Auto Retail Agenda: 15 January 2024
14 January 2024
- RETAILER TARGETED BY ‘CAR CANNIBALS’
- BIZARRE’ OPENING DELAY FOR BARNETTS LEXUS TOYOTA
- CONSTELLATION UPS VERTU STAKE, HEDIN CUTS PENDRAGON
- HYUNDAI NAMES OHME OFFICIAL CHARGING PARTNER
- HERTZ TO OFFLOAD RENTAL EVS
- RETAILERS FILL STELLANTIS MOTOR SHOW VOID
- STOCKWATCH
- COMING UP: CPI, retail sales
- SIGNS COST OF LIVING CRISIS MAY BE OVER
- FOUR WAYS CONSUMER DUTY MEANS A BETTER DEAL
Retailer targeted by ‘car cannibals’
Bolton’s Wilson & Co Vauxhall suffered more than £30k of damage last month after ‘car cannibals’ broken into a storage compound three times and stole bonnets, bumpers and headlights.
Owner Robin Wilson criticised the lack of response from police, after a witness who reported the crime was told it was not an emergency. A week later, the police closed the case. “It beggars belief,” he said. “It’s going to cost us at least £10k on each.”
He added that because the police “see it as a business, and you have insurance, it is a victimless crime”.
MD Mick Cliffe said the retailer has had to remove vehicles from the compound “as the insurance would not let us keep them there”.
Lookers Mercedes-Benz Stoke also suffered a fire last week caused by arson. Four cars were found alight by firefighters, and a suspect was later seen entering the retailer and pouring petrol over one of the cars. He left the scene on an electric scooter.
‘Bizarre’ opening delay for Barnetts Lexus Toyota
Barnetts Lexus and Toyota’s new £10m Dundee showroom has finally opened after a 41-day delay. It was caused by failing to obtain a safety certificate from the fire service following a dispute around a fireproof ceiling. Dundee City Council also refused to give certificates until the issue was resolved.
The retailer has since opened after adopting “bizarre” stipulations to meet council conditions, including removing doors from offices and taping up glass walls.
Owner Eastern Western Motor Group said the delay cost £20k a day. MD Keith Duncan added the council’s stalling had “wiped out” a month’s worth of profit.
Constellation ups Vertu stake, Hedin cuts Pendragon
TDR Capital, which owns Constellation Automotive Group, last week again upped its stake in Vertu, from 7.0% to 8.1%. Meanwhile, Hedin cut its stake in Pendragon, from 17.8% to 16.9%.
In other retailer news, Greenhous chairman Keith Sayfritz has stepped down. The 76-year old was appointed in 2014.
Hyundai names Ohme official charging partner
Hyundai has chosen Ohme as its new official charging partner, Auto Retail Agenda can exclusively reveal. Hyundai retailers will now recommend Ohme smart chargers for EV sales. “Its technical innovation and extremely high levels of customer service make for an ideal partnership,” said Hyundai and Genesis UK president Ashley Andrew.
Hyundai joins Mercedes-Benz, Volkswagen Group and the Motability fleet in recommending Ohme as its official charging partner.
WORLD NEWS
Hertz to offload rental EVs
Car rental giant Hertz is to sell 20k EVs due to higher expenses caused by plunging values and greater repair costs. It will replace them with ICE vehicles. The decision means Hertz will suffer a $245m hit – but greater profitability and cashflows in 2024 and beyond will offset this.
Retailers fill Stellantis motor show void
Retailers are filling in for Stellantis at auto shows following the OEM’s decision to reduce its spending. “We as dealers believe we need to have them,” said Texas retailer Charlie Gilchrist. “It’s an efficient spend because we get a lot of customers looking and shopping, and then they actually go buy.” This is backed up by studies, he added.
STOCKWATCH
Closing prices on 12 January 2024 and weekly change
Auto Trader Group 704.6p (+12.8p / +1.8%)
Caffyns 500.0p (n/c)
Halfords 176.4p (-8.0p / -4.4%)
Inchcape 708.5p (-2.5p / -0.3%)
Motorpoint 99.6p (-2.4p / -2.3%)
Pendragon 33.2p (+0.25p / +0.7%)
Vertu 69.5p (-1.3p / -1.8%)
COMING UP
Tuesday, UK unemployment
Wednesday, CPI
Friday, retail sales
30 January, Auto Retail Live used car landscape
MONEY MATTERS
Signs cost of living crisis may be over
Wages are rising and inflation is slowing, with experts saying the worst of the inflationary crisis is now behind us. “We are in the early stages of a recovery as spending power starts to increase.” said the CEBR’s Samuel Miley – and consumers are beginning to feel more optimistic about their finances as a result, says GfK.
Energy bills are expected to fall in 2024 too – although the government’s freezing of income tax thresholds in 2022, which pushed many earners into higher tax brackets, is set until 2028. This will more than offset the cut in National insurance from 12% to 10%.http://tinyurl.com/427wvbey
Four ways Consumer Duty means a better deal
Six months on from the introduction of the Consumer Duty, Fairer Finance’s Oli Crawford argues it has “been the catalyst for significant cultural change” – even though most of the impact will not immediately be noticeable to consumers.
Better savings rates, simpler T&Cs, fewer banking charges and better investing charges are all cited as improvements delivered by the Consumer Duty.
Tags:
Barnetts, Constellation, consumer duty, cost of living, CPI, EVs, greenhous, Hedin, Hertz, Hyundai, Lookers, Ohme, Pendragon, Stellantis, theft, vandalism, Vertu, Wilson & Co 
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