• RETAILERS DISAGREE WITH 2030 ICE BAN REVIVAL
• FIRE AT WALES’ ‘LARGEST CAR SUPERMARKET’
• COX WARNS H1 USED CAR GROWTH ‘UNLIKELY TO CONTINUE’
• ASBURY IN ‘FASTEST GROWTH’ – AND FTC PROBE
• EU CHINESE EV SALES PLUMMET 45% AFTER NEW TARIFFS
• CITROEN EXITS AUSTRALIA AFTER 101 YEARS
• STOCKWATCH
• COMING UP
• WHY YOU SHOULD APPEAL AN HMRC FINE

Retailers disagree with 2030 ICE ban revival

More than half of auto retailers say they disagree with the proposed reinstatement of the 2030 ban on the sale of new petrol and diesel cars, reveals Auto Trader research. The new Labour government vowed to reinstate the ban on non-hybrid ICE cars, after the Conservative government pushed it back in October 2023.

The research comes as data shows the number of retailers advertising EVs has stayed flat year-on-year, despite the growth in new EV sales. The marketplace says this is because of government announcements and market volatility, which have taken a toll on retailer confidence.

“Electrification is a significant change,” said Auto Trader sales director Rebecca Clark, “and with change comes uncertainty and confusion, and that’s why we’re trying to help share more balanced and fact-based narratives with both retailers and consumers”.

There is also growing debate around the new government’s position around EVs, including the potential for a “contentious ‘pay-per-mile” road scheme to be adopted in the long run.

In April 2025, VED will no longer be free for EVs. What’s more, as many EVs cost more than £40k, they will be subject to the £40k ‘expensive car’ supplement, meaning road tax will cost £600 a year. This will add “up to £2,050 to the cost of owning an EV”.

Earlier in August, Liam Butterworth, boss of driveline giant Dowalis (formerly GKN) dismissed EV sales targets and predicted that, even by the mid-2040s, “we’ll still be probably around 50% of new passenger cars with an ICE engine of some form or another”.

 

Fire at Wales’ ‘largest car supermarket’

100 firefighters worked through the night last weekend to tackle a fire at Ron Skinner car supermarket in Tredegar. A “big employer” in the local area, Ron Skinner & Sons has four sites and claims to be Wales’ largest car supermarket. It was founded in Tredegar in 1968.

Investigations are now underway to determine the cause.

https://tinyurl.com/bdf8b87a

 

Cox warns H1 used car growth ‘unlikely to continue’

Cox Automotive will today reassert its 2024 used car forecast of 7.4 million transactions – because the growth seen in H1 will not continue in Q3 and Q4. Insights director Philip Nothard will warn retailers to expect tighter supply and price competition in H2.

 

 

 

WORLD NEWS

Asbury in ‘fastest growth’ – and FTC probe

The FT has recognised Asbury Automotive as one of America’s Fastest-Growing Companies for 2024. It was ranked 327 out of 500 companies with the strongest revenue growth, an absolute growth rate of 114% and a compound growth rate of 28.8%.

The news came as Asbury vowed to mount a “vigorous defence” against FTC charges alleging payment packing, adding finance and insurance products to deals without consumer knowledge, and charging Black and Latino customers more than white ones.

Asbury CEO David Hult said Asbury will “not allow the FTC to coerce fines from us… we are confident that we will prevail”.

https://tinyurl.com/5ec9cecp

 

EU Chinese EV sales plummet 45% after new tariffs

New EVs registered in the EU, by Chinese firms such as BYD and MG, fell 45% last month compared to June. Experts suggest Chinese firms pushed hard in June to empty stockpiles ahead of the additional tariffs imposed from July.

The tariffs push import duties to as high as 48%. Beijing has threatened to retaliate.

https://tinyurl.com/c24664wn

 

Citroen exits Australia after 101 years

Stellantis has confirmed it will pull the Citroen brand from Australia in November 2024, after 101 years of representation. Year-to-date, it has sold 87 vehicles in Australia; in 2023, it sold 228. Citroen and Peugeot were distributed in Australia by Sime Darby, but Inchcape took over the contract in 2017.

Peugeot has sold 1,341 cars in Australia so far in 2024, slightly down on July-end 2023’s 1,474.

https://tinyurl.com/4yczbjwd

 

 

 

STOCKWATCH

Closing prices on 16 August 2024 and weekly change

Auto Trader Group 825.8p (+34.4p / +4.2%)

Caffyns 460.0p (n/c)

Halfords 139.4p (-1.4p / -0.9%)

Inchcape 826.5p (+29.0p / +3.5%)

Motorpoint 141.25p (+4.25p / +3.0%)

Pinewood 354.5p (+24.0p / +7.1%)

Vertu 71.0p (+1.4p /+1.9%)

 

 

COMING UP

Wednesday, UK public sector net borrowing

Friday, GFK consumer confidence

 

 

MONEY MATTERS

Why you should appeal an HMRC fine

3 in 4 taxpayers who challenged an automated penalty from HMRC had their fines overturned our reviewed, new figures reveal. In Q2, 3.807 automatic fines were reviewed by the taxman, and 2,755 were cancelled.

https://tinyurl.com/57fwxxv4

 

ISSN 3049-5725