Spring Budget 2024: Industry urges Chancellor to revitalise UK’s EV transition through fair taxation
Motor Finance
by Alejandro Gonzalez
2d ago
The automotive industry is advocating for the Chancellor to prioritise fair taxation in the upcoming Budget, aiming to reignite the UK’s shift towards electric vehicles (EVs). New research conducted by Savanta for the Society of Motor Manufacturers and Traders (SMMT) reveals a growing number of potential EV drivers postponing their switch to battery electric cars. The survey suggests a three-point tax reform plan to accelerate the country’s progress towards net zero emissions. The decision last September to delay the end-of-sale for new petrol and diesel cars and vans from 2030 to 2035 has inf ..read more
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Gary McLeod appointed as head of commercial at Startline Motor Finance
Motor Finance
by Alejandro Gonzalez
2d ago
Startline Motor Finance has appointed Gary McLeod to the newly established position of Head of Commercial. Having been one of the company’s earliest employees, McLeod’s journey within the organisation began in 2013 when he joined as the Underwriting Manager. Over the years, he has ascended through various roles in tandem with the company’s expansion. Gary McLeod Reflecting on Startline’s growth, McLeod said: “To provide some idea of the scale of Startline’s development, we had 10 employees when I first started here and now have almost 200. It’s been quite a journey.” His long-standing associat ..read more
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UK car production registers strong growth in January 2024  
Motor Finance
by Shivam Mishra
3d ago
New figures released by the Society of Motor Manufacturers and Traders (SMMT) show that the UK’s car manufacturing industry has witnessed an upturn in January.  According to data from last month, manufacturing increased by 21% to 82,997 units.  This marks the sector’s strongest start to the year since 2021 and continues a five-month growth trend, bolstered by rising global demand and easing supply chain issues, such as semiconductor shortages.  Exports remain the cornerstone of the UK’s car production, accounting for 75.8% of the total output, with 62,938 vehicles shipped o ..read more
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V12 Vehicle Finance to expand stock funding team
Motor Finance
by Alejandro Gonzalez
3d ago
Amid a discernible change in the inclination of used car and van dealers towards unit stocking finance, V12 Vehicle Finance, a company specialising in vehicle stock funding and consumer vehicle finance, has announced intentions to strengthen its stock funding team. The move aims to support dealers in expanding their businesses by facilitating their access to unit-stocking finance. A recent survey conducted by V12 Vehicle Finance, involving the participation of 100 dealer representatives, revealed a significant uptick in the inclination towards unit stocking finance. Nearly half of the responde ..read more
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Positive trend for used car values in February, cap hpi reports
Motor Finance
by Alejandro Gonzalez
3d ago
According to experts at cap hpi, there has been a noteworthy positive trend in average used car values for vehicles aged three years with 60,000 miles on the odometer. The modest increase, standing at 0.7%, equivalent to £50, signifies the first surge since March 2023. This positive movement ranks as the fourth-largest uptick in February since the initiation of Cap Live in 2012. Over the past 11 years, the average movement in February has been a marginal increase of 0.2%. Values at the one-year age point saw a minimal increase of 0.2%, while those at the five-year mark experienced a 0.6 ..read more
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New and used car markets returning to pre-pandemic levels
Motor Finance
by Shivam Mishra
4d ago
The new and used car market is showing signs of reverting to pre-pandemic market dynamics, with experts advising a cautiously optimistic outlook.   During Assurant’s “Optimising The Year Ahead” webinar, which was joined by more than 100 delegates, Autovista chief economist Christof Engelskirchen said that a shift back to oversupply and tight demand is underway.  Engelskirchen said: “We are returning to a market where there is increased supply and limited demand but there is cause to stay positive and optimistic. So, while car values might be falling as a result, consumer confide ..read more
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Volkswagen Group UK partners with Ecobat for EV battery recycling 
Motor Finance
by Alejandro Gonzalez
4d ago
Volkswagen Group UK (VWG UK) has inked an agreement with Ecobat, a global provider of battery recycling.  This collaboration aims to collect and recycle electric vehicle (EV) batteries, which VWG UK said underscored its commitment to promoting a circular energy economy. VWG UK has been a long-time collaborator with Ecobat, with their partnership dating back to 2014 when Ecobat began collecting lead acid batteries for TPS, the Volkswagen Group Genuine Parts provider to the independent motor trade. The expanded contract in 2019 marked the commencement of Ecobat’s involvement in collect ..read more
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European automakers embrace the inevitable: 2035 fossil-fuel vehicle ban
Motor Finance
by Alejandro Gonzalez
4d ago
European automakers have agreed not to challenge the European Union’s stance on phasing out fossil-fuel vehicles by 2035, regardless of the outcome of the upcoming European parliamentary elections. The move comes as the centre-right European People’s Party (EPP) has adjusted its stance on the ban on combustion engine vehicles, in what appears to be a significant policy shift aligning with Ursula von der Leyen’s vision for a sustainable future. Earlier in February, Von der Leyen, the current President of the European Commission, announced her candidacy to lead the EPP, positioning herself as th ..read more
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One in four drivers consider purchasing hybrid as next car: Close Brothers study  
Motor Finance
by Shivam Mishra
5d ago
Close Brothers Motor Finance’s latest research indicates that more than half of drivers planning to buy a car this year, with a notable lean towards hybrid vehicles.  The study reveals that approximately one in four, or 28%, of potential buyers are considering a hybrid for their next vehicle.  Petrol vehicles remain a choice for 31% of drivers, while diesel’s popularity continues to decline, with only 11% of drivers opting for it.  The UK Government’s decision to postpone the ban on new petrol and diesel cars from 2030 to 2035 has had a mixed impact.   Although only 12 ..read more
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Octopus Energy partners with AeroVolt to streamline electric plane charging
Motor Finance
by Alejandro Gonzalez
5d ago
In a strategic collaboration between Octopus Energy and AeroVolt, electric plane pilots will be able to charge their aircraft digitally. Octopus Energy‘s electric vehicle (EV) charging platform, Electroverse, is set to sync with AeroVolt, an aircraft charging network provider.  The partnership facilitates electric plane pilots’ access to Electroverse’s charging interface at AeroVolt’s airside chargers located across the country.  This initiative aligns with Octopus Energy’s broader mission to expedite the widespread adoption of electric transport. Studies indicate that electric ..read more
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