Auto Retail Agenda: 30 October 2023
29 October 2023
- NFDA CONSUMER ATTITUDE SURVEY RETURNS
- CAZOO SALES HALVE
- MOTORPOINT DERBY CLOSES DUE TO STORM
- DAVID GEORGE IS NEW BMW GROUP CEO
- CYBER SECURITY CONFERENCE TO EXPLORE NEW THREATS
- STELLANTIS TAKES STAKE IN CHINA’S LEAPMOTOR
- NEW ENTRANT VINFAST SIGNS UP US RETAILERS
- STOCKWATCH
- COMING UP: Bank of England interest rate decision
- EMPLOYERS WARNED ABOUT PAYE RTI ERRORS
- WHERE BRITAIN RANKS IN THE WORLD’S TOP PENSIONS
NFDA Consumer Attitude Survey returns
More than 6 in 10 consumers say price is the key barrier to them buying an EV, according to the 2023 NFDA Consumer Attitude Survey. It tops the list of reasons stopping consumers buying an EV, 5% clear of the next reason, a lack of charging facilities in the UK.
In terms of demographics, 55% of over-55s say they are not interested in buying an EV at all – a significantly higher proportion than other age groups. In contrast, 71% of those aged 18-24 are interested in buying an EV.
The survey is published today (Monday 30 October) at 9am. Executed by YouGov, 2,081 respondents across the UK were polled to explore attitudes towards franchised retailers, consumer perceptions regarding EVs, the impact of the cost of living on spending habits and more.
The previous Consumer Attitude Survey was released in 2019 and now it has been brought back, the NFDA plans to commission it annually going forward.
This, said NFDA CEO Sue Robinson, will build a data set that will help inform future decision making.
Cazoo sales halve
Cazoo sales have halved year-on-year from 23,775 vehicles to 12,021. Revenue was also down 50%, to £173m, in the three months to the end of September.
However, profit per unit tripled, from £488 to £1,470. Gross profit grew from £10m to £11m in the quarter.
Cazoo expects a full-year loss of between £100-£120m, considerably down from last year’s £525.5m loss.
Motorpoint Derby closes due to storm
Motorpoint has been forced to close its Derby showroom due to Storm Babet. From Wednesday 1 November, its UK customer service offices on Prime Parkway, two miles away from the Derby showroom, will be used as a collection location for those impacted by the closure.
“Motorpoint has a huge presence in Derby,” said regional retail director Chris Goodison, “so we are fortunate at be able to repurpose our existing office space.”
Last week, Auto Retail Agenda reported that Inchcape’s Derby JLR retailer was flooded due to the storm. The site remains temporarily closed.
David George is new BMW Group CEO
David George will become CEO at BMW Group UK and Ireland in January 2024. He replaces Chris Brownridge, who becomes Rolls-Royce Motor Cars CEO on 1 December.
David joined BMW Group in 2018 as director of MINI UK and Ireland. He was subsequently appointed CEO of BMW Group Canada in 2021.
Cyber Security Conference to explore new threats
Auto Retail Network will help retailers explore the solutions and steps necessary to protect their business from the risk of cyber criminal activity at a conference in London on 17 January 2024. Held in partnership with Salesforce, each session is designed to address the business concerns of retailers, delivering advice in a ‘non techy’ and understandable language.
Find out more and book here: https://tinyurl.com/4haeft7x
WORLD NEWS
Stellantis takes stake in China’s Leapmotor
Stellantis has invested €1.5bn to become a strategic shareholder of startup Chinese brand Leapmotor.
A new business, Leapmotor International, is being formed, a 51/49 Stellantis-led joint venture that has the exclusive rights for the expert and sale, and manufacturing, of Leapmotor products outside China.
The deal will accelerate Leapmotor’s sales in other regions through Stellantis’ established global commercial presence – starting with Europe.
The investment was earlier predicted in the 2023 Auto Retail Network New Entrants Report. Get your copy here: https://www.auto-retail.co.uk/product/new-entrants-report/
New entrant VinFast signs up US retailers
Another new entrant featured in the report, VinFast, has signed 27 potential US retailers as it adds third-party sales to its direct sales model. The company says a rush of interest by retailers means some are “going to be disappointed because they’re not going to get the deal”.
STOCKWATCH
Closing prices on 27 October 2023 and weekly change
Auto Trader Group 601.6p (+4.4p / +0.7%)
Caffyns 525.0p (n/c)
Halfords 197.6p (+3.8p / +1.9%)
Inchcape 666.0p (-3.5p / -0.5%)
Motorpoint 77.6p (-1.3p / -1.6%)
Pendragon 32.25p (+1.35p / +4.2%)
Vertu 75.0p (+0.8p / +1.0%)
COMING UP
Monday, UK consumer credit
Monday, Nationwide house price index
Tuesday, BRC shop price index
Wednesday, Aston Martin Q3
Thursday, Bank of England interest rate decision
MONEY MATTERS
Employers warned about PAYE RTI errors
An investigation has revealed a decline in the quality of tax data due to flaws in HMRC’s PAYE Real Time Information (RTI) system. There could be an error rate of between five and eight percent, working out to at least 2.5 million incorrect records per month.
HMRC said it is an employer’s obligation to ensure it shares accurate information and those who do not submit what is required “could face further action, including penalties”.
Where Britain ranks in the world’s top pensions
The UK ranks as one of the top 10 best places for retirees in the world, a new report has revealed. While the state pension in isolation is poor, Britain performs better in a more holistic study of private and state schemes.
Britain has an overall index score of 73, compared to a global average of 62.9. The Netherlands is top, with a score of 85.
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