The switch back to franchised happened on 1 June. Auto Retail Agenda has contacted Lotus to ask why it has performed a U-turn on agency, but has yet to hear back.

* For a full rundown of the latest manufacturer network plans, see our brand-by-brand guide to agency here

ZEV pressure laid bare in NFDA election survey

In an NFDA survey ahead of the General Election, 69% of retailers said their top concerns were slowing demand in EVs and meeting ZEV Mandate targets. This is way ahead of the second-highest concern, staff and the skills shortage, on 33%.

As a result, the top issue retailers want the next government to address is restimulating the private EV market, just ahead of reforming business rates. The SMMT has suggested a halving of VAT on new private EV sales.

Only 2.4% of retailers say they are facing no pressure at all from OEMs to sell EVs and meet ZEV Mandate targets – with 39% saying they are facing “a great deal” of pressure. A further 19.5% say they are facing “a lot” of pressure.

The top three retailer concerns of skills shortages, a lack of EV demand and punitive business rates have all been consistently raised by the NFDA to the previous government, said chief executive Sue Robinson.

“Once the election has concluded and the dust settles, it is crucial for the next government to work with NFDA and the wider industry to tackle the concerns of dealerships and consumers alike.”

* The full survey results will be revealed by the NFDA today (Monday 24 June)

 

Jonathan Gravell to discuss ZEV Mandate on Auto Retail Live

Gravell’s Jonathan Gravell will join Auto Trader’s Rebecca Clark in the latest Auto Retail Live Business Briefing on 27 June. The webinar will assess prospects for the rest of the year, including the impact of the ZEV Mandate, EV supply and demand, new and used car pricing plus likely OEM incentives. It will be led by Auto Retail Live chair Al Clark.

* The Auto Retail Live: Business Briefing is this Thursday at 9am. It’s free to join and you can sign up here in seconds

 

Cazoo announces winding-up vote

Cazoo will hold an EGM on 2 July seeking approval for the company’s dissolution. The company warned there are numerous risk and uncertainties in the winding-up process, including the possibility shareholders may not realise any value from their shares, and creditors may not fully recover their claims.

https://tinyurl.com/mptzdchu

 

 

WORLD NEWS

50% of US retailers down after CDK Global cyberattack

A cyberattack on DMS supplier CDK Global has ’shut down 50% of US retailers’. Around 15,000 retailers are offline and customers are now angrily demanding updates. Impacted businesses include Group1 Automative and Holman.

The cyberattack began on 19 June. A second attack downed systems again. Retailers have resorted to pen and paper.

The hacking group is said to be based in eastern Europe. It is understood to have demanded “tens of millions of dollars” in ransom.

CDK is planning to make the payment, said an insider.

Insurer Zurich North America has previously warned that retailers are a prime target for hackers because they hold a “treasure of information’ on customers’ credit applications and financial information” and are “often interconnected to external interfaces and portals, such as external service providers.”

Zurich said many retailers lack ‘basic cyber security protections’.

 

Italy’s DR fined €6m over Chinese-origin cars

DR Automobiles, which assembles knock-down kits of Chinese vehicles in Italy, has been fined €6m by the Italian Antitrust Authority for “misleading consumers about the origins of its DR and EVO cars”. DR sold the cars as ‘made in Italy products’.

It plans to appeal.

 

 

STOCKWATCH

Closing prices on 21 June 2024 and weekly change

Auto Trader Group 812.0p (-7.0p / -0.8%)

Caffyns 450.0p (n/c)

Halfords 140.6p (+1.4p / +1.0%)

Inchcape 756.5p (+13.5p / +1.8%)

Motorpoint 145.0p (+6.0p / +4.2%)

Pinewood 374.0p (-7.5p / -1.9%)

Vertu 78.5p (-0.2p / -0.2%)

 

 

COMING UP

Tuesday, MHA Automotive Forum

Wednesday, Pinewood Technologies AGM

Thursday, Auto Retail Live – click to sign up

Thursday, Halfords full year results

Friday, UK GDP

 

 

MONEY MATTERS

What to do if your phone is stolen  

Mobile phone theft is worryingly commonplace. 22 phones are stolen every hour and ONS data records 196k thefts in the year to March 2023. Mobiles topped the ‘most wanted’ theft list in 2022-23, above wallets, credit cards, cash – and watches.

Tips to stay save including dialling *#06# to find your phone’s ‘International Mobile Station Equipment Identity’ (IMEI). Write it down or take a screengrab and if your phone is stolen, your phone company can block its use.

Also turn on the ‘Find My Phone’ feature, back up your data in the cloud and use biometric authentication to protect banking apps on your phone. Consider using Apple Stolen Device Protection and the upcoming Android stolen phone features too.

https://tinyurl.com/yprch5fw