It is understood Fussey and Robinson will look after different brands within Marshall.

Robinson confirmed to Auto Retail Agenda the splitting of the franchises between him and Fussey but did not respond to which brands would go with which MD.

FCA DCA deadline pushback into 2025 ‘likely’

The FCA is likely to delay its judgement on Direct Commission Arrangements (DCA) beyond its 26 September deadline due to an ongoing court case, senior lawyers told attendees at a VRA member meeting last week. Jonathan Kirk KC, Daniel Bayley and Jonathan Goulding said that Barclays’ judicial review proceedings of the FOS decision to uphold a complaint relating to DCAs is unlikely to be heard before the deadline expires – and the FCA will want to hear the result of this High Court case before it makes any decision on next steps.

Kirk said any decision is likely to be deferred until 2025.

Delegates at the meeting, attended by Auto Retail Agenda, were also told that the amounts involved were substantial and retailers therefore need to think carefully about their record-keeping – but that most cases in county courts were being won by lenders and retailers, and “there is hope in the judicial review, not least because the FCA has different views on redress”.

Auto Retail Agenda is awaiting a response from the FCA. It earlier said that it will set out next steps by 24 September at the latest and “if necessary, we will extend our review and the compaint pause currently in place”.

 

Auto retailers in Rich List 2024

Cargiant owner Geoffrey Warren is the leading auto retail on the 2024 Sunday Times Rich List. His worth of £2.552bn places him 69^th. Arnold Clark’s Lady Philomena Clark and family are 106^th with a worth of £1.581bn, and IM Group’s Lord Edmiston is 197^th and worth £868m. The Marshall family are with £860m. JCT600’s John Tordoff and family are worth £454m and Sir Jack Petchy is worth £434m. Dick Lovett’s Peter Lovett and family are a new entry with a worth of £353m.

https://tinyurl.com/jxbptwdw

 

First Fisker retailer opens in Nottingham

The first Fisker retailer has opened in Nottingham, as the new entrant pivots from direct sales to a hybrid sales model. Central GB, a Lotus and Morgan retailer, is the first Fisker retailer partner in the UK.

Fisker is currently undergoing a restricting in a battle to stave off bankruptcy.

 

Auto Retail Live Business Booster

Devonshire Motors’ Nathan Tomlinson, Hatfields’ Craig Petty and Real World Analytics’ John Hogan will discuss the state of the market this Wednesday in the Auto Retail Live Business Booster webinar.

Topics will include what to do about subdued retail demand, how to handle pre-reg and overage stock, what can be done about rising business costs and how to work with OEMs on EV targets.

The session will be led by Auto Retail Live chair Mike Jones and the expert panel will also be available live to answer your questions.

* Sign up here: https://tinyurl.com/yz28rj8f

 

 

WORLD NEWS

US retailer CEOs in pay boost

Lithia CEO Bryan DeBoer’s total 2023 compensation of $19.3m (£15.2m) stood easily clear of North America’s five other public franchised retailers. AutoNation’s Mike Manley, a Brit, was second, at $13.6m (£10.7m), and Asbury Automotive’s David Hunt was third on $8.1m (£6.4m). Sonic Automotive’s David Smith earned $7.5m (£5.9m), Penske’s Roger Penske earned $7.4m (£5.8m) and Group 1’s Daryl Kenningham earned $6.5m (£5.1m).

https://tinyurl.com/38phc6pe

 

Ineos CEO: 2035 EV plan will fail

Ineos CEO Lynn Calder believes European plans to make new car sales electric-only by 2035 will fail. She joins Porsche CFO Lutz Meschke in expressing doubts about the deadline. Ineos instead wants governments to adopt multi-powertrain strategy, “not dictating what the technology should be”.

Last week, the NFDA warned MPs that net zero targets could see OEMs restricting the supply of vehicles to the UK. General manager Stephen Latham said that “we need to probably realign those EV mandates to take the bigger picture [into account].

https://tinyurl.com/24fjxfes

 

 

STOCKWATCH

Closing prices on 17 May 2024 and weekly change

Auto Trader Group 730.0p (-18.2p / -2.4%)

Caffyns 500.0p (n/c)

Halfords 146.8p (-4.8p / -3.2%)

Inchcape 808.0p (+20.0p / +2.5%)

Motorpoint 142.0p (-3.0p / -2.0%)

Pinewood 325.0p (-6.0p / -1.8%)

Vertu 79.2p (+3.9p / +5.0%)

 

 

COMING UP

• Wednesday, Auto Retail Live Business Booster
• Wednesday, CPI
• Wednesday, Close Brothers Group trading update
• Friday, UK retail sales

 

 

MONEY MATTERS

Tax traps to watch with a pay rise

Employees who enjoy a pay rise have been warned about key tax traps that could end up costing them more than their pay rise. The £60k threshold is where child benefit starts to be lost. The £100k ‘cliff edge’ see the £12,570 personal income allowance eroded at £1 for every £2 earned over £100k, until it is lost entirely at £125k. The marriage allowance is also lost for anyone earning over £50,270. The warning comes as wage growth in 2024 beats expectations.

https://tinyurl.com/3shkhzxe

 

Camden leads UK gold stockpiles

Camden is the gold stockpile capital of the UK. Its residents are buying more gold than anywhere else in the UK. The average gold investor there has bought 369g of gold bars and coins, equivalent to over £22k. The price of gold has risen by 17.5% over the past three months, and an ounce of gold is £900 more expensive than five years ago.

https://tinyurl.com/5n8ktyv3