New car sales up in Sept, but retail and EVs fall. Vans hit pre-COVID levels. EV price cuts not boosting used market. Plus, dealer full-year results
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New car sales were up in September, but retail sales were down, especially for EVs. Van regs are up and tracking pre-COVID levels. More than EV price drops is needed for used buyers. Plus, the latest dealer full-years.
Motor Trade Radio: 12 October 2024, E62, S10
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Topic: Current and new issues affecting the sector
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HEADLINES
AM ONLINE
Car makers spending ￡2bn to save stalling EV market, warns SMMT
Manufacturers are set to spend at least ￡2 billion on discounting electric vehicles (EV) this year in a desperate attempt to stimulate demand, according to the Society of Motor Manufacturers and Traders (SMMT). September new car sales figure reveal that EV uptake among private buyers remains weak. Private battery electric vehicle (BEV) sales rose just 3.6%, translating to only 410 additional registrations, despite heavy discounting. The year-to-date figures show private BEV demand is down -6.3%.
BUSINESS VANS
Sliding EV sales dent positive van market
Britain’s new light commercial vehicle (LCV) market grew by 8.3% in September, fuelled by the launch of the 74 registration plate and producing the largest January to September volume since the last pre-Covid year of 2019.
MOTOR FINANCE
Carwow acquires Gridserve Leasing to enhance car leasing comparison engine
Carwow Group has acquired Gridserve Car Leasing from Gridserve, a British on-the-go electric vehicle (EV) charging company, for an undisclosed sum. This move is part of Carwow’s strategy to “rapidly-accelerate” in the online car changing marketplace, with a particular focus on EV lease deals.
领英推荐
MOTOR TRADER
Price drops not enough to convince buyers to switch to used EVs
Most buyers will not consider used EVs despite drops in prices and improved supply, according to JudgeService research which polled the views of 5,789 buyers. Just over half are not considering purchasing a used EV and only one in five (20%) said they would.
FINANCIAL UPDATES
CAR DEALER
Big Motoring World posts slashed profits in last full year under the control of Peter Waddell
Big Motoring World saw its profits tumble by almost 80% in what proved to be its final full year under the leadership of founder Peter Waddell. Car Dealer has seen accounts for the used car supermarket group which show that the firm made a pre-tax profit of ￡2.24m in the 12 months to December 31, 2023.
AUTO RETAIL AGENDA
Profit down at Glyn Hopkin but up at JCB Medway
Glyn Hopkin, in the year ended December 2023, saw profit before tax fall from ￡7.5m to ￡4.0m. Turnover grew from ￡520m to ￡560m. The directors said they were pleased with the result, as 2022 was an abnormal year both for the group and UK auto retail in general, due to demand outstripping supply. While JCB Medway?reported an excellent year to December 2023. Profit before tax was up from ￡4.4m to ￡6.6m, and turnover grew from ￡228m to ￡256m, results the directors described as “excellent”.
CAR DEALER
Chorley Group posts record turnover but sees revenue swing to ￡983k pre-tax loss in 2023
Directors at Chorley Group have expressed ‘disappointment’ at the firm’s ￡983,000 pre-tax loss it made in 2023 despite it clocking up a record turnover, but have promised a return to profitability in 2024 as their long term business plan kicks up a gear.
MOTOR TRADER
Motorpoint returns to profitability in first half
Used car supermarket Motorpoint Group returned to profitability in the first half. In a trading update it said H1 pre-tax profits are expected to be ￡2m region, in sharp contrast to the -￡3.7m loss last time.
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