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Daily news round upBack

NFDA Grey logo April 2012

NFDA calls for fairer deal over GAP insurance

The National Franchised Dealers Association (NFDA) says the Financial Conduct Authority’s (FCA) proposals could leave thousands of motorists with inadequate insurance cover, leaving dealers reluctant to sell it.

In ‘Guaranteed Asset Protection insurance: a competition remedy’, published by the FCA in December, two remedies were outlined to challenge an alleged lack of competition and transparency in the sale of GAP products by dealers. This includes introducing a deferred opt-in programme of four days for GAP insurance to allow customers the opportunity to shop around for other products.

But the NFDA believes dealers should be able to offer buyers GAP insurance on the spot and says the proposals could leave consumers financially exposed with a negative impact on their credit rating. The proposals could see car buyers needing additional credit, which according to the NFDA contravenes FCA guidelines.

Director of the NFDA Sue Robinson said: “The FCA says it is looking to protect consumers and ensure they get value for money, but delaying GAP insurance could ultimately leave motorists in a vulnerable position without the full protection of their car and equity that they need.

“The NFDA has already brought deferral times down from the FCA-recommended 30-40 days to a more reasonable four days, but we feel more needs to be done.

“Over the last few years we have been working with insurers to identify the problems surrounding GAP insurance and how dealers communicate with their buyers. As a result, from April to December last year complaints were down 5% compared with the same period in 2013.”

The NFDA’s submission to the FCA consultation outlines the view that imposing deferred opt-in procedures is often impractical for consumers and doesn’t take into account the fact that only 2% of car sales are same-day purchases.

The FCA invited submissions from the motor industry on its proposed remedies for GAP selling with the final remedies expected to be announced in June. Changes are expected to be implemented from September 1.

Source: amonline.com

Honda is UK’s most reliable used car manufacturer, says What Car? and Warranty Direct

Honda has retained its status as the most reliable used car manufacturer in the UK for the ninth consecutive year, according to research by What Car? and Warranty Direct.

The Japanese manufacturer topped the annual survey of 37 manufacturers, which analyses 50,000 live Warranty Direct policies on three to eight-year old vehicles.

What Car? editor Jim Holder said: “Honda’s success in the reliability index is chiefly down to low failure rates. However, when things do go wrong, the cars are also relatively cheap to fix.

“Reliability is always one of the key attributes buyers look for when considering a used car purchase, so manufacturers that consistently demonstrate durability will always do well with the consumer.”

At the opposite end of the scale, luxury and prestige marques Bentley and Porsche are the most likely to break down.

Warranty Direct’s reliability index, analysed by What Car? experts, calculates each vehicle’s reliability using a complex formula that takes into account its failure rate, age, mileage and cost of repair.

Source: amonline.com

Mercedes-Benz develops camera system to improve cyclist visibility

With the toll of road deaths amongst cyclists continuing to rise, Mercedes-Benz is leading a new push to make people on bicycles more visible to truck drivers.

The manufacturer was displaying its latest technology on the stand in an Econetic truck, which is mainly used for refuse collections.

For starters the passenger side door has glass right down to the bottom, which means than any cyclist pulling up on the nearside will be visible to the driver.

The truck is also fitted with no fewer than four cameras, mounted on the front, back and wing mirrors, with images projected onto a large TV screen on the dashboard.

Philip Chance, regional manager, special projects at Mercedes-Benz Trucks, was on hand to explain the advantages of the system to visitors at the show.

He told Commercial Fleet magazine: “This new system is factory-fitted so is covered by the usual Mercedes-Benz warranty. It costs around £1,900 extra but that money is nothing compared to the value of a life it might save. We are aiming to cut down on the terrible death toll among cyclists in this country and as the Econetic is an urban vehicle – and that’s where most of the deaths occur – we are hoping that this will go some way to help.”

Source: fleetnews.co.uk

Plate change sees de-fleet sector values remain consistent in March

Consistency seems to be the key trend for the de-fleet sector in 2015, as March heralded another month of robust values.

