MotoNovo Finance deputy CEO Karl Werner said there was no place for ‘body swerves or gamification’ that might replicate the soon to be banned dealer discretion on commission rates. All discretionary commission models for… Continue reading Dealers warned to take seriously the FCA rules on commission
Author: Motor Trader Online News
Dealers call on government to cut UK business rates
A quarter (25%) of car dealers want to see a reduction in business rates as the UK recovers from the impact of Covid-19 And one in five (19%) want to see current support measures phased out, rather than a hard stop These are the conclusions of new research by Close Brothers Motor Finance. The study,… Continue reading Dealers call on government to cut UK business rates
Administrator sells eight Roanza Mercedes-Benz CV dealerships
Grant Thornton, which was appointed administrator to Roanaza Mercedes-Benz van and truck dealerships this week, has sold parts of the business to Estar. Sarah O’Toole and Jason Bell of Grant Thornton UK LLP in Manchester were appointed joint administrators to Roanza Limited and its subsidiary Premier Vehicle Rental Limited on 8 September. Headquartered in Warrington,… Continue reading Administrator sells eight Roanza Mercedes-Benz CV dealerships
Nissan dealers get ready for new EV green plates
Nissan dealers are preparing for new green plates for electric vehicles (EV). The plates are being brought in especially for electric vehicles and feature a green flash on the left-hand side to highlight the fact that EVs are emission-free. As 70-plate models are introduced at Nissan dealers, trial green numberplates have been fitted to show… Continue reading Nissan dealers get ready for new EV green plates
Dealers face ‘increasing cash strains’ in coming months
Accountancy firm ASE has warned dealers face ‘increasing cash strains” on business through to the close of the first quarter in 2021. ASE chairman Mike Jones told Motor Trader in the August digital issue that dealers with weak balance sheets will come under pressure. “Cash flow is going to be a big issue as we… Continue reading Dealers face ‘increasing cash strains’ in coming months
Dealers discount new cars by 7.7% ahead of plate-change
The average discount on new car prices in August was 7.68% or £3,066, according to new data from What Car? This percentage cut is in line with the performance in August 2019 which saw cash discounts of 7.6% or £2,595. August is traditionally a poor sales month in the lead up to the September plate-change,… Continue reading Dealers discount new cars by 7.7% ahead of plate-change
Auto Trader drives into automated finance with AutoConvert acquisition
Auto Trader is pushing further into providing automated finance for dealers with the purchase of AutoConvert. AutoConvert is a finance, insurance and compliance software platform with integrated customer relationship management solutions. The business helps dealers increase finance penetration and to reduce costs by automating the full customer journey for the automotive sector. AutoConvert’s customers include… Continue reading Auto Trader drives into automated finance with AutoConvert acquisition
Dealers are “optimistic” of a long-term recovery for motor retail sector
Car dealers are optimistic about the future of the motor retail sector, with 71% of dealers feel confident in the longer-term recovery. According to research from the Britain Under the Bonnet report, from Close Brothers Motor Finance, at the beginning of 2020, 98% of car dealers were confident about business prospects for the year ahead, with… Continue reading Dealers are “optimistic” of a long-term recovery for motor retail sector
Online sales remain important to dealers as restrictions begin to lift
The shift to e-commerce has gained significant momentum during the lockdown, as dealers rushed to get online sale capabilities set up to be able to sell stock and keep money coming into their businesses. Now, with showrooms open under social distancing protocols, the online aspect of the car dealership remains important as many customers are… Continue reading Online sales remain important to dealers as restrictions begin to lift
Imperial acquisition a “core part” of Cazoo’s strategy, says CEO
Cazoo is a name that has caught the attention of many since its launch in December 2019 as it became the fastest ever British “Unicorn” (start-ups with a notional value of over a billion dollars). In late June Cazoo gained £25m in its latest round of funding, with new investor Draper Esprit joining existing investors… Continue reading Imperial acquisition a “core part” of Cazoo’s strategy, says CEO