The new interim chair of the Competition and Markets Authority, Doug Gurr, is set to embrace chancellor Rachel Reeves’ demands to encourage growth and take a less interventionalist approach. The former Amazon boss was “parachuted into the role last week following the abrupt departure of chairman Marcus Bokkerink” who was understood to have clashed with the government over a belief the CMA should be independent of government interference.

https://tinyurl.com/v687pd7a

Notice to subscribers

For more than 20 years, Auto Retail Network has been providing you with the very best independent commentary of the auto retail industry. We’ve tried to help shape your business strategy by keeping you better informed and facilitating your success in making more money.

Sadly, in the past few weeks, it has become apparent that we are no longer able to provide you with publications, events and reports of the quality you deserve. So, very reluctantly, we have taken the decision to cease publishing from the end of January.

We would like to thank you so much for your support, advice and encouragement over the years. As a small business we have overcome many challenges over the years, and we couldn’t have done it without you.

Of course, we wish you every success in the future. The auto retail industry is an exciting, fascinating and challenging marketplace – long may it thrive.

If you have any comments or questions, don’t hesitate to contact us.

Rupert Saunders, Francis Marshall & Tristan Young

WORLD NEWS

EU plans subsidy for EVs

EU officials are “shaping” options for an incentive programme to help the European car industry. The plan is to use pan-EU subsidies (rather than national subsides) to boost demand for EVs. A complication of the scheme is designing it to conform with WTO rules while avoiding subsidies flowing to Chinese OEMs.

The EU is also set to hold strategic talks to address challenges faced by the automotive industry. They will begin on 30 January.

https://tinyurl.com/b4m5hefa

 

Van Mossel acquires Germany’s Nord-Ostsee

Van Mossel has been cleared by competition authorities to acquire German auto retailer Nord-Ostsee Automobile, which has 40 branches across 24 German cities. It represents Mercedes-Benz, Smart, Hyundai and Aston Martin, plus Mercedes-Benz vans and trucks, Isuzu and Hymer.

 

 

STOCKWATCH

Closing prices on 24 January 2025 and weekly change

Auto Trader Group 770.0p (-23.6p / -3.0%)

Caffyns 450.0p (n/c)

Halfords 126.0p (-1.0p / -0.7%)

Motorpoint 124.5p (+8.5p / +7.0%)

Pinewood 346.5p (-4.5p / -1.2%)

Vertu 55.8p (+0.8p / +1.4%)

 

 

COMING UP

Wednesday, BRC shop price index

Thursday, UK consumer credit

 

 

 

MONEY MATTERS

Record rise in UK businesses in financial distress

There has been a record 50.2% quarterly rise in UK businesses in severe financial distress. Figures show almost 47,000 businesses showed signs of critical stress in the final three months of 2024. Construction and consumer sectors led the way in showing signs of distress.

“For many businesses, which were already dealing with weak consumer confidence and higher borrowing costs, the increase in national insurance contributions and the national minimum wage, announced at the last budget, could be the last straw,” said Begbies Traynor executive chairman Ric Traynor.

https://tinyurl.com/yex4mepz

 

UK jobs shed at fastest rate since 2009

Businesses shed jobs over the past two months at one of the fastest rates since the 2009 financial crisis. Optimism has also fallen to the lowest level since late 2022, shortly after Liz Truss’s mini-budget. Meanwhile, HMRC data published last week showed payrolls fell at their fastest pace since November 2020.

https://tinyurl.com/y4963ntm

 

ISSN 3049-5725