This week’s news stories cover the car finance selling furore, OEM representation plans, AM Live, and a dealer acquisition!
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This week’s news stories cover the car finance selling furore, OEM representation plans, AM Live, and a dealer acquisition!
Motor Trade Radio: 16 November 2024, E69, 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.
HEADLINES
REUTERS
UK watchdog urges Supreme Court to act as $21 billion motor finance scandal looms (-- ￡16m)
Britain's Financial Conduct Authority is pressing the Supreme Court to expedite a decision to permit lenders to appeal a crucial judgment that may pave the way for a multi-billion pound consumer redress scheme linked to motor finance commissions.
CAR DEALER
Martin Lewis says car finance scandal could double in size as FCA extends scope of investigation
Money saving expert Martin Lewis has once again weighed into the car finance crisis, claiming that the scandal could be about to double in size.
CAR DEALER
BMW allocates more than ￡70m to compensating customers affected by motor finance scandal
https://cardealermagazine.co.uk/publish/bmw-allocates-more-than-70m-to-compensating-customers-affected-by-motor-finance-scandal/309830BMW has put aside more than ￡70m to compensate customers who may have been affected by the ongoing motor finance scandal. BMW Financial Services, the British car loans division of the German brand, says it has allocated a hefty ￡70.3m, following ‘a number of complaints in respect of historical motor finance commission arrangements’.
THE TIMES
Dozens of car models may be recalled in new ‘dieselgate’ inquiry
Thousands of cars could be recalled as a result of a government investigation into a far wider dieselgate scandal, The Times can reveal. Some 47 different car models under 20 brands by 11 manufacturers are suspected of being more polluting than thought. The models are being kept secret.
AM ONLINE
Leapmotor rollout plan targets 50 UK dealerships by year-end
Stellantis?has told Automotive Management more details about its rollout of China’s Leapmotor brand in the UK and is planning a network of up to 50 retail sites by the end of 2024.
MOTOR TRADER
International Motors enters official distributor agreement with Zer-pang
International Motors has entered an official distributor agreement with Chinese manufacturer XPENG. This partnership marks a milestone moment for XPENG, with the UK highlighted as a key market in its European growth plans. The XPENG G6, a mid-size ultra-smart coupe SUV, will be its first vehicle to launch in the UK. The pure-electric vehicle includes 800-volt supercharging and an extended driving range.
AUTO RETAIL AGENDA
Dacia outlines 2025 network structure change
Dacia, which currently has 144 retail sites, is preparing for a change in its network structure in mid-2025, says UK and Ireland brand director Luke Broad. The value brand will move to a hub and spoke structure, which will result in a 20% reduction in brand partner sites.
CAR DEALER
Family-run Alan Day Motor Group completes acquisition of Kia’s flagship London showroom
The family-run Alan Day Motor Group has added to its dealer portfolio with the acquisition of Hummingbird Motors in Colindale.
IAN GODBOLD INTERVIEW
Catch our full interview with leading industry consultant Ian Godbold discussing finance sales, the impact of the budget on dealers and his take on the latest trends shaping car retailing.
???Industry guru Ian Godbold on the impact of car finance scandal and budget on dealers (E68, S10)MOTOR TRADE RADIO -- SUPPLIER SPECIALS
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1 周Dacia’s change in strategy for their network once again reinforces my point that as employees, a job only exists because somebody somewhere wants something done by someone, until they dont.