Halfpenny

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Halfpenny last won the day on July 5

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About Halfpenny

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  • Your industry
    Independent dealer
  • Dealership/company name
    HP Motors Group

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  1. The falling pound will affect the car market because the country will become poorer. Fewer people in work, pay falling or stagnating. Fewer youngsters taking driving lessons and buying their first car. Demand drops across the industry.. The value of currency is a good indicator of a country's economic health. It is significant because a lot of UK's debt is non-Sterling - so interest payments rise when the pound falls. Also we import more than half our food plus most of our cars, car parts, tools and equipment etc etc. It will all get more expensive. We all get relatively poorer and business gets a lot tougher.. The economy was struggling BEFORE coronavirus. In the first three months of the year the UK GDP fell by 2.2%. That's the biggest fall since 1979. I have been in business since the late 1970's so I have seen my share of ups and downs, but what we are facing now is the biggest downturn in history. The fact that the government are contemplating a no-deal Brexit with concomitant tariffs in the current situation just beggars belief. We are being led off a cliff. And I say that as someone who has been an active member of the Conservative Party for 27 years.
  2. Its going to be carnage. Government and private debt are escalating to unsustainable levels. We're fcuked. Brexit will be the final nail in the coffin. I think there is a real chance of a catastrophic devaluation of the pound at the end of the year. I semi-retired a couple of years ago but still have 50% of a business (40 car pitch plus service, MoT). I think I will bail out soon. Been having discussions with my partner. I have property overseas and want to get out. The UK is a hellhole now - for many many reasons.
  3. High prices over the past few weeks are a blip. Once furlough ends all hell will let loose and prices will fall. Mark my words.
  4. Email the manufacturer's UK HQ. Some will issue a CoC free and some will charge a fee (e.g. Suzuki charge about £100). Normally its not a problem but allow a month... If the manufacturer won't help then there are independent companies that will issue a CoC for about £200. Look on Google.
  5. If its one of these so-called parking charge notices (PCN) then its really just an invoice to the driver requesting payment for parking. Since you can presumably easily prove that the parking charge arose after you sold the car then its really nothing to do with you - its between them and whoever the driver was at the time. You can either bin it or, if feeling generous, send them an email telling them to go back to DVLA.
  6. According to Office for National Statistics about 0.06% of the UK population were infected with Covid19 on 12th June (its probably lower now). The risk of transmission at 1m from an infected person is 3%. At 2m it is 1.5%. So total overall probability of catching Covid from a random stranger is 1 in 55000 at 1m and 1 in 110000 at 2m. If you screen customers with a quick temperature check then the risk will drop further. So up to you to decide, and take your chances. I think good ventilation (air movement) is crucial to lowering the risk. So doors and windows open as much as possible. Personally I am more worried about being in busy supermarkets... its not like car showrooms get that crowded... ;-(
  7. We're in what is known as an irrational market. Buyers with government money burning a hole in their pocket, limited supply of vehicles and online auctions. This will lead to a lot of dealers making bad decisions that come back to bite them. The indications are for a big rise in unemployment and reduced annual mileage (more working at home, cycling etc). That doesn't sound like a market that's going to sustain higher prices. Its going to kick off when the furlough money stops.
  8. Nicely explained. IMHO we are about to reach the day of reckoning on all these 'Spanish Practices'. PCP and leasing is an unexploded bomb under the economy. Its all smoke and mirrors. There's a guy lives near me who runs a fairly grotty little bar - about twice the size of my living room. Just after lockdown started we talked about business and he was moaning to me all about his debts, which he can't pay. Leased Range Rover was something like 550/month, then he'd got couple 100k's on his house, another 100k on the business and some more on other stuff. It was around 400k plus the lease. I'm just thinking WTF?.... how can you sleep? Of course when this goes belly-up it won't be the finance houses that lose out. The losses will be 'socialised' as in 2008 and we will all pay for it. £500bn I believe the last bail out cost us...
  9. All the companies get their data from basically the same sources but can be more or less accurate in updating their own databases. I think plate changes can often cause problems because a certain amount of manual data input may be required. IMHO HPI is the best for correct data.
  10. As a quick fix a wipe over with DoT3 brake fluid on a cloth will remove the yellow (yes, really!) and then a polish will bring them up good enough. For a proper job start with 300 grit paper, work up to 2000 grit. Then few coats of lacquer to finish and protect against UV (ideally 2K, but 1K works too). That should last a couple of years.
  11. I first got into the trade in the late 1970's. My father and grandfather were both in the motor trade - service and repair (mostly trucks in the case of my grandfather). I obviously had access to a fully equipped workshop and by the time I was 18 I had a driving license and could do pretty much any mechanical or electrical repair, welding, basic panel beating, loading, painting etc. I started out buying rough/damaged Spitfires, MGs and other Triumphs such as GT6 Vitesse etc. for repair. I made a profit but not much given the work involved. In the late 80's and early 90's I tried with repairable salvage. Had a Chief body jig at the time. Again made some profit but not a lot given the time investment requirement. As the rules and regs tightened up I packed it in. I really made my money with careful buying of proper 3-10 year old cars that required minimal prep. Plus service/MoT and repairs of this demographic. Turnover is king. Buy right. Get it prepped and get it out of the door as quickly as possible. The last thing I want is money tied up in vehicles awaiting repair. My view is... 1. Don't mix business with pleasure. Restoring old cars for sale is a massive time-suck. If its a hobby/sideline then fair enough, but not the way to pay the mortgage. Restoring rusty low-value stuff will mean you're working for less than minimum wage. 2. The cars will be at least 20 years old - but the customers will expect the things to be in mint condition and run like a Swiss watch. Makes me laugh on programmes like Wheeler Dealers, Flipping Bangers etc. Buy at £5k, spend £2k on parts. Sold at £8k. 'Oh, we made £1k profit'.... Well what about the 40 hours labour in a fully equipped workshop etc etc.?
  12. Admin fees are dodgy BS. TS and/or FCA should come down on those who conditionally waive it.
  13. Signs the previous owner ran on a shoestring, tyres are often a clue (e.g. random selection of Chinese tyres). HVAC works (can be costly to put right). Scruffy/smelly interior. I don't buy 'automated-manual' cars (like Honda iShift or Toyota MMT etc). If its DSG then check operation - obviously assumes you can road test the car. After 40 years I can quickly spot paint and panel problems.
  14. Halfpenny

    Hertz

    The bankruptcy affects only the US and Canada operations. They have the best part of $20bn of debts! Their international operations are seperate and not affect so the 30k vehicles a month are US only. US car rental companies tend to buy cars outright and then dispose of them themselves. UK rental companies generally use buyback agreements with the manufacturers. Europcar and Sixt have already had bailouts (France and Germany, respectively) but expect to see a lot of rentals coming onto the market in any case. Almost nobody is renting cars at the moment.
  15. I think you mean 'insightful' Anyway, welcome. You've certainly picked a very challenging time to start out.....best of luck..