Paul C

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Paul C last won the day on June 7

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About Paul C

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    Inchcape

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  1. Is it the system similar to eBay, eg an item is getting bid on around the £5k mark, you put (say) £6000 in but it bids automatically £5100 £5200 £5300 etc according to the bid increment up to the max? Or is it that your bid is the amount you pay and you can exceed the bid increment if you want to; or are limited by only being able to bid the current+increment amount? If its the former, there's an opportunity for the auction to fiddle it by running it up nearer (or reaching) your max. eBay doesn't do it - can you imagine the commercial suicide if they did and it were discovered - in fact they show the bid history to show how the auction was run. If its the latter, it just sounds like there is some kind of lag in between the system running/tracking the bidding and you finding out. It might be a badly designed system which doesn't degrade gracefully when resources eg network speed or latency reach the limit. Or, just too many bidding at once to make it viable.
  2. The announcement was made today; all in all, it was a pretty mild and unsurprising ruling, shame its been delayed so long: https://www.bbc.co.uk/news/business-53567495
  3. What kind of parking notice? Council? Public land? etc The rules are different depending. Its not really my area so I can't really help but there's a lot of resources on the internet eg Pepipoo, and a lot of bad advice too!
  4. There's that many good YouTube channels that now it would be difficult to find a niche - its effectively a saturated market, just like so many others. The better ones have a good, almost professional ability to present to the camera and slick video editing (which takes ages!) and post regularly - its almost a full time job in itself. And, its necessary to keep producing new content, at least weekly. So the ones with loads have subscribers have earned it (and work for it), sure there's a handful of people who have done really well (Doug Demuro, Hoovies Garage etc) but for the others its pretty much a normal job.
  5. Temporary: supply is down (a lot), demand is up (due to built-up demand) --> prices rise Long term: demand will pass thru normal then be down (a bit, or a lot, depending on how the recession pans out); supply will either match demand or go up --> prices fall Its getting to the point, it might actually make financial sense for dealers to put their cars BACK into auction, because they'll make more now at auction, than their current or future retail value. It is indeed irrational at the moment.
  6. I came across an article the other day about Wheeler Dealers. They analysed the cars they did, and included work which hadn't been mentioned in the programme etc (and also where some other savings were made). They concluded that while the figures put on the screen towards the end of the show were broadly true, once you look at the time spent, Mike and Edd would make about £5500/year salary (ie £11k/year between them).
  7. In theory, with increasing/decreasing DiC commission barred, the "market" would function better and so long as enough lenders stay in the business, would result in generally lower interest rates for customers. I believe the finance companies themselves (with a few exceptions*) won't suffer much at all with the FCA-imposed changes in the summer, because they are carrying little blame. The main miscreants were the dealers who sold the inappropriate (interest rate of) finance; the lenders were somewhat guilty of lack of oversight though. * There are a handful of manufacturers who were/are sufficiently big, that they ran their own bank/finance, eg Renault (RCI). I don't think we'll reach the situation where lots of lenders pull out of car finance. I think more likely, there will be a general downturn in 1) the number of cars sold (in total, new & secondhand), 2) the average amount financed per car, 3) the proportion of cars bought on finance. But I think the existing lenders - most of them - will be happy to continue to operate in a smaller overall market. Car finance is still pretty good, compared to other types eg mortgages, credit cards, business lending.
  8. Indirectly related, but be aware of this: https://www.fca.org.uk/publication/multi-firm-reviews/our-work-on-motor-finance-final-findings.pdf (gory details), https://www.fca.org.uk/news/press-releases/fca-acts-protect-those-buying-motor-finance (summary) and also your requirements under CONC (full details here https://www.handbook.fca.org.uk/handbook/CONC.pdf) For sure, there is going to be increased public awareness of motor finance and I suspect a lot of high-end dealers and car supermarkets making a number of changes. Basically, don't look at making extra money on finance at the expense of the customer!
  9. If you can weld and fix carburettors (not at the same time!!!), there will always be something for you.
  10. I've always been into classics and it sounds like a fun idea. However, renovating/restoring classic cars is a bit of a rabbit's warren. Little things can take months and months due to parts non-availability, or people selling secondhand parts "take the piss" with prices because they know its rare etc. IMHO only really on the upper-end stuff do you have a chance of making decent money. Also....not sure I'd buy ANY 90s MG.....they stopped the Midget and MGB/MGC in 1979-80, there's the MGF but then we're into MG Montegos and other stuff in the 90s...
  11. I've heard some dealers/car supermarkets charge an admin fee which is 'waived' if you take their own finance out? Sounds incredibly dodgy......
  12. Supermarkets (the ones I know) aren't selling to subprime customers. They tend to prefer the stuff that didn't make the grade for franchise dealers but is still new/low mileage. And in any case, subprime aren't really the issue - this one is to do with Increasing DiC commission models which were predominantly sold to middle profile customers. There are some decent graphs in the FCA report.
  13. All the gory details are here: https://www.fca.org.uk/publication/multi-firm-reviews/our-work-on-motor-finance-final-findings.pdf Upon reading through, I think the situation is worse than a lot of people think it is. The franchise dealers were preparing for an upheaval this summer (then came along CV19) but if enough momentum builds in the claims management sector to go after them for historical issues then I believe we will see a bloodbath. Put simply, the timeline is something like this: 1. The financial regulators were historically quite weak 2. Banks and credit card providers took the piss and mis-sold PPI 3. A ruling was made, which the consumer groups won. (Then another related test case was also won). 4. The regulators liked the smell of victory and "got teeth" 5. Other areas of retail finance sat up and noticed; but car finance didn't 6. Car finance sector continued mis-selling on an industrial scale I believe another issue - one which CV19 will also 'break' - is the rather cosy relationship between CAP and the auction houses. Effectively they were trying to dampen down the volatility of used car prices, to reduce risk which the finance houses typically carried (because they're financing, and ultimately own, >80% of cars). In an otherwise balanced situation, if they can control supply then supply-demand means the prices stay up. Change demand by a significant amount (CV19, plus the part-collapse of PCP finance market) and their controls become ineffective. I believe we're heading for at least a partial- unravelling of the car finance sector, which is somewhat propping up the car industry.