This week, the Bank of England confirmed that interest rates will rise from 4.5% to 5%, the highest level for 15 years in a bid to curb inflation and the rising cost of living. Rising interest rates will influence the amount charged on credit cards, bank loans and car loans but NFDA issued a statement to press reaffirming confidence that the UK automotive retail sector is robust and has historically overcome each of the unprecedented challenges that have been presented. Franchised dealers remain as vital information hubs for consumers, offer flexible payment schemes to support customer spending budgets and will always deliver on motorist’s desire for private mobility.

NFDA’s Future of Automotive Retailing 2023 will be returning to the British Motor Show in Farnborough on Thursday 17 August. Guest speakers for the day who will cover topics relating to agency models and the range of implications this can potentially have for retailers, the impact of the impending ZEV Mandate and a comprehensive overview of the electric vehicle market. Full line up of speakers in today’s news – Register now!

This week also saw the second round of regional meetings, it is always great to host a forum for dealers to get together and offer feedback to the NFDA as to how the market is performing regionally, the challenges they are facing and areas for the NFDA to focus its attention. The final round of regionals will be taking place in October – contact us now to attend.

Finally, next week NFDA’s Northern Ireland meeting will take place in Belfast to discuss the extreme challenges opposing the uptake of electric vehicles in the region, including the poor state of charging infrastructure and the best course of action for the sector to mitigate these problems. If you would