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Motor Trade News

Motor Trade Monthly Roundup November 2016

All The News From The Motor Trade World

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Motor Trade news from the month of November, including things you should know and some good news!

Why You Need Good Insurance

An estimated £45,000 of damage was caused at a Norfolk dealership last month after a car skidded on icy roads smashing through a wall and into three Fords, which were later written off. It shows the importance of having an insurance policy that covers stock of vehicles. If you need Motor Trade insurance that covers damage to your stock, get in touch with Think Insurance today on 0800 221 8077.

Things You Should Know

Motor dealers are losing out on social media leads by not properly investing in Facebook Advertising. According to Marketing Delivery, only 10% of car dealers are utilising Facebook Advertising. Jeremey Evans, the Managing Director of Marketing Delivery said: “Not only are dealers missing out on a large proportion of the relevant Facebook audience, they are also missing the opportunity to make their social marketing more effective. Facebook advertising allows dealers to profile and engage directly with all relevant users according to their location and what they currently drive, as well as by their search preferences when they look for a new car – right down to vehicle marque and model”

Research from Dealerweb has found that almost half of car buyers expect an online response from an online enquiry form within an hour, with 25% expecting a response within just 30 minutes. 34% of buyers would take their business elsewhere after four hours and a whopping 10% would take their business elsewhere after an hour. Sales Operations Director at Dealerweb, James Hill, said: “Dealers operate in a highly competitive online environment and so speedy responses are crucial if they want to maximise the potential of every enquiry.”

Brexit

The Society of Motor Manufacturers and Traders has warned that cars will cost £1,500 more if the UK exits the Single Market, due to EU tariffs. Speaking at the Society’s 100th Annual Dinner, President Gareth Jones said, “The government has, commendably, put industrial strategy at the heart of business and the Department for Business. It does so as it faces its toughest challenge – leaving the EU. We must make the right decisions: on trade, on regulations and on business competitiveness. The challenge now is to make a success of the new future. We want a strong UK economy and we want to see the UK’s influence in the world enhanced. But this cannot be at the expense of jobs, growth or being an open, welcoming trading nation.”

Interesting News

Hyundai is to follow Peugeot’s lead by offering online sales in January. Buyers will be able to get a trade-in price for their old car in addition to configuring their new one, arranging finance and paying the deposit. Meanwhile Fiat Chrysler have partnered with Amazon to sell popular models online in Italy.

Good News

Used car sales were strong for the third quarter this year. Figures released by the SMMT showed diesel sales grew by 10.8%, petrol sales rose by 5.7% and alternatively fuelled vehicles sales increased to 34.1%. Cars aged between one year and three years were most sought after and the Ford Fiesta retained its status as the most popular car. SMMT Chief Executive, Mike Hawes, said: “Sustained growth in the used car sector is great news. It’s particularly promising to see the growing demand for electric vehicles filter into the used car market but to encourage greater take-up, a more widespread commitment to charging infrastructure is needed.”