In brief

27 May 2021

UK car production saw significant growth in April but still remains short of recovery, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT).

In April, the UK made 68,306 cars, compared to just 197 a year ago when Covid restrictions effectively halted manufacturing. The performance was 3.8% below the April 2019 output. So far this year UK factories have turned out 374,864 cars, with April’s performance offsetting earlier declines to drive a 17.3% overall increase, but 15% down on the same four-month period in 2019.

When compared with a five-year average, production was down 42.9% for the month and 31.1% for the period January-April, reflecting the scale of the challenge facing the industry as it seeks to recover from the pandemic.

26 May 2021

Accessing car finance remains a major hurdle for consumers looking to purchase a vehicle online, according to Caerus Capital.

Ben Maguire, commercial director at Caerus Capital, cited recent research from Auto Trader which found that consumer appetite towards buying a vehicle online is increasing. Among those that had purchased a car in the last six months, many would have preferred to complete more processes online.

According to the research, one of the main hurdles is that consumers find it difficult or impossible to organise finance online, with over a quarter (28%) of respondents finding it difficult to access finance through online channels and 15% finding it extremely difficult to do so, while 7% believe it is not possible to organise finance digitally.

25 May 2021

The UK’s independent energy regulator, Ofgem, is investing £300m ($425m) into 200 low-carbon projects for electric transport and heat.

The new infrastructure will support 1,800 new ultra-rapid charging points at motorway service areas.

Ofgem says UK motorway service areas and key trunk road locations across the country will receive cabling to install 1,800 new ultra-rapid charge points, tripling the current network. A further 1,750 charge points will be supported in towns and cities.

As drivers make the switch from petrol and diesel to electric, Britain’s cables, substations and other infrastructure need a massive upgrade to support the new demand for electricity.

17 May 2021

Santander Consumer Finance (SCF) has renewed its contract with Aston Barclay for a further three years through to 2024.

As part of the relationship, which has been ongoing for the last six years, Aston Barclay handles the SCF ex-finance, voluntary terminations, PCP returns, repossessions and more specialist high-end vehicles.

SCF features regularly in Aston Barclay’s new prestige sales, which draw stock from the firm’s six UK centres, all specifically made up of high-value or limited-edition models. The sale has attracted a big audience for each sale, with £1m ($1.41m) worth of vehicles going under the hammer.

14 May 2021

Total financing activity at Mann Island Finance has surpassed the £1bn (£1.41bn) milestone, demonstrating the firm’s motor finance lending capabilities.

The finance case that cemented the milestone moment took place at Alpha Motors in Wigan. To celebrate the moment, Mann Island Finance managing director John Hughes presented the customer with a voucher to pay for their first service.

Commenting on the milestone, Hughes, said: “Over the difficult last year, we stood side by side with our dealers and customers. We stayed open, kept lending, and provided rapid forbearance support for people who wanted such help. Our loyalty to them was rewarded by growth that saw us double our market share."

12 May 2021

Some 2.7 million more drivers are planning to opt for a new car purchase this year than previous years, according to research from Close Brothers Motor Finance.

The company’s Britain Under the Bonnet report found that for 45% of respondents, a new car is now the preferred option – up from 38% last year.

According to Close Brothers, the lockdown has fuelled fresh demand for a private vehicle, while working from home has enabled many people to save money on travel and entertainment costs. As a result, more drivers may feel confident that they can opt for a brand new car, rather than going for a more affordable used option.

7 May 2021

The consumer car finance market reported growth in new business volumes of 10% year on year in March, according to the latest statistics from the FLA.

In the first quarter of 2021, new business volumes were 16% lower than in the first quarter of 2020.

The consumer used car finance market reported new business volumes up by 24% in March compared with the same month in 2020, while the value of new business grew by 32%. In the first quarter of 2021, new business volumes were 15% lower than in the same quarter of 2020.

6 May 2021

Volkswagen Financial Services UK (VWFS) has confirmed the appointment of Dan James and Matt Solven to its board of directors.

James will join VWFS as marketing director and chief digital officer. He joined the business in 2007, holding various commercial roles. During his time at the firm he has delivered a number of key initiatives, including the successful transition to the commercial product team approach.

In his new role, James will be responsible for managing the overall customer proposition and marketing approach, ensuring that digital transformation has a critical focus at board level.

5 May 2021

Cox Automotive has completed the acquisition of pkwNOW, a dealer-to-dealer online auction platform in Germany, for an undisclosed fee.

Headquartered in Lüdenscheid, pkwNOW has a wealth of experience in dealer and export vehicles, lease returns and fleet vehicles. The company has grown its market share to become one of the leading online trade auction platforms.

Cox Automotive hopes the acquisition will scale its remarketing capability in Germany, as well as increasing the volume of cars sold every year.

5 May 2021

Ford has said it will halt production at its German plants in Cologne and Saarlouis for several weeks due to a lack of semiconductors.

The two plants comined make around 2,000 vehicles a day during a normal production run.

“We will make up for the lost production as best as we can. We are working to improve the situation as soon as possible,” Ford said in a statement.

A long list of automakers have seen production disrupted, including Jaguar Land Rover, Volvo, Mitsubishi, General Motors and BMW.