The figures, taken from Manheim’s monthly Market Analysis, show that the average selling-price of a de-fleeted vehicle in March stood at £7,318 – just £1 short of February’s total.

The recent hold-steady in value could be linked to several months of consistency in vehicle condition. De-fleet units in March, for example, were just one month older than their February counterparts and had 1,147 fewer miles on the clock.

March is typically a busy month for the de-fleet sector, with plate changes and the Easter holiday often affecting values. This year has proved no different. March’s figure marks the third consecutive month of average value being higher than £7,000; something that should be an encouraging sign for the sector.

Daren Wiseman, valuation services manager at Manheim, said: “While March is often defined as ‘plate change month’, the full effects are rarely felt until April.

“Looking at trends in previous years, we can expect to see an up-turn in volume, and perhaps conversion rates, in the first few weeks of April.

“As I said last month, we witnessed a volume upturn of 25% following 2014’s spring plate change – something that we could see again this year.”

Source: fleetnews.co.uk

 

 

Dealers see growing use of PCPs for used cars

According to figures obtained by Motor Trader from the FLA, in 2014 PCPs accounted for 33% of finance on used cars worth £3.5bn compared to 25% worth £2.3bn in 2013.

John Hughes, a director with Mann Island, sees the market for used PCPs growing further in 2015.

“The sweet spot is in the up to four-year age range. PCP can be particularly important in helping dealers make nearly-new cars more attractive, which is a key factor in the face of manufacturer support on new cars,” he said.

Lee Streets, a director with Evolution Funding, is also an advocate of used PCPs.

“Used car PCP volumes will continue to increase but not dramatically. Prime age banding are from pre registered to two-year old stock. At Evolution we have seen a large increase in dealers asking us to create low rate APR based PCP offerings, from as low as 5.9% APR, to help promote nearly new and pre-registered stock in the same manner as new.”

Kirk Franks, head of national sales at ALPHERA Financial Services, believes with the new FCA Treating Customers Fairly (TCF) rules at the heart of the sales process, the customer offering needs to be more transparent with a choice of products, including used PCPs, being presented.

“The market for [used] PCP continues to grow. Proactive dealers have embraced PCP, not only as a sales opportunity but also for the way in which it increases retention.

“A mindset change is required for dealers to embrace the fact that older one to four year old used vehicles can be sold with a compelling PCP. This product is not limited to pre-registered and nearly-new cars,” he said

Source: motortrader.com

Carwow set to break through 10,000 sales barrier

Car buying website carwow looks set to break through the 10,000 sales barrier next month two years after launch.

The website has sold over 9,400 cars valued at £250m since it was formed in May 2013.

The average purchase price of a car bought through carwow is just over £26,500 and the total average saving per car is said to be £3,250.

Car buyers using carwow research their car on the site, specify the model they want, including optional extras. They then select the best deal from participating dealers..

All deals are sent anonymously and buyers’ details are not disclosed to the dealer. A buyer is able to make contact with the dealer through carwow to finalise the purchase agreement and then take delivery of their brand new car.

James Hind, founder and CEO of carwow, said he was noticing a trend for buyers to trade up.

“When buyers are presented with a deal on their desired car, we are noticing a trend with buyers adding more optional extras to their car and trading-up on a higher specification model as the offers presented often well below the buyer’s original budget expectation.”original budget expectation.”

Source: motortrader.com

Ford confirms pricing and new details for Mondeo Vignale 2015

Ford has revealed that its production version of its Vignale Mondeo is due on sale in May and will be priced from £29,045.

It is powered by a 2.0-litre 180hp diesel, 2.0-litre 240hp petrol and 187hp 2.0-litre petrol-electric hybrid powertrain. The hybrid model emits 99g/km of CO2 while the diesel emits 117g/km of CO2 and the petrol emits 171g/km of CO2.

