VW SCANDAL: Will manufacturer make up resale values shortfall?

Time 3:56 pm, October 29, 2015

VOLKSWAGEN will have to address the ‘full financial implications’ of this year’s emissions crisis for owners of its cars, it was stated in Parliament today.

And this could include making up any shortfalls in resale values because of the issue, it was suggested.

During a House of Commons exchange during which the German manufacturer was accused of ‘acting disgracefully’ over the issue, Transport Secretary Patrick McLoughlin said the company would have to live up to people’s expectations in terms of its reaction to the fallout from the crisis.

Jim Shannon, the DUP MP for Strangford, asked Mr McLoughlin whether ‘the full financial implications’ should be ‘given to the feet of Volkswagen and Audi’.

Mr McLoughlin replied that that would be ‘one of the issues which I think Volkswagen will have to address in due course’.

The exchange between the two came after the Labour MP for Halifax, Holly Lynch, said that although VW’s new CEO had indicated that all affected vehicles would be fixed by the end of next year, the company’s UK MD, Paul Willis, had said that might  not be deliverable.

Meanwhile, the EU has agreed to introduce tougher emissions tests for diesel cars, which will more closely resemble real road conditions.

Mr McLoughlin told MPs the current differences between lab tests and real-world emissions were unacceptable.

MORE: VW abandons plan to become the world’s largest carmaker

MORE: Manufacturer reports a loss for third quarter of 2015

MORE: Government was warned over emissions in 2009

MORE: How are VW dealers coping?

MORE: New rating helps car buyers calculate real-world emissions

On Time For Volkswagen Dealer to Rethink Its Slogan




Dave Brown's avatar

Dave, production editor on Car Dealer Magazine, is a journalist with more than 30 years' experience in the worlds of newspapers, magazines and public relations.

More stories...

Server 51