Industry would have welcomed bigger cuts as the automotive industry has faced extremely challenging conditions during the past 12 months with the well-documented supply issues affecting new car production. It wanted a more significant cut in duty following the example of the Irish government, which confirmed last week that excise duty on fuel in Ireland would be reduced by 20 cents per litre on petrol and 15 cents per litre on diesel, the cost of a 60-litre tank of petrol would have been cut by £10 and diesel by £7.50.
Auto Trader sees opportunities in the new car leasing marketplace driven by the growth in electric vehicles, new manufacturers entering the UK market, employees opting out of company car schemes and new digital distribution models. Vanarama uses its own software to aggregate the market’s best leasing deals, presenting them in an easy to use, consumer-friendly online search.
Appointment is part of the national broker's ongoing growth strategy following its acquisition by Begbies Traynor Group in 2021. Business development director, Mathew Stacey, is based in Essex and has spent 15 years as a relationship director for Barclays, helping hundreds of businesses with accessing funding over the last decade.
While constraints to the supply of new vehicles continued, principally due to the ongoing shortage of semiconductors, Zenith has witnessed very strong demand with three consecutive quarters of record order take. Zenith’s diverse business mix enabled it to continue to trade successfully. Zenith’s order book for new cars in its Corporate division grew substantially, from 8,600 at the end of September, to 10,900 at December 31st 2021, then again to 12,100 at February 28th, 2022, more than double the figure at the same point in the prior year. Zenith’s consumer retail business, ZenAuto, has also grown its order book to more than 1,000 vehicles for the first time.
Throughout 2021, the company put its Arval Beyond strategic plan into action, with a number of remarkable achievements in line with Arval’s ambition to become a leader in sustainable mobility. Considerable progress has been made on each of the four Arval Beyond pillars.
A £292 million securitisation exercise carried out in December, where the company floated part of its existing debt book on the London Stock Exchange, could open up future funding sources. This is evidenced by the company already securing a new £400m committed facility to support future growth.
Startline expects the general economy next year to be potentially quite volatile but demand for motor finance to be robust. There is a good chance that early next year, we will see a range of factors negatively affecting the economy, including materials and labour shortages, the end of furloughing, and the ongoing upheaval resulting from both Brexit and the pandemic.
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