CCC

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CCC last won the day on October 4 2019

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About CCC

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    Independent dealer
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    Coper cariage

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  1. I can see the pound plummeting but not sure how that will affect the market. Arguably just make new cars more expensive and help prop up the used market. The cheapies market is where the action will be as people wise up to the risks around PCP and buy what they can afford to run in tougher times.
  2. We’ve got a journalist as PM. Anything is possible. car dealers understand the basics of business.....
  3. I’m not sure it’ll get clawed back but he’ll have to make the payments (cheap) or fold. HMRC will find it easier to claw back money taken fraudently than looking for cash via VAT inspections I suspect. Getting money after going bankrupt might be a lot harder going forwards as I’m sure lenders will be more circumspect after this. Unfortunately a lot of people are going to learn what a real recession is, we’ve not had one since the early 90’s. Those of us who lived through that and the 80’s one have generally been more cautious as we know what can happen.
  4. This. 25% of turnover for most small businesses who qualified for BBL’s wasn’t £50k. Though I know a few one man bands who’ve taken them and been looking for a new sports car.
  5. ^this. A lot via pcp’s as the smart money knows this reduces their exposure significantly and moves it to the finance company. buy assets and lease liabilities. Some people think a super car is an asset which it generally isn’t in the long term. Genuine rarity isn’t what it used to be. Look at all manuf’s numbers.
  6. The big problem will be finding enough stock to do this cost effectively in volume I’d guess. in reality there’s more profit opportunity on slightly rarer stuff where fixing costs might be higher but sales prices higher too (eg nice BMW 6’s/2002’s). If you can weld and spray then MX5 mk1 might be a gold mine but I don’t think there is the demand there used to be. ULEZ and recession might mean a surplus of sellers over buyers in the long term too.
  7. If looking at a private then you often “buy the owner” as much as the car. Evidence of regular maintenance and things being done when they need to be. Service history always a good indicator. Best we had was a Grade 3 Mini that was really Grade 1/2 but no history But limited owners. Quick few phone calls and turns out it had been main dealer serviced annually for 10 yrs.
  8. CCC

    Autotrader

    It’s in the FT but that might be behind a paywall, here’s the same story. https://tamebay.com/2020/05/axel-springer-submit-bid-for-ebay-classifieds.html
  9. CCC

    Autotrader

    I think EBay are selling their classifieds business which includes motors and gumtree. I suspect this is because they’re expecting a decline in revenues (due to FB marketplace?)
  10. CCC

    Hertz

    https://www.theguardian.com/business/2020/may/23/car-rental-firm-hertz-files-for-bankruptcy-protection-in-us No mention of Uk numbers but I’m guessing some of the 30,000 cars per month they will be selling off will be in the UK?
  11. Looking at the forecasts on unemployment and finance in the FT today. It’s not pretty and starts at the top. No more including bonuses for city bods in the mortgage calculations as likely there won’t be any. Property takes a dip, etc. If asset prices hold up its going to be due to the inflation caused by money printing. There will be opportunities but best sit tight and let things work themselves out first.
  12. There is a saying that if you owe the bank a bit of money you’ve got a problem. If you owe them a lot of money they’ve got a problem. in the financial crisis a friend had two mates, 1 owed £1m, the other £20mn. The one who owed £1m got a letter calling in the loan/overdraft. The one who owed £20m got a phone call asking him to come in so they could discuss it.
  13. Did you apply for CBILS? thinking about it, sensible for them to make it clear that money should be directed towards them, not taken in salaries before declaring bankruptcy. Having worked for a business where a creditor went spectacularly bust on us resulting in a 180 degree change in credit management, then everyone can expect forensic approach to any monies owing to the banks and finance houses going forward I’d guess.
  14. Sensible would be to sit on your hands and see which way the market goes. Pay of stocking loans if it’s flat, invest in stock if it’s bouyant. I can see many people spending money on stock at existing price levels then getting burnt even worse when the likely drop in demand comes. I just can’t see demand going back to where it was, higher unemployment and tightening credit availability as a result.
  15. They really said it like that? Though if you don’t engage with them I can see they’d get twitchy. How many dealers will replace stocking loans with bounce back loans?