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 increased 1.7% in November, according to the SMMT
Online car sales platform Carzam has secured £112m in its first funding round
The percentage of private new car sales financed by FLA member in September
A used EV is currently taking just 26 days to sell, two days faster than a used petrol vehicle
Battery and PHEVs have accounted for 17.5% all year-to-date new vehicle sales
UK new car market down 31.3% on pre-pandemic average
When compared to the pre-pandemic average, the UK new car market remains down significantly, with 31.3% fewer vehicles registered during November.
Used EVs selling faster than petrol for first time
Used electric vehicles (EVs) are currently selling faster than their petrol counterparts for the first time, according to the latest statistics from Auto Trader.
Blue Motor Finance adds Standard Chartered & Schroders to platform
Blue Motor Finance has completed a syndication of part of its existing £300m forward flow transaction to Standard Chartered Bank and funds managed by Schroders Capital.
Used car values up 57% in two years, AA Cars data shows
The values in the used car market have risen by up to 57% in the last two years, according to the latest data from AA Cars.
The industry is working flat out to overcome these issues and fulfil orders, but disruption is likely to last into next year, compounding the need for customers to place orders early.
Mike Hawes, chief executive of the SMMT, commenting on the November sales figures
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.”
While prices have now increased for eight consecutive months, recent signs point towards a potential softening in the market. And while it remains the case that prices overall have continued to rise, the situation is becoming increasingly complex, with some models starting to see significant price decreases.
Philip Nothard, director of strategy and insight at Cox Automotive, assessing the price growth in the used market
Digitally, dealers can help themselves by providing a more rounded consumer experience/journey that moves beyond the dominant focus on cars/vans and builds value in a broader offering and service/lifetime experience.
Karl Werner, managing director of MotoNovo Finance, offering advice to motor dealers facing the new digital age