Chinese state-owned carmaker Chery Automobile has forged a strategic partnership with UK-based Octopus Electric Vehicles to lease its Omoda electric vehicles (EVs).  This move marks the Chinese company’s latest effort to penetrate the European EV market.  It collaboration will provide Omoda drivers with access to Octopus’ EV services, including specialist tariffs, home charging solutions and a roaming charging network.  It is expected to deliver significant savings for drivers, with Octopus claiming over £500 annual fuel cost reductions when using their ‘Intelligent Octopus Go ..read more

Polestar, the Swedish electric performance car brand owned by Volvo and renowned for its electric vehicles (EVs), has released its Sustainability Report for 2023, showcasing significant strides towards its climate targets, according to a press release. The company achieved a notable 9% reduction in relative greenhouse gas emissions (GHGs) per sold car compared to the previous year, amounting to a decrease of 3.4 tCO2e. This accomplishment stems from Polestar’s concerted efforts in three key areas: utilising carefully selected materials with lower climate impact, incorporating renewable electri ..read more

Which? investigators uncovered that certain car insurers apply APRs as high as 39.11%, with an average rate of 23.37% across 27 providers. However, obtaining this information proved challenging, as ten insurers declined to disclose their rates. One insurer, Markerstudy, defended its practices, stating it regularly assesses its rates to ensure fair value. Similarly, Axa argued that using representative APRs for comparison may be misleading due to different calculation methods. These findings echo previous research by Which? highlighting how monthly instalments can significantly inflate insuran ..read more

Inchcape has signed a definitive agreement to offload its UK automotive retail operations (Inchcape UK) to Group 1 Automotive for £346m.   This transaction includes the UK automotive retailing business and associated real estate assets.   Last year, Inchcape UK dealerships generated around £2.1bn in annual revenues, US-based Group 1 noted.   With 54 dealership locations across England and Wales, Inchcape’s UK portfolio features brands such as Audi, BMW/MINI, Jaguar Land Rover, Lexus, Mercedes-Benz/smart, Porsche, Toyota, Volkswagen, and Volkswagen Commercial Vehicles ..read more

Almost one in 20 motor finance customers have been identified as vulnerable by iVendi as the Financial Conduct Authority (FCA) announces a new review. The motor retail technology market leader says that, from a sample of more than half a million sessions of consumers using its motor finance tools, 4.3% were potentially classified as vulnerable.   Of these, almost one in five (17%) were successfully signposted to third-party and lender links such as support lines. If the sample is limited to online applications only, the incidence of vulnerable customers is even higher at 5.25%, compa ..read more

Almost three-quarters of dealers (72%) believe that there is a trend developing against manufacturer agency models, new research shows. April’s new Startline Used Car Tracker also reveals that 36% think more manufacturers will change their minds and drop agency, 23% that it is proving wrong for dealers, and 21% that it is proving wrong for manufacturers. Paul Burgess, CEO at Startline Motor Finance, said: “The adoption of the agency model has always been controversial to a degree, and the recent decision of some manufacturers to reverse or delay their plans has caused a lot of noise. “Our find ..read more

Close Brothers Motor Finance has recently integrated remote identity checks into its finance application process to enhance security.   The new system, provided by Lexus Nexus, employs biometric technology to validate identities and the authenticity of ID documents, offering immediate pass or fail outcomes.  It replaces the traditional telephony security systems, streamlining the verification process and bolstering fraud prevention measures.   Customers can now complete identity checks at their convenience by following a link sent via SMS, where they are required ..read more

A recent report by IDTechEx forecasts substantial growth in the SDV (Software-Defined Vehicles) and AI cars market, estimating it to be worth over US$700 billion by 2034. This projection represents approximately 20% of the global car market. The remarkable surge in value is attributed to various revenue streams, including monthly connectivity subscriptions, commission from in-vehicle payments, and one-time software upgrades. Significant advancements in car connectivity, onboard hardware capabilities, and a noticeable shift in consumer preferences towards subscription-based models underpin the ..read more

Shoreham Vehicle Auctions (SVA) raised £30,000 during its recent March charity auction week for the Chestnut Tree House Children’s Hospice (CTH), based in Arundel, West Sussex. Shoreham hosted two auctions during March – one car and one LCV auction – with south coast dealers donating customer part exchange cars to auction off as well as making pledges to support families using CTH’s facilities. These include Yeomans Group, Peter Cooper Group, Tates Group, Hendy Group and Frosts4Cars. 2024 was the 14th year of working with the charity during which time it has raised over £300,000 with the ..read more

The Association of Fleet Professionals (AFP) has advised fleet operators to make sure that vehicles and vans are delivered with accurate licence plates.  The industry body has observed a rise in instances where vehicles are delivered with incorrect registration details.  According to the AFP, vehicles, including both cars and vans, are being supplied with the wrong registration plates, or even mismatched plates between the front and rear.   AFP chair Paul Hollick said: “We are hearing from our members of an increasing incidence of this problem. It is quite an easy thin ..read more