THAT WAS THE WEEK THAT WAS! Can’t remember a week like this one; we’ve still scooped up all the big budget and finance stories! Plus, Vertu’s latest!
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THAT WAS THE WEEK THAT WAS! We can’t remember a week like this one, but we’ve still scooped up all the big budget and finance stories! Plus, Vertu’s latest acquisition and more!
Motor Trade Radio: 2 November 2024, E66, S10
If you enjoyed this week’s Motor Trade Radio Podcast , powered by MOTORS , and want to dig deeper into our featured headlines, here are the links to all the stories.
BUDGET NEWS
AM ONLINE
Chancellor Reeves’ first budget ushers ￡40bn in tax rises, amid fiscal shift
Chancellor Rachel Reeves’ first Budget represents a significant shift in fiscal policy, addressing the UK’s considerable funding gap with ￡40 billion in new tax rises alongside targeted spending cuts.
FLEET NEWS
Budget: Fuel duty frozen and hybrids hit by new BIK tax rises
Fuel duty has been frozen and new benefit-in-kind (BIK) tax rates will continue to incentivise the uptake of fully electric company cars, the Chancellor has announced. However, company car drivers PHEVs face a hike in their BIK.
CAR DEALER
Consumer confidence in car buying remains positive despite tax-heavy Autumn Budget
Consumers remain positive towards car buying despite this week’s Budget revealing ￡40bn of tax rises, a new survey has said. Latest consumer research from MOTORS shows most consumers’ car buying plans remain unchanged.
FINANCE SALES NEWS
CAR DEALER
‘Chaos’: Car finance grinding to a halt in wake of Court of Appeal decision – but what happens next?
Car finance in the UK has been thrown into chaos with many customers unable to collect their cars after Friday’s ‘shock’ Court of Appeal decision.
FCA needs to answer serious questions over car finance Court of Appeal decision
The Financial Conduct Authority needs to answer some serious questions following last week’s shock Court of Appeal judgement, the industry’s leading finance trade body has said.
Daily Telegraph
Car deliveries halted amid fears motor finance scandal is ‘bigger than PPI’
Carmakers including Honda and BMW have temporarily halted sales to customers in recent days as the industry grapples with a motor finance scandal that lawyers have warned will be “bigger than PPI”.
DEALER GROUP NEWS
AM ONLINE
Vertu Motors makes ￡12.5m acquisition of AM100 car dealer
Vertu Motors has announced it is expecting to pay ￡12.5 million for Burrows Motor Group which almost doubles its partnership with Toyota.
MOTOR TRADER
Group 1 looks for further growth in the UK through acquisitions
Group 1 turned in a strong performance in Q3 with year-on-year gross profit up 8.4% to $852.7m (￡656m) and turnover up 11% to $5.2bn (￡4bn).
CAR DEALER
Lookers crashes to ￡1.8m loss as delayed accounts reveal impact of Global Auto Holdings takeover
Dealer group Lookers has published its first set of annual accounts since its takeover by Global Auto Holdings showing that the retailer’s profits crashed to a ￡1.8m loss before tax.
OEM NEWS
THE GUARDIAN
Volkswagen to shut three factories, axe jobs and cut pay by 10%, says union
The German carmaker Volkswagen is planning to shut at least three factories in its home country, lay off thousands of workers and cut pay by 10%, according to the company’s union.
SKY NEWS
More than 1,000 Ford administrative staff to strike from 30 October
More than 1,000 Ford employees will go on strike on Wednesday, the Unite union has said. Administrative workers in Dunton, Stratford, Dagenham, Daventry and Halewood will walk out for 24 hours over a long-running dispute about pay and contract changes.
AUTOMOTIVE NEWS EUROPE
BYD hires ex-Stellantis U.K. boss Maria Grazia Davino for Europe expansion
BYD is hiring the former U.K. chief of Stellantis, Maria Grazia Davino, as the electric vehicle maker builds a team of European executives to lead its expansion in the region. BYD said Davino would be its regional managing director. She will be responsible for the automaker’s business in Germany, Switzerland, Poland, Austria and the Czech Republic.
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