Ford claims every model is hand-finished in a specific Vingnale centre in Valencia, while it will debut the firm’s active noise technology. It uses three cabin microphones to monitor engine noise in the interior and then the system directs opposing sound waves through the car’s audio system to cancel out engine noise.

The firm’s Sync 2 system, active park assist, traffic sign recognition software, active city stop automatic braking system and dynamic LED headlights are all offered as standard.

Ford said that Vingnale customers will supported by a ‘relationship manager’ throughout the time the car is owned.

Owners will be able to call Vingnale advisors 24 hours a day, while an app for Apple and Android devices will allow customers to access a number of things including internet destinations, video content, traffic information and allow them to create an accident report.

Source: businesscar.co.uk

BVRLA and RAC comment on party manifestos ahead of General Election

The BVRLA expressed concerned at the lack of attention paid to road safety by the UK’s main political parties ahead of the forthcoming General Election.

According to the rental body none of the parties have made any pledges to introduce road safety targets, enhance the reporting of work-related accidents or provide improved guidance to fleet operators and drivers in their manifestos.

“An estimated one-third of all accidents are work-related, yet politicians continue to demonstrate their apparent total disregard for the huge social and economic costs that ensue,” said BVRLA chief executive, Gerry Keaney. “No targets, no guidance and no reporting is a recipe for continued work-related carnage on our roads.”

The BVRLA also noted that none of the parties have mentioned Authorized Mileage Allowance Payments. The body said the payments are “over-generous” at present, while it states that the Conservative party is the only party to put a figure on its road infrastructure budget should it get re-elected.

Labour is the only party to mention investment in neglected local roads, said the BVRLA, while most of the parties have said that more needs to be done to tackle air quality issues with several agreeing that local authorities should be supported in setting up low-emission zones.

“Road transport makes a vital contribution to the economic and social wellbeing of this country. Whatever form the Government takes after 7 May the BVRLA will make sure that key issues affecting the sector are not forgotten,” said Keaney.

Source: businesscar.co.uk

NFDA calls for fairer deal over GAP insurance

The National Franchised Dealers Association (NFDA) says the Financial Conduct Authority’s (FCA) proposals could leave thousands of motorists with inadequate insurance cover, leaving dealers reluctant to sell it.

In ‘Guaranteed Asset Protection insurance: a competition remedy’, published by the FCA in December, two remedies were outlined to challenge an alleged lack of competition and transparency in the sale of GAP products by dealers. This includes introducing a deferred opt-in programme of four days for GAP insurance to allow customers the opportunity to shop around for other products.

But the NFDA believes dealers should be able to offer buyers GAP insurance on the spot and says the proposals could leave consumers financially exposed with a negative impact on their credit rating. The proposals could see car buyers needing additional credit, which according to the NFDA contravenes FCA guidelines.

Director of the NFDA Sue Robinson said: “The FCA says it is looking to protect consumers and ensure they get value for money, but delaying GAP insurance could ultimately leave motorists in a vulnerable position without the full protection of their car and equity that they need.

“The NFDA has already brought deferral times down from the FCA-recommended 30-40 days to a more reasonable four days, but we feel more needs to be done.

“Over the last few years we have been working with insurers to identify the problems surrounding GAP insurance and how dealers communicate with their buyers. As a result, from April to December last year complaints were down 5% compared with the same period in 2013.”

The NFDA’s submission to the FCA consultation outlines the view that imposing deferred opt-in procedures is often impractical for consumers and doesn’t take into account the fact that only 2% of car sales are same-day purchases.

The FCA invited submissions from the motor industry on its proposed remedies for GAP selling with the final remedies expected to be announced in June. Changes are expected to be implemented from September 1.

Source: amonline.com

 

Honda is UK’s most reliable used car manufacturer, says What Car? and Warranty Direct

Honda has retained its status as the most reliable used car manufacturer in the UK for the ninth consecutive year, according to research by What Car? and Warranty Direct.

