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The latest report from Cap HPI highlights a significant trend in the used car market for April 2024, demonstrating a return to pre-pandemic pricing patterns and shedding light on the continuing challenges faced by electric vehicles (EVs). According to Cap HPI, prices for three-year-old vehicles with approximately 60,000 miles on the clock saw a decrease of about 1.5%, or £300. This change represents a natural alignment with seasonal trends, often influenced by factors such as the Easter break and market saturation after the first quarter's sales activities. The decline in used car prices, although consistent over two months, is not a cause for concern among dealers. The fluctuations align with historical trends and are considered part of the regular market cycle. This period saw petrol vehicles maintaining popularity, selling more quickly than other types of vehicles. Conversely, EVs and diesel-engine cars lagged, posing inventory risks for dealers. Particularly notable is the...

Following the acquisition of the UK dealer group Pendragon by the US automotive giant Lithia Motors, the company announced a major restructuring that includes the closure of Pendragon's CarStore brand. This drastic move will lead to the shutdown of 16 CarStore sites across the UK and result in approximately 250 job losses. This decision was influenced by a notable downturn in the used car supply, prompting a shift in business strategy. Pendragon, a prominent name in the UK motor trade, has faced significant changes since its £397 million acquisition by Lithia. The announcement of the job cuts and closures came shortly after the takeover, aligning with a trend where UK dealer groups experience major restructuring post-acquisition by North American investors. This pattern raises concerns within the industry about the stability of jobs and the future of such business entities under foreign ownership. The remaining CarStore locations will not continue under the same brand; instead...

Tesla, led by Elon Musk, has implemented price cuts for its Model Y, Model X, Model S, and Model 3 vehicles in response to a global sales decline. While the UK has not yet seen price reductions, similar actions in the past have led to significant drops in used EV values, impacting dealers' willingness to stock such cars due to financial losses. The price reductions vary by region. In China, the price of the Model 3 was reduced by approximately £1,560, now starting at about £25,920. In Germany, the Model 3's price dropped by about €2,000 to €40,990. Additionally, in the USA, $2,000 was cut from several models. This strategic move follows a challenging period for Tesla, which saw a global delivery decrease of 8.5% to 386,810 vehicles in the first quarter of the year. Moreover, this price adjustment comes shortly after Tesla announced a global workforce reduction by over 10%, a decision Musk described as difficult but necessary for the company's next growth phase. Thes...

Lookers, a prominent dealer group, has recently inaugurated a new BYD dealership in Sheffield, Yorkshire, marking a significant expansion in its electric vehicle (EV) offerings. This new dealership, situated at the former site of an approved used Ford centre on Savile Street East, underscores the company's commitment to enhancing EV accessibility in the region. The new showroom boasts space for approximately 80 vehicles, showcasing BYD’s diverse range of electric models, including the Dolphin, Atto 3, Seal, and the ETP3, BYD’s inaugural EV van in the UK. The opening of this dealership follows closely on the heels of Lookers' first standalone BYD site in Middlesbrough, indicating a rapid expansion strategy for the brand. Ryan Smith, the General Manager at Lookers BYD Sheffield, expressed excitement about the opportunities that the new dealership brings. He highlighted the company's anticipation of expanding their stock and staff in response to growing customer interest ...

Tesla, led by Elon Musk, has implemented price cuts for its Model Y, Model X, Model S, and Model 3 vehicles in response to a global sales decline. While the UK has not yet seen price reductions, similar actions in the past have led to significant drops in used EV values, impacting dealers' willingness to stock such cars due to financial losses. The price reductions vary by region. In China, the price of the Model 3 was reduced by approximately £1,560, now starting at about £25,920. In Germany, the Model 3's price dropped by about €2,000 to €40,990. Additionally, in the USA, $2,000 was cut from several models. This strategic move follows a challenging period for Tesla, which saw a global delivery decrease of 8.5% to 386,810 vehicles in the first quarter of the year. Moreover, this price adjustment comes shortly after Tesla announced a global workforce reduction by over 10%, a decision Musk described as difficult but necessary for the company's next growth phase. Thes...

