The automotive industry briefing
The latest news, views and numbers you need to know this month
News in Numbers
Sales in the UK new car market jumped 28% year- on- year in June, according to the SMMT
Nissan has unveiled plans for a £1bn electric vehicle hub based in Sunderland
Percentage of private new car sales financed by FLA members in the 12 months to May
The average price of a used car on Auto Trader increased 11.1% in June to £14,276
BEV and PHEV combined market share in June, according to SMMT data
Semiconductor chips shortage “real storm” – JLR chief
JLR says the chips shortage affecting the semiconductor industry is creating a “real storm” as suppliers battle to keep up with huge demand.
Hyundai tops Leasing.com league table with affordable EV model
Hyundai has seen its popularity grow in the leasing market in June thanks to the affordability and availability of its hybrid EV model
Evolution Funding completes Click Dealer acquisition
Motor finance broker Evolution Funding has completed the acquisition of automotive tech provider Click Dealer for an undisclosed sum.
The RAC launches EV leasing service in the UK
The RAC has launched an electric vehicle (EV) leasing service in collaboration with Hitachi Capital Vehicle Solutions, to encourage greater uptake of EVs in the UK.
However, the ambitions are incredibly high and the timeline tight, so any regulation must be backed by a package of measures that accelerate market uptake through consumer incentives, as well as an irreversible commitment to the expansion of charging infrastructure and rapid energy decarbonisation, so we’re not putting brown energy into green cars and vans.
Mike Hawes, chief executive of the SMMT, speaking on the government’s EV targets
British Ports Association chief executive Richard Ballantyne, following UK Chancellor Rishi Sunak’s announcement that the Freeports selection process will see the first sites in England set up by the end of 2021:
“This is a welcome development and by being more inclusive in terms of the number of freeports there might be, the government can now explore how to better deliver on its levelling up agenda without picking regions over each other. Coastal communities are often in areas of high deprivation and have also experienced challenges resulting from the coronavirus pandemic and lockdown so this potentially transformative policy will be welcomed across a range of suitable locations.”
Obviously, we recognise and support the requirement for self-isolation to curb the pandemic but ‘pinging’ it does create often quite acute staffing issues with no notice. This can affect almost any element of the remarketing industry.
Philip Nothard, chair of the VRA, regarding the problems caused by the UK ‘pingdemic’
In over three decades of working in the remarketing sector I’ve never seen used car prices rise so dramatically in a three-month period. Many dealers are desperately short of stock which is compromising their businesses, but there is no change on the horizon.
Martin Potter, Aston Barclay’s managing director – customer, on the buoyant used market