This week, SMMT released UK automotive production figures for March which highlight the extreme test the sector is facing. Amid coronavirus-led UK plant shutdowns, car manufacturing fell by -36.7% in March, with just 78,767 vehicles being produced, with similar declines for commercial vehicle and engine output. These figures are of great concern and while government’s […]
Van insurance premiums reached a record £1,881 last month, the latest analysis from insurance market experts Consumer Intelligence shows. Its Van Insurance Index shows that average premiums for new customers were at the end of March, up by 2% compared with 12 months ago. Prices for young drivers fell by 9.9% in the past 12 […]
A key priority for SMMT, our members and the industry as a whole has been ensuring the promised provision of liquidity from the government to businesses materialises promptly. That funding is starting to flow, with important government-backed schemes opening this week helping to support industry and automotive businesses nationwide. The Coronavirus Large Business Interruption Loan […]
Alternative SME credit specialist Caple has helped Direct Valeting Ltd, one of the UK’s leading professional automotive valeting firms, to access a multimillion-pound eight-year unsecured loan. Caple offers access to unsecured lending of up to £5m. Newcastle-based Direct Valeting was founded in 1998 and is one of the largest professional valeting providers to motor dealerships […]
News this week that the country will remain in lockdown until at least the beginning of May was tough for everyone to hear, even if expected. However, signs that this mammoth national effort is starting to stem the spread of the coronavirus should strengthen our collective resolve to get through this. The automotive industry is […]
In a major step of market validation, the UK’s first and largest cryptocurrency automotive trader AutoCoinCars has reported a 1000% increase in sales within the last month, despite the current economic climate. Having recently announced its partnership with some of the UK’s biggest and most renowned car dealers, including Redline Specialist Cars, Saxton 4×4 and […]
Figures released by SMMT showed the UK new car market fell more than -44% in March – hardly a surprise with showrooms locked down for most of the month to contain the spread of the coronavirus, but very concerning nevertheless. Some 203,370 fewer cars were registered, making it the lowest March since we moved to […]
More than 100 of the UK’s top car dealers have signed up to partner with London-based AutoCoinCars, the country’s market leader in trading cars with cryptocurrency. Some of the UK’s biggest car dealers, including Redline Specialist Cars, Saxton4x4 and Benz Bavarian, have joined forces with the cryptocurrency platform, which sells hundreds of cars across the […]
SMMT is working hard to support members – and the entire automotive sector – and address the immediate challenges presented by Covid-19. This means working with other trade bodies at home and abroad at times, to coordinate efforts, but also daily dialogue with government. It is important we provide feedback to government on how its […]
According to research from international real estate advisor Savills, 2019 marked a record year for new store openings in the out of town retail market with operators taking advantage of falling rents and increased supply through insolvency activity. The firm also notes that, as we move into unprecedented and challenging times as a result of […]
