Auto Retail Agenda: 11 November 2019
10 November 2019
- AUTO TRADER ‘FAIR’ AND ‘HIGH’ PRICE FLAGS CONFIRMED
- CHORLEY GROUP PROFITS DOUBLE
- PARK’S OPENS LAMBORGHINI LEEDS
- NADA SHOW SCHEDULE PUBLISHED
- WORLD NEWS – Audi brand refresh, Daimler restructures
- STOCKWATCH – BCA listing cancelled
- LAUNCH DIARY – Citroen C5 Aircross plug-in hybrid, Vauxhall and Peugeot electric vans
- COMING UP – UK GDP and Retail Price Index
- MONEY MATTERS – UK ‘to avoid recession’, Hedin buys more Pendragon
- BLOG – Will extended test drives be the key to converting electric car doubters?
Auto Trader ‘fair’ and ‘high’ price flags confirmed
Auto Trader is redesigning its adverts with two additional price flags called ‘fair’ and ‘high’, and greater emphasis on customer reviews. The online marketplace said the new initiatives will help improve transparency and customer confidence. Its 2019 Car Buyers Report revealed 88% of buyers worry they’re not getting a fair deal.
Existing ‘low’, ‘great’ and ‘good’ price flags will be joined by the new ‘fair’ and ‘high’ tags. Exactly how much the price is above or below the Auto Trader valuation will also be shown. The company’s own valuation tool will be used for this, which it describes as “the most accurate reflection of the live retail market”.
Prices will be given more context by including mileage and ‘extra features’: this will allow retailers to highlight options packs and other upgrades on individual cars.
One million customer reviews of retailers are currently available on Auto Trader. These will be relocated more prominently within adverts. Auto Trader awards received by retailers will be more boldly displayed. Vehicle descriptions will also be moved further up the advert page. The changes go live in early December.
Chorley Group profits double
Lancashire retailer Chorley Group profit before tax more than doubled to £596,000 in 2018, thanks to a focus on used cars and aftersales. The business increased its used car marketing spend and launched a dedicated online used car sales platform. Turnover for 2018 increased from £120 million to £125m.
The retailer has six dealers and four franchises in the North West; its registered name is Bugle Inn Motor Company. The directors report they are “comfortable” with a predicted decline in new car volumes because the business is outperforming the market share of its competitors.
Park’s opens Lamborghini Leeds
Park’s Motor Group has opened Lamborghini’s 11th UK franchise in Leeds. The privately-owned company has more than 60 dealerships in Scotland and the north of England; the south-east Leeds site is its first Lamborghini franchise. The UK is Lamborghini’s third-largest global market, and the biggest in Europe.
NADA Show schedule published
The full schedule of workshops and education sessions that will take place at NADA Show 2020 in Las Vegas this February has just been published
With more than 100 sessions taking place over the weekend, there is plenty of opportunity for education and inspiration to keep your dealership up-to-speed on the latest trends.
New for 2020 is the Digital Super Track sequence of best practice workshops that will help maximise your digital presence and online transactions as you learn to navigate the constantly changing world of digital marketing for dealerships.
Auto Retail Network is partnering once again with auto retail profitability experts, ASE, to create a trip to Las Vegas that will maximise your opportunity to learn and enjoy your time.
To find out more about the ARN/ASE visit to NADA Show 2020, go to: http://bit.ly/2ZFZril
WORLD NEWS
Audi plans brand refresh
Audi has hired Amsterdam agency 72andSunny to work on a brand refresh that will “recharge” the company. The project, which will be revealed in Q1 2020, includes plans to “redefine” the meaning of its slogan Vorsprung durch Technik. The move follows the recent rebrand for Volkswagen which saw changes to showroom corporate identity.
New Daimler corporate structure
Daimler Group has revised its corporate structure, separating the car & van and truck & bus businesses into two new subsidiaries. Parent company Daimler AG remains the only listed company. Below it now sits Mercedes-Benz AG, Daimler Truck AG and Daimler Mobility AG (formerly called Daimler Financial Services).
Closing prices on 8 November 2019 and weekly movement
BCA listing cancelled on 7 November as TDR Capital completes takeover
Auto Trader Group 534.2p (-10.0p)
Cambria 57.0p (n/c)
Caffyns 395p (n/c)
Inchcape 643p (+15.5p)
Lookers 46.75p (-1.95p)
Marshall Motor Holdings 135.0p (n/c)
Motorpoint 248p (-5.0p)
Pendragon 13.0p (-1.3p)
Vertu 38.75p (-1.25p)
LAUNCH DIARY
Citroen C5 Aircross SUV Hybrid, plug-in hybrid with 31-mile electric range, registrations of interest open now, prices from £35,340
Audi R8 V10 RWD, rear-wheel drive coupe and Spyder become a permanent part of the model line, deliveries from March 2020
Vauxhall Vivaro-e, all-electric van arrives in 2020 with a range of 125 miles or 185 miles. Load space identical to regular Vivaro. Peugeot version to be called e-Expert
COMING UP
Monday, UK GDP
Wednesday, Consumer Price Index, Retail Price Index
Thursday, UK retail sales
MONEY MATTERS
UK ‘to avoid recession’
The economy avoided recession in Q3, official figures released today (Monday) are expected to confirm. Analysts are predicting growth of 0.4%, after a 0.2% GDP decline between April and June. On Friday 8 November, ratings agency Moody’s warned of weak growth to come and placed Britain on ‘negative watch’ for a credit rating downgrade.
Anders Hedin buys more Pendragon
Anders Hedin Invest AB has further upped its stake in Pendragon, to 13.06%. Last month, the plc’s third-largest investor increased its stake from 11.3% to 12%. Increasing its stake to 14.5% would see Anders Hedin become Pendragon’s second-largest investor.
BLOG – Will extended test drives be the key to converting electric car doubters?