Auto Retail Agenda: 5 June 2023
03 June 2023
- ANGELA SHEPHERD IS NEW STELLANTIS &YOU CEO
- WORK STARTS ON NEW TRUSTFORD GLASGOW SITE
- EVs CONSTRAIN USED CAR PRICE GROWTH
- INCHCAPE AND AUTOCRAFT TELFORD PARTNERSHIP
- JOIN SWANSWAY, PERRYS AND AUTO TRADER EXECS
- BYD CHINA SALES DOUBLE IN MAY
- VW US BOSS WARNS RETAILERS ABOUT PRICE MARKUPS
- STOCKWATCH
- COMING UP: Auto Retail Live business briefing
- BUSINESSES SIGN UP TO SAVE CBI
- PM WANTS 2p TAX CUT BEFORE GENERAL ELECTION
Angela Shepherd is new Stellantis &You CEO
Angela Shepherd has been appointed CEO of Stellantis &You UK, bringing a 20-year career at Mercedes-Benz to a close. She was most recently CEO of Mercedes-Benz Own Retail Group.
She replaces James Weston, who becomes vice-president, pre-owned vehicles and new business development for Stellantis. His 22-year career at Stellantis &You (and Robins & Day) UK include seven years as CEO.
In announcing the move, Stellantis &You praised Shepherd’s “significant role in the reorganisation of the Mercedes-Benz dealer network into market areas.
“This experience will prove valuable as Stellantis &You, Sales and Services continues its multi-franchise expansion plans and focus on customer experience.”
Work starts on new TrustFord Glasgow site
Work has begun on a new 3.7-acre site for TrustFord at Hillington Park, Glasgow – claimed to be Scotland’s largest business park. It will join other brands including Volvo, Jaguar, BMW, Mini, Renault, Dacia, Harley Davidson, Ducati and Triumph. Set to open in spring 2024, the development will create more than 40 jobs.
EVs constrain used car price growth
Used car prices recorded the largest year-on-year increase in six months during May – and growth would have been higher still if it weren’t constrained by used EV prices, which fell 18.6% in May. The 2.8% growth in the average price of a used car, to £17,815, is the 38th consecutive month of year-on-year retail price growth, says the latest Auto Trader Retail Price Index.
There are signs used EV values are beginning to stabilise, it added.
Inchcape and Autocraft Telford partnership
Inchcape Volkswagen Telford and accident repair centre Autocraft Telford have announced a new partnership. Autocraft becomes the retailer’s approved accident repair centre; Autocraft customers receive preferential servicing rates at Inchcape Volkswagen Telford.
Join Swansway, Perrys and Auto Trader execs
Swansway’s Peter Smyth, Perrys’ Darren Ardron and Auto Trader’s Karolina Edwards-Smajda will join the next Auto Retail Live Business Briefing this Thursday to talk about how retailers can get the most out of the second half of 2023. The free 40-minute session, at 2pm, delivers practical advice and expert opinion – and attendees can pose their own questions for the panellists to answer.
* Auto Retail Live business briefing: sign up here
WORLD NEWS
BYD China sales double in May
BYD, the world’s largest EV maker, saw China deliveries surge once again in May. Sales grew 109% to 240k vehicles during the month. So far in 2023, BYD sales are up 96% and have already exceeded 1 million. It is targeting 3 million deliveries in 2023, a 60% boost.
VW US boss warns retailers about price markups
Volkswagen North America CEO Pablo Di Si is urging retailers not to ‘price gouge’ customers of the new three-row ID Buzz. “We cannot make a mistake [with] this vehicle,” he said. “We have a good relationship with the [dealer] network. We cannot have markups.”
He was responding to anecdotal reports that retailers were adding “market adjustment fees” of thousands of dollars to the in-demand Volkswagen ID4.
STOCKWATCH
Closing prices on 2 June 2023 and weekly change
Auto Trader Group 617.0p (-9.4p / -1.5%)
Caffyns 475.0p (-75.0p / -14.6%)
Halfords 210.8p (+10.2p / +4.9%)
Inchcape 785.0p (+19.0p / +2.4%)
Lookers 83.3p (-0.3p / -0.3%)
Motorpoint 126.0p (-4.0p / -3.1%)
Pendragon 16.84p (-0.9p / -5.2%)
Vertu 60.5p (-1.0p / -1.6%)
COMING UP
Monday, May 2023 new car registrations
Wednesday, Halifax house price index
Thursday, Auto Retail Live business briefing: sign up here
MONEY MATTERS
Businesses sign up to save CBI
Siemens is coordinating a letter among a group of CBI members urging them to publically endorse its survival. Microsoft is understood to have signed it.
A Tuesday EGM will decide the future of the CBI. Directors will have little choice but to begin a winding-up process if a majority is not reached in a vote of confidence.
PM wants 2p tax cut before general election
Rishi Sunak reportedly wants to cut National Insurance or income tax by up to 2p before the 2024 general election. The move could be announced in the March 2024 Budget, to go live in April.
Tags:
Angela Shepherd, Auto Trader, AutoCraft, BYD, CBI, electric cars, Inchcape, income tax, Perrys, PM, Stellantis &You, Swansway, trustford, Volkswagen 
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