The Japanese manufacturer topped the annual survey of 37 manufacturers, which analyses 50,000 live Warranty Direct policies on three to eight-year old vehicles.

What Car? editor Jim Holder said: “Honda’s success in the reliability index is chiefly down to low failure rates. However, when things do go wrong, the cars are also relatively cheap to fix.

“Reliability is always one of the key attributes buyers look for when considering a used car purchase, so manufacturers that consistently demonstrate durability will always do well with the consumer.”

At the opposite end of the scale, luxury and prestige marques Bentley and Porsche are the most likely to break down.

Warranty Direct’s reliability index, analysed by What Car? experts, calculates each vehicle’s reliability using a complex formula that takes into account its failure rate, age, mileage and cost of repair.

Source: amonline.com

Mercedes-Benz develops camera system to improve cyclist visibility

With the toll of road deaths amongst cyclists continuing to rise, Mercedes-Benz is leading a new push to make people on bicycles more visible to truck drivers.

The manufacturer was displaying its latest technology on the stand in an Econetic truck, which is mainly used for refuse collections.

For starters the passenger side door has glass right down to the bottom, which means than any cyclist pulling up on the nearside will be visible to the driver.

The truck is also fitted with no fewer than four cameras, mounted on the front, back and wing mirrors, with images projected onto a large TV screen on the dashboard.

Philip Chance, regional manager, special projects at Mercedes-Benz Trucks, was on hand to explain the advantages of the system to visitors at the show.

He told Commercial Fleet magazine: “This new system is factory-fitted so is covered by the usual Mercedes-Benz warranty. It costs around £1,900 extra but that money is nothing compared to the value of a life it might save. We are aiming to cut down on the terrible death toll among cyclists in this country and as the Econetic is an urban vehicle – and that’s where most of the deaths occur – we are hoping that this will go some way to help.”

Source: fleetnews.co.uk

Plate change sees de-fleet sector values remain consistent in March

Consistency seems to be the key trend for the de-fleet sector in 2015, as March heralded another month of robust values.

The figures, taken from Manheim’s monthly Market Analysis, show that the average selling-price of a de-fleeted vehicle in March stood at £7,318 – just £1 short of February’s total.

The recent hold-steady in value could be linked to several months of consistency in vehicle condition. De-fleet units in March, for example, were just one month older than their February counterparts and had 1,147 fewer miles on the clock.

March is typically a busy month for the de-fleet sector, with plate changes and the Easter holiday often affecting values. This year has proved no different. March’s figure marks the third consecutive month of average value being higher than £7,000; something that should be an encouraging sign for the sector.

Daren Wiseman, valuation services manager at Manheim, said: “While March is often defined as ‘plate change month’, the full effects are rarely felt until April.

“Looking at trends in previous years, we can expect to see an up-turn in volume, and perhaps conversion rates, in the first few weeks of April.

“As I said last month, we witnessed a volume upturn of 25% following 2014’s spring plate change – something that we could see again this year.”

Source: fleetnews.co.uk

 

 

Dealers see growing use of PCPs for used cars

According to figures obtained by Motor Trader from the FLA, in 2014 PCPs accounted for 33% of finance on used cars worth £3.5bn compared to 25% worth £2.3bn in 2013.

John Hughes, a director with Mann Island, sees the market for used PCPs growing further in 2015.

“The sweet spot is in the up to four-year age range. PCP can be particularly important in helping dealers make nearly-new cars more attractive, which is a key factor in the face of manufacturer support on new cars,” he said.

Lee Streets, a director with Evolution Funding, is also an advocate of used PCPs.

“Used car PCP volumes will continue to increase but not dramatically. Prime age banding are from pre registered to two-year old stock. At Evolution we have seen a large increase in dealers asking us to create low rate APR based PCP offerings, from as low as 5.9% APR, to help promote nearly new and pre-registered stock in the same manner as new.”

