Editor’s Choice

The Financial Conduct Authority (FCA) has confirmed that “several” firms have been permitted to recommence their sales of Guaranteed Asset Protection (GAP) insurance, following action by the regulator to improve fair value. To restart sales, firms need to demonstrate that their GAP products provide fair value to customers, in line with FCA rules. It said those firms that have resumed ...

G3 Vehicle Auctions has acquired the Cazoo Wholesale business to create a new ‘G3 Bedford’ auction facility which will undergo a ‘seven-figure’ investment over the next 12 months. The centre will be fully operational with a newly formed sales schedule being released soon, continuing operations as it undergoes development. G3 has secured the premises, land and existing experienced remarketing team ...

Joint Administrators David Soden and Matthew Mawhinney of Teneo Financial Advisory Limited have been appointed to Cazoo Ltd, Cazoo Holdings Limited, and Cazoo Properties Limited. Matt Mawhinney, joint administrator, said: “Following Cazoo’s decision to pivot to a Marketplace model, the Group has been winding down its legacy operations and sold a substantial number of its businesses and assets. “These sales ...

Carmakers are shifting back to fast-churn, low-profit channels in order to shift new cars in a demanding market. UK new car registrations grew for the 21st consecutive month in April, rising by 1% to reach 134,274 units. Private buyer uptake fell by -17.7% whereas fleet sales rose 18.5%. “Today we are in a push market,” said Jason Cranswick, managing director ...

Vertu Motors announced its final results for the year ended 29 February 2024 yesterday, successfully navigating a difficult trading period, but CEO Robert Forrester has expressed concerns for the new car market. Forrester said: “We’re not in normal market at all. Largely because the government are dictating what products in the new car market can be sold. “I think that ...

The former president and CEO of Hyundai Motor UK Tony Whitehorn has warned the European car market is set for a deluge of Chinese product in coming years. His warning came at the Motor Ombudsman and Radius Law Automotive Business & Law Conference in London today. It followed the move by US President Joe Biden to quadruple tariffs on electric ...

The Tesla share price has dropped by 45% since the end of December on the back of a series of negative news stories and announcements.  In most listed companies this would be a source of huge concern, but despite the fall, the market capitalisation of the company remains over seven times greater than that of Toyota, and Elon Musk continues ...

Stoner Motor Company is taking on the Omoda and Jaecoo franchises at the group’s Gillingham location. Stoner already represents Suzuki, MG, Hyundai and Maxus. Omoda has already recruited dealer groups Endeavour Automotive, Listers, Peter Vardy, Chapelhouse, Arnold Clark and Greenhouse to its dealer network as it prepares for the launch of the 5 model. “Really excited to announce that Omoda ...

The National Franchised Dealers Association (NFDA) has revealed the franchises dealers believe to be the most and least profitable in the UK in 2024. The recently NFDA published Dealer Attitude Survey rated Kia, MINI, Lexus, BMW and Nissan as the five most profitable franchised in the UK. At the other end of the scale the least profitable franchise was Jaguar, ...

Agency is opening up opportunities for dual-franchising and doing business with new Chinese brands entering the UK market. That is a key finding of the latest Savills Spotlight Research on the UK Automotive Market, which forecast further consolidation in the sector with some brands reducing their footprint and more dealer group acquisitions and restructuring. “The agency model will inevitably require ...