News

The Financial Conduct Authority CEO Nikhil Rathi has called for clarity on motor the finance commission and the decision made by the Court of Appeal last week ruling in favour of the consumer. Two finance houses have said they will appeal the decision and Rathi aid it was in all parties interest that the Supreme Cout decide whether or not ...

Hendy Group is launching a new Apprentice Ambassador programme that will encourage more people into automotive careers. The scheme be launched at Hendy’s Apprentice Day on 31 October, which will honour the achievements of the Group’s 2024 intake of more than 50 apprentices. Hendy said existing and newly graduated Hendy apprentices can apply to add the Apprentice Ambassador role into ...

Group 1 turned in a strong performance in Q3 with year-on-year gross profit up 8.4% to $852.7m (£656m) and turnover up 11% to $5.2bn (£4bn). Group 1 has accelerated its UK growth.  For the quarter UK gross profits rose 68.6% to $1174.5 on turnover up 55.2% to $1.2bn. In July 2024, it bought four Mercedes-Benz UK dealerships, which is expected ...

I attended a podcast recording last night for Autocar, where the two regular co-presenters, Steve Cropley and Matt Prior were joined by a special guest, Jonathan Palmer.  Jonathan now owns and manages many of the UK racing circuits, a unique and superb driving experience centre, and now new locations in Navarra, Spain and Laon, France.  However, having abandoned a medical ...

Legal firm MILS has issued guidance to dealers on motor finance Discretionary Commission Claims, a huge issue for the retail sector in the light of the Court of Appeal ruling. The Court of Appeal upheld an appeal against Close Brothers, First Rand Bank and MotoNovo Finance ruling that motor dealers acting as credit brokers have a duty of loyalty to ...

Battery electric vehicles (BEVs) were the best-performing fuel type in September, rising for the second consecutive month, according to the latest analysis from cap hpi. The stabilising of the BEV market is good news for dealers who were hammed by falling values in the final quarter of 2023. At three years old, BEV values have increased slightly by 0.3%, or ...

The cover is free throughout its seven-year manufacturer’s warranty period, so long as servicing is carried out an approved service centre within the manufacturer’s recommended intervals. The Chinese OEM is aiming to establish brand trust in the UK by partnership with established service providers, including DHL for parts supply, Octopus Energy Group for EV tariffs, home charging installations and leasing ...

Vertu Motors has acquired Burrows Motors for £12.5m, strengthening its relationship with Toyota, Mazda and Kia. Vertu’s partnership with Toyota grows from six to 11 outlets, Mazda from two to four and Kia from three to four. Burrows Motor Company turned in pre-tax profits of £106,000 in 2023 compared to £3m the prior year on turnover of £168.9m (2022: £171.9m). ...

MotoNovo Finance has paused selling motor finance while it updates its processes. The move follows a Court of Appeal ruling on Motor Finance motor finance Discretionary Commission Claims, which ruled in favour of consumers. In a statement on its website, MotoNovo said: “To all our valued customers, following a recent Court of Appeal decision which considered the payment of commission ...

Toyota and Lexus dealer group Steven Eagell hosted a week-long work experience event for female students in collaboration with MK College. The event, held to inspire female students to pursue a career in the automotive industry, was attended by 14 female students studying at MK College. It included a workshop hosted at Steven Eagell Group head office. During the workshop, ...