Lithia to close Pendragon’s 16 CarStores. Pinewood’s first financials. UK car parc hits 36 million, as OEMs cutback on production. And more!
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Lithia to close Pendragon’s 16 CarStores. Pinewood’s first financials gets standalone off to a flying start. UK car parc hits 36 million, as OEMs cut back on production. And more!
Motor Trade Radio: 27 April 2024, E26, 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.
INTERVIEW: CAP HPI’S DERREN MARTIN
Derren’s end-of-month analysis of the latest used car valuation trends. Catch the full interview at: https://motortraderadiocom.libsyn.com/motor-trade-radio-april-2024-used-valuations-special-with-derren-martin-director-of-valuations-cap-hpi-e25-s10
HEADLINES
FINANCIAL TIMES
Pendragon owner to cut hundreds of jobs in used car overhaul
The new owner of UK car dealerships Stratstone and Evans Halshaw is preparing to cut hundreds of jobs after a collapse in the supply of used cars following the coronavirus pandemic.? US group Lithia agreed to buy Pendragon’s dealerships and its used car marketplace CarStore last year, following a protracted bidding war that involved former boss Trevor Finn working with Sweden’s Hedin Mobility.
AM ONLINE
Sale of Pendragon dealerships brought ￡41m profit for Pinewood
Pendragon PLC's sale of all its Evans Halshaw and Stratstone dealerships and vehicle leasing businesses to Lithia netted a ￡40.7 million for the remainder of the business, which now continues as Pinewood Technologies PLC.
AM ONLINE
Perfect storm drove up car repair costs by 13.5% in 2023, warranty firm reports
Global parts shortages and rocketing labour rates drove up?average car warranty claims by 13.5% last year to ￡459, according to?Warranty Solutions Group (WSG). Labour charges increased by an average of 12% between 2022 and 2023, predominantly due to the rise in utility prices and motor trade insurance premiums. The national shortage of qualified vehicle technicians also continued to remain strong, which has forced many garages to increase salaries to attract the right talent.
AM ONLINE
UK's car parc nears 36 million, says SMMT, after 2023 market growth
领英推荐
The UK car parc, the number of cars registered for UK roads, reached 35.7 million by the end of 2023, according to the Society of Motor Manufacturers' Motorparc database. That total comes after the UK's strongest post-pandemic new car market last year.
CAR DEALER
Car production falls by more than a quarter as factories adjust for new models
Car production dropped by more than a quarter in March as factories adjusted for new models. That’s according to figures released today by the SMMT, which said 59,467 cars were built – down by 27.1% versus a year ago.
It was the first decline since last August, although the trade body said it was in line with expectations for a variable year as manufacturers adjusted factories to produce the next generation of cars – notably electric
DAILY TELEGRAPH
Law to limit petrol car sales is ‘terrible for the UK’, warns Vauxhall maker
The net zero crackdown on combustion engines?could force the maker of Vauxhall to scale back its presence in Britain, its boss has warned. Carlos Tavares, chief executive of Stellantis, said that a law to limit petrol car sales was “terrible for the UK” and would force manufacturers to sell vehicles at a loss. If ministers did not make urgent changes to the rules, he suggested Stellantis could be required to slash the number of cars it sells in Britain - and refused to rule out halting sales of some models altogether.?
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AM ONLINE
Research shows Tuesday is now peak day for enquiries
Dealers should ensure they have extra team members available to manage enquiries on Tuesdays, according to a new study from lead management business iTrackLEADS.?It examined data from 400 dealerships to find that the number of enquiries was 47% higher on Tuesdays than on Fridays. Saturday and Sunday proved to be the quietest days for enquiries throughout the week.
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STEPHEN WHITTON’S [M]ENABLE MOMENT
Get in touch with Stephen Whitton to see how he can help you with the mental wealth of your business at web: https://menable.org/?email: [email protected]?and on LinkedIn.
We hope you enjoyed this week’s roundup of the big car retailing stories. Catch #AllTheChatterThatMatters?on Saturday mornings on the Motor Trade Radio podcast, powered by MOTORS.
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Automotive Leader Success Coach ?? | Less Stress ?? More Success | ?? Automotive Trainer & Thought Leader | ??♂? Executive Coach & Mentor | ? Alcohol-Free Ambassador
7 个月A great show once again! Car Store closures are another reminder that as an employee 'A job role only exists because someone somewhere wants something done by someone, until they don't' and so I wish the Car Store teams well in finding their next roles soon.