Lookers, a prominent dealer group, has recently inaugurated a new BYD dealership in Sheffield, Yorkshire, marking a significant expansion in its electric vehicle (EV) offerings. This new dealership, situated at the former site of an approved used Ford centre on Savile Street East, underscores the company's commitment to enhancing EV accessibility in the region. The new showroom boasts space for approximately 80 vehicles, showcasing BYD’s diverse range of electric models, including the Dolphin, Atto 3, Seal, and the ETP3, BYD’s inaugural EV van in the UK. The opening of this dealership follows closely on the heels of Lookers' first standalone BYD site in Middlesbrough, indicating a rapid expansion strategy for the brand. Ryan Smith, the General Manager at Lookers BYD Sheffield, expressed excitement about the opportunities that the new dealership brings. He highlighted the company's anticipation of expanding their stock and staff in response to growing customer interest ...

In a detailed review conducted by the House of Lords regarding strategies to boost electric vehicle (EV) adoption, several key recommendations were made to the UK government, including the reinstatement of the plug-in car grant (PiCG). The report entitled "EV Strategy: Rapid Recharge Needed" also suggested reducing VAT discrepancies between public and home charging stations and introducing a range of fiscal incentives to make electric vehicles more appealing to consumers. However, the government's response to this report has been underwhelming for proponents of faster EV adoption. It rejected the idea of bringing back the previously discontinued PiCG, which had initially provided significant purchase price reductions for new EV buyers since its introduction in 2011. The grant, which decreased from £5,000 per vehicle to £1,500 before its cessation in 2022, was deemed less impactful compared to other existing incentives like company car tax benefits, despite the early ...

The latest roundup from Car Dealer Magazine on April 18 includes significant updates from the motor trade and related fields. A major scam website operation, based in the UK and responsible for duping thousands with phishing schemes, was dismantled by the Metropolitan Police. This operation had reportedly gathered over 480,000 card numbers globally. Additionally, the Trades Union Congress (TUC) has issued a stark warning about the lack of regulatory measures concerning the use of artificial intelligence in the workplace, suggesting potential risks of exploitation and discrimination against workers. They have proposed a legal framework to safeguard employees. In a lighter vein, a piece of music history is hitting the auction block. The 1953 Bristol KSW 5G bus, famously used by Paul McCartney and Wings for their 1972 tour, has been restored and is expected to fetch between £150,000 and £200,000. This iconic bus journeyed over 7,500 miles across Europe, marking a significant moment i...

James Brayley, owner of AB Autos in Bristol, is preparing for a legal fight as South Gloucestershire Council has approved plans for constructing five new flats adjacent to his showroom, potentially blocking customer access. The plans include creating areas for cycle and bin storage that Brayley believes would interfere with a right of way established and registered with the Land Registry in 1994. Brayley contends that these changes could hinder his ability to "sell more cars" effectively, as access to his showroom is crucial for his business. He is considering an injunction to halt construction unless the project is altered to respect the existing right of way. The council and developers argue that the development reflects contemporary urban planning values, prioritising sustainable transport solutions and reducing reliance on private car usage, which aligns with broader environmental goals. This situation highlights the tension between development and existing b...

Tesla shareholders face a pivotal decision as they are asked once again to approve a staggering $56 billion compensation package for CEO Elon Musk, originally awarded in 2018 but recently invalidated by a Delaware judge. The compensation, unprecedented in its scale, does not comprise a salary or cash bonus but is contingent upon Tesla's market valuation reaching up to $650 billion over the next decade, a target partially achieved with its current valuation standing at approximately $500.36 billion. The call for a re-vote aligns with the upcoming release of Tesla's quarterly earnings and amidst a backdrop of potential job cuts and reputational damage linked to Musk’s political statements and a controversial antisemitic remark. These issues contribute to the challenges the electric vehicle giant faces, including tepid demand in key markets. The Delaware Chancery's Judge Kathaleen McCormick earlier this year dismissed Musk's record-breaking pay as "an unfathomabl...

The latest insights from Auto Trader, spotlighted by cardealermagazine.co.uk , reveal a notable shift in the UK's automotive market, particularly in the realm of used cars. The Peugeot 3008 emerges as the current leader, distinguished as the fastest-selling used car nationwide. This petrol-hybrid SUV, particularly models up to a year old, is briskly changing hands, typically selling in just 12 days, outpacing the national average by a considerable margin. The overall landscape for used cars is equally brisk, with vehicles now taking an average of 26 days to sell, slightly quicker than last year and just a tad slower than the previous month. This rate represents a significant acceleration from March's record-setting pace of 25 days, underscoring sustained consumer interest and a robust secondary market. A deeper dive into the data reveals that hybrid vehicles, including plug-ins and both mild and full hybrids, are currently the quickest to sell, taking just 24 days on avera...