Auto Retail Agenda: 16 December 2024
15 December 2024
- FORRESTER URGES U-TURN ON ZEV MANDATE AND 2030
- ARNOLD CLARK ACQUIRES WINGROVE
- PINEWOOD AI JOINS NFDA
- NEW DIRECTOR FOR MINI UK
- LYNK & CO TO DODGE EU EV TARIFFS WITH PHEV FOCUS
- DMS BATTLE: TEKION SUES CDK
- STOCKWATCH
- COMING UP: Bank of England interest rate decision
- LONDON STOCK EXCHANGE ‘DEEPLY UNCOMPETITIVE’
- 60% INCOME TAX WARNING
Forrester urges U-turn on ZEV Mandate and 2030
Vertu CEO Robert Forrester says the ZEV Mandate and 2030 ICE ban are “wreaking havoc in the motor sector”. In an op-ed last week, he said manufacturers are “exasperated” by the UK stepping out of line from the EU and US 2035 EV deadline.
Ministers have been “caught in the headlights of their own policy and Labour has “doubled down on the wrong policy”. Vertu leads the sector in the number of EVs it sells, he said, but “it is still nowhere near the government’s arbitrary targets”.
Ministers, he added, have only talked to OEMs and have “spurned all my requests for a meeting to explain the consequences for your neighbourhood car dealer”.
Forrester wants the government to, at least, align with the EU on policy. “Let the market decide, based on consumer’’ preferences – so when cheap EVs are available and charging challenges have been sorted, the consumer will buy them en masse.
“Ministers need to apply the brakes and U-turn before they run out of road and destroy the UK’s car industry for good.”
It is understood a consultation on the ZEV Mandate will be announced this week. Ministers are unlikely to change the headline targes but are open to the idea of “flexibilities”.
Arnold Clark acquires Wingrove
Arnold Clark has acquired family-run North Tyneside retailer Wingrove Motor Company. Founded in 1925, Wingrove was the largest family-owned and operated retailer in the North East. Its sites have now been rebranded Arnold Clark.
Pinewood.AI joins NFDA
Pinewood Automotive intelligence, the cloud-based DMS specialist established following the sale of Pendragon to Lithia, has joined the NFDA as an associate member. “We look forward to seeing how their expertise will enhance retailers’ understanding of their customer data, especially as they search for ways to increase revenues,” said the NFDA’s Symon Cook.
New director for Mini UK
David Beattie takes over as director for Mini UK and Ireland on 1 January 2025. He succeeds Federico Izzo, who is promoted to head of Mini region Europe.
Beattie has headed the used car business since 2023 and was responsible for Mini sales from 2018. He has extensive sales and marketing experience and, says Mini, has a well-established relationship with retailers.
Rob East, general manager for national sales since 2022, will succeed Beattie as used car sales director.
WORLD NEWS
Lynk & Co to dodge EU EV tariffs with PHEV focus
Lynk & Co will focus on plug-in hybrids in Europe, rather than full EVs, to avoid the additional tariffs Europe has imposed on electric cars built in China. PHEVs are not subject to the extra tariff, which is 19% for Lynk & Co, on top of the current 10% import duty.
Lynk & Co is also being taken over by sister Geely brand Zeekr, to streamline the empire “and significantly reduce the risk of the two brands competing with each other”. Lynk & Co has shifted from a direct sales subscription model and is now planning more than 100 retailers in Europe.
DMS battle: Tekion sues CDK
Fast-growing California DMS firm Tekion is suing CDK Global, accusing it of monopolising the market. It said in court that CDK is illegally trying to maintain its dominance by impeding retailers’ efforts to switch DMS platforms, leading to them paying higher prices.
STOCKWATCH
Closing prices on 13 December 2024 and weekly change
Auto Trader Group 817.4p (-27.6p / -3.3%)
Caffyns 450.0p (n/c)
Halfords 141.8p (-3.8p / -2.6%)
Motorpoint 136.5p (-0.5p / -0.3%)
Pinewood 342.5p (+3.5p / +1.0%)
Vertu 61.4p (-0.6p / -0.9%)
COMING UP
Tuesday, UK unemployment
Wednesday, CPI and RPI
Thursday, Bank of England interest rate decision
MONEY MATTERS
London Stock Exchange ‘deeply uncompetitive’
Former London Stock Exchange chief Xavier Rolet says the UK stock market has become “deeply uncompetitive” and there is a “real threat” more companies will move their listings to America due to a lack of trading in London. The LSE daily turnover of shares has fallen by more than a third since 2018; daily turnover of the Nasdaq is 70 times greater.
London shares trade at a 52% discount to their US counterparts, says Goldman Sachs.
60% income tax warning
HMRC has upped the number of taxpayers it expects to be paying a 60% rate within four years, from 260k to more than two million. A quirk in the system means earnings between £100k and £125,140 include a marginal tax rate of 60%. The jump is because income tax thresholds have been frozen until 2028.
ISSN 3049-5725
Tags:
Arnold Clark, CDK Global, income tax, LSE, Lynk & Co, Mini, NFDA, Pinewood, Robert Forrester, Tekion, Vertu, Wingrove, Zeekr, ZEV Mandate 
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