The used car market in the UK has recorded a 6.5% increase in the first quarter of 2024, with 1,967,923 units sold, as per data from the Society of Motor Manufacturers and Traders (SMMT).  This is said to mark the strongest beginning to a year since 2019.   The growth, spanning 16 months, reflects an improvement in the supply of new cars, enhancing the availability and choice of second-hand vehicles.   However, despite this positive trend, the market is still 2.6% below pre-pandemic levels.  During the quarter, battery-electric vehicle sales surged by 71%, re ..read more

Almost one in five fleets (18%) have seen a rise in car and van downtime during the last 12-18 months, new research from Arval shows. Of those, almost six out of 10 (59%) have seen an increase of more than a month and more than half (52%) have subsequently been trying to alleviate the problem by switching to manufacturers who can offer better parts supply. These figures are taken from the 2024 Arval Mobility Observatory Fleet and Mobility Barometer, which questioned 8,605 businesses in 30 countries about their vehicle operations. Shaun Sadlier, Head of Arval Mobility Observatory in the UK, sai ..read more

In a recent statement cited by the Financial Times, the head of Volkswagen’s (VW) brand, Thomas Schäfer, cautioned Brussels against raising tariffs on imported Chinese electric vehicles (EVs). Schäfer stressed that such a move could prompt “retaliation” against international brands operating in China. The European Commission (EC) is currently investigating electric car imports from China, with expectations of tariff increases soon. This decision stems from concerns over a surge in imports, which threatens domestic producers transitioning from traditional combustion engine vehicles to electric ..read more

The City regulator has announced significant regulatory actions against three automotive companies: Keegan Motors Ltd, Ayaan Motors Limited, and Max Automotive Ltd. Keegan Motors: Keegan Motors Ltd, authorised by the FCA in 2019, has had its Part 4A permission cancelled by the Authority. This decision, effective immediately, follows the firm’s failure to fulfil financial obligations and regulatory requirements, including non-payment of periodic fees and levies and failure to submit required reports and documentation within stipulated deadlines. Ayaan Motors: Similarly, Ayaan Motors Limited, an ..read more

Mercedes-Benz Financial Services (UK) Limited (MBFS) has undertaken measures to rectify concerns raised by the City regulator regarding the transparency of its consumer vehicle Hire Purchase Agreements. The Financial Conduct Authority (FCA) had expressed worries about the clarity of the excess mileage charge term, particularly in cases of contract termination before the completion of the annual period. The FCA said the ambiguity could lead consumers to misunderstand their mileage allowance and consequent charges. MBFS has agreed to implement changes in its contracts effective from December 31 ..read more

UK-based online used car retailer Cazoo has taken steps towards administration as it seeks to prevent its collapse.   The company, which is listed on the New York Stock Exchange, has filed notices indicating its intention to appoint administrators for several of its subsidiaries.   This legal move grants Cazoo a grace period during which it can search for a rescue deal without the threat of creditor action.  Cazoo’s notice pertains to Cazoo Holdings, Cazoo Ltd, which operates the company’s marketplace business, and Cazoo Properties, responsible for the majority of ..read more

Responding to a recent Financial Times editorial discussing the challenges faced by electric vehicles (EVs), particularly concerning high prices and inadequate charging infrastructure, Richard Knubben, Director General of Leaseurope, argues that much of this was anticipated. Knubben highlights that while governments have been advocating for the swift adoption of electric vehicles, this push has often outpaced engineering readiness and has not adequately considered economic factors. Richard Knubben He argues for a flexible approach to transition to widespread adoption of EVs in Europe ..read more

Auxillias, in collaboration with IAA Advisory, is set to provide customised compliance and legal counsel, as well as comprehensive industry board advisory solutions. This expansion by Auxillias, a specialised legal firm, now encompasses asset and motor finance board advisory services. This development follows closely on the heels of the launch of Auxillias Flex, the firm’s division focused on legal, compliance, and regulatory project support. The benefits of Auxillias’ board advisory service include enhancing business strengths and growth prospects, evaluating new strategies, offering an exter ..read more

The FCA’s inquiry into historic car finance loans has put dealerships across the UK in the headlights. And although we won’t know the full extent of its impact until September, when the investigation is due to wrap up, the industry is already facing intensifying scrutiny as customers heed warnings that millions could have been mis-sold unfair deals.  Early estimates suggest that payouts to affected consumers could cost lenders billions of pounds. Given these staggering predictions, it’s no surprise many are already gearing up to file their compensation claims ..read more

UK-based simulation software specialist rFpro has unveiled a digital model of an extensive network of roads in Los Angeles, California, to support the development of autonomous vehicles (AV) and automated driving technologies. This virtual environment enables engineers to conduct testing of AVs in simulation before advancing to real-world road testing. The newly developed Los Angeles model boasts an expansive 36km loop, marking it as the largest public road model created by rFpro to date. This digital replica is fully navigable in both directions, offering engineers a realistic and diverse env ..read more