Aston Martin warns over profits amid production woes

Luxury carmaker Aston Martin has warned over annual earnings and slashed vehicle production for 2024 as it suffers from supplier disruption and weak demand from China.

Shares in the British group plunged by more than a fifth in Monday morning trading as it said it would make around 1,000 fewer cars than first planned over the year after being hit by delays to car parts due to disruption at some of its suppliers.

The firm said that this, combined with the woes in China amid a more bleak economic outlook in the country, are expected to leave wholesale sales by volume down by a ‘high single-digit percentage’.

UK economic growth weaker than first thought over spring, figures show

Growth across the UK economy was weaker than previously thought over the spring, according to revised official figures.

The Office for National Statistics (ONS) said gross domestic product (GDP) increased by 0.5% between April and June, revised down from an initial estimate of 0.6%.

Growth was driven by an increase in the services sector, while the manufacturing and construction industries industry dragged on the headline figure, the ONS said.

Car modification pitfalls can leave owners thousands out of pocket – ombudsman

Car modifications such as alloy wheels or tinted windows can potentially leave drivers with big unexpected bills, an ombudsman is warning.

The Financial Ombudsman Service (FOS) said it is hearing from increasing numbers of vehicle owners who have been left to pay significant sums because they have unknowingly invalidated their car insurance.

Car modifications can range from body kits and custom paintwork to performance enhancements such as upgraded exhaust systems or engine tuning.

Honda’s CR-V tops list of most-reliable SUVs

The Honda CR-V has come out on top in a recent survey of the most reliable SUVs.

The high-riding SUV body style has grown in popularity over recent years with many buyers switching away from traditional hatchbacks and estate cars in favour of vehicles which take on more of a four-wheel-drive look and feel.

The Warrantywise Reliability Index data – which was used to collate the report – ranked vehicles based on their repair request frequency, average vehicle age at the time of a fault, average mileage and average labour time over a period between August 1, 2021, and the same date in 2024.

Monday on Car Dealer

Carwow cuts losses by 45% – but is still in the red by £16m in 2023

Carwow significantly reduced its losses in 2023, from £29.4m in 2022 to £16.2m, thanks to its “Sell My Car” auctions. The company increased revenue to £54.7m, up from £39.8m, and sold 160,000 cars worth £3bn through its auction platform since acquiring Wizzle in 2021. Despite the progress, its profit and loss account remains £110m in the negative. Carwow’s expansion includes acquiring Autovia Ltd and international investments, aiming to further revolutionize online car buying and selling.

Family-run Masters of Beckenham admits ‘concerns’ about Kia relationship as profits tumble

Masters of Beckenham saw its profits drop by more than 50% in 2023, with pre-tax earnings falling to £1.12m from £2.43m the previous year. The decline follows the closure of its Mazda, MG, and Renault sites in 2022, leaving the company with a single Kia dealership. Challenges like supply chain issues and concerns with its relationship with Kia were cited. The group’s turnover also fell to £24.58m, down from £28.91m in 2022.

‘Why I quit Arnold Clark to set up my own used car dealership after heartbreaking personal tragedy’

Ollie Pickett, a former Arnold Clark sales consultant, has launched his own used car dealership in memory of his late partner. Inspired by Car Dealer’s AI project, The Clever Car Collection, and a desire to honor his partner, Pickett invested a life insurance policy to establish Carscierge. After gaining experience in the motor trade at Arnold Clark, Pickett now blends data with instinct to source cars, reporting strong early success since starting the business in June 2023.

Voting now closed for Car Dealer Used Car Awards 2024

Nominations for the 2024 Car Dealer Used Car Awards are now officially closed. Dealers had until 5pm yesterday (Sept 30) to submit their entries for a chance to win in one of 24 categories. Supported by headline sponsor Black Horse, the awards ceremony will take place on November 25 at The Brewery in London, hosted by Mike Brewer. Stay tuned for the shortlist announcements on October 21.

Traditional steel production in Wales ends as last blast furnace shuts down

The last iron to be produced in Port Talbot has been ‘tapped’, bringing an end to traditional steel production in Wales.

Tata Steel started winding up operations at blast furnace number four at the UK’s largest steel plant on Monday.

Plumes of white steam could be seen being vented from the furnace for the last time just after 5pm, signalling the end of traditional steelmaking on the site. The move will see nearly 2,000 jobs lost at the plant, which will transition to greener steel production from 2027.

Rightmove suitor REA walks away from bid after £6.2bn approach rebuffed

Rupert Murdoch’s REA Group has abandoned its pursuit of British rival Rightmove after its last takeover approach worth £6.2bn was rejected.