8:09 am, May 4, 2020
- Here’s your business, motoring and news round-up for Monday, May 4
Pendragon and Lookers merger talks confirmed
Pendragon has confirmed to the London Stock Exchange it held ‘outline discussions’ with Lookers over a possible merger.
In a statement released at 7am this morning, the dealer group admitted the talks took place but said they had now ceased.
Car Dealer Magazine reported at the weekend that the two firms had discussed a merger which would create the largest dealer group in the UK with a combined turnover of around £10bn.
Inchcape announces new CEO
Inchcape has appointed Duncan Tait as its new chief executive who will take over from Stefan Bomhard on July 1.
After a period of handover during June, Tait – who was previously on the board of Fujitsu – will take over.
Tait said: ‘I am very pleased to be joining Inchcape and leading the business at such a dynamic time for the automotive sector.’
Bounce back loans go live at 9am
Loans for small businesses of up to £50,000 will go live at 9am tomorrow, with a rush expected on applications
It was revealed at the weekend that the interest rate – after the free period for the first year – would be set at 2.5 per cent, making them attractive to many small firms.
The two page form will be seven questions long and some companies may get their cash within 24 hours. The loans are 100 per cent backed by the government. Read more here.
Volvo UK boss confident home delivery service is safe
Volvo Cars UK boss Kristian Elvefors has told Car Dealer in an exclusive video interview that he is confident the brand’s new contactless delivery service will be safe for customers.
The Swedish firm – which prides itself on its safety reputation – has launched a home delivery service for customers who are looking to buy a new car.
In the video interview – which you can watch in full here – Elvefors appears alongside Waylands Volvo CEO John O’Hanlon, and says the manufacturer has taken all precautions to offer the service safely. He said: ‘We are taking all precautions.’
App to trace virus to be tested on Isle of Wights
A new app that uses Bluetooth to map interactions with other people will be tested on the Isle of Wight before being rolled out nationwide.
The app will warn users if they have come into contact with anyone who has contracted coronavirus so they can self isolate.
The transport secretary Grant Shapps has said the app will be rolled out nationwide later this month and the whole of the UK will be asked to download it.
Trump says vaccine will be developed by end of year
US President Donald Trump has said he thinks a coronavirus vaccine will be developed ‘by the end of this year’.
Trump also said that his government was putting its ‘full power and might’ behind remdesivir, a drug that has shown early promise as a treatment for the disease caused by the new coronavirus.
US health experts, though, have repeatedly said a vaccine is probably a year to 18 months away.
Wear a face mask if you’re flying
Air passengers will have to wear a face mask on flights with most major airlines to stop the spread of Covid-19.
Although most airlines say they won’t start flying until at least July, some are resuming limited flights.
Passengers on Whizz Air, which has resumed from Luton, requires passengers to wear masks. American Airlines, United, and Delta have all confirmed they will ask passengers to wear masks, and most major airlines across the world are expected to follow suit.
Irish car dealers allowed back on May 18
Irish car dealers will be allowed back to work on May 18 as part of the first wave of businesses to get going.
Car dealers will join hardware stores, electrical and IT stores in a staged plan for the Irish economy. The move follows car dealers being allowed to open as part of the first wave of lockdown restrictions lifting in Germany on April 20 and Portugese dealers who go back to work today. Read the full story here.
Used car prices stable with some even increasing
Used car prices across the country appear to be stable during the coronavirus crisis, according to the latest research.
While there are some regional drops – down -4.3 per cent in south central England and -1.4 per cent in south east England – there is evidence of some prices creeping up.
The eBay Motors Group data has found that in London and Scotland dealers have actually increased their asking prices for used cars. Read the full story here.
Octopus Energy gains unicorn status with £1bn valuation
British utility supplier Octopus Energy has received major new investment from one of Australia’s leading suppliers valuing it at the ‘unicorn status’ £1bn mark.
The company, run by Greg Jackson, has reached this just five years after it was founded in 2015.
Origin Energy, described as the leading energy company in Australia, took a 20 per cent stake in the UK business. It also signed a deal to license Octopus’s Kraken technology platform.
Number of mortgage approvals at seven-year low
The number of mortgages being approved to home buyers nosedived to a seven-year low in March.
The sharp deterioration happened amid signs that households are running a ‘tight ship’ by making large repayments on other types of borrowing such as credit cards.
Figures from the Bank of England show that 56,161 mortgages were approved for house purchase in March. This was a drop-off of nearly a quarter (24%) compared with the previous month, and the lowest monthly total since 54,341 approvals were recorded in March 2013.
Today on Car Dealer Live: Devonshire Motors’ Nathan Tomlinson and Batchelors Motor Group MD Tony Denton chat to us live at midday Monday.
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