Kirk Franks, head of national sales at ALPHERA Financial Services, believes with the new FCA Treating Customers Fairly (TCF) rules at the heart of the sales process, the customer offering needs to be more transparent with a choice of products, including used PCPs, being presented.

“The market for [used] PCP continues to grow. Proactive dealers have embraced PCP, not only as a sales opportunity but also for the way in which it increases retention.

“A mindset change is required for dealers to embrace the fact that older one to four year old used vehicles can be sold with a compelling PCP. This product is not limited to pre-registered and nearly-new cars,” he said

Source: motortrader.com

Carwow set to break through 10,000 sales barrier

Car buying website carwow looks set to break through the 10,000 sales barrier next month two years after launch.

The website has sold over 9,400 cars valued at £250m since it was formed in May 2013.

The average purchase price of a car bought through carwow is just over £26,500 and the total average saving per car is said to be £3,250.

Car buyers using carwow research their car on the site, specify the model they want, including optional extras. They then select the best deal from participating dealers..

All deals are sent anonymously and buyers’ details are not disclosed to the dealer. A buyer is able to make contact with the dealer through carwow to finalise the purchase agreement and then take delivery of their brand new car.

James Hind, founder and CEO of carwow, said he was noticing a trend for buyers to trade up.

“When buyers are presented with a deal on their desired car, we are noticing a trend with buyers adding more optional extras to their car and trading-up on a higher specification model as the offers presented often well below the buyer’s original budget expectation.”original budget expectation.”

Source: motortrader.com

 

Ford confirms pricing and new details for Mondeo Vignale 2015

Ford has revealed that its production version of its Vignale Mondeo is due on sale in May and will be priced from £29,045.

It is powered by a 2.0-litre 180hp diesel, 2.0-litre 240hp petrol and 187hp 2.0-litre petrol-electric hybrid powertrain. The hybrid model emits 99g/km of CO2 while the diesel emits 117g/km of CO2 and the petrol emits 171g/km of CO2.

Ford claims every model is hand-finished in a specific Vingnale centre in Valencia, while it will debut the firm’s active noise technology. It uses three cabin microphones to monitor engine noise in the interior and then the system directs opposing sound waves through the car’s audio system to cancel out engine noise.

The firm’s Sync 2 system, active park assist, traffic sign recognition software, active city stop automatic braking system and dynamic LED headlights are all offered as standard.

Ford said that Vingnale customers will supported by a ‘relationship manager’ throughout the time the car is owned.

Owners will be able to call Vingnale advisors 24 hours a day, while an app for Apple and Android devices will allow customers to access a number of things including internet destinations, video content, traffic information and allow them to create an accident report.

Source: businesscar.co.uk

 

 

BVRLA and RAC comment on party manifestos ahead of General Election

The BVRLA expressed concerned at the lack of attention paid to road safety by the UK’s main political parties ahead of the forthcoming General Election.

According to the rental body none of the parties have made any pledges to introduce road safety targets, enhance the reporting of work-related accidents or provide improved guidance to fleet operators and drivers in their manifestos.

“An estimated one-third of all accidents are work-related, yet politicians continue to demonstrate their apparent total disregard for the huge social and economic costs that ensue,” said BVRLA chief executive, Gerry Keaney. “No targets, no guidance and no reporting is a recipe for continued work-related carnage on our roads.”

The BVRLA also noted that none of the parties have mentioned Authorized Mileage Allowance Payments. The body said the payments are “over-generous” at present, while it states that the Conservative party is the only party to put a figure on its road infrastructure budget should it get re-elected.

Labour is the only party to mention investment in neglected local roads, said the BVRLA, while most of the parties have said that more needs to be done to tackle air quality issues with several agreeing that local authorities should be supported in setting up low-emission zones.

“Road transport makes a vital contribution to the economic and social wellbeing of this country. Whatever form the Government takes after 7 May the BVRLA will make sure that key issues affecting the sector are not forgotten,” said Keaney.

Source: businesscar.co.uk

Posted by Lois Hardy on 17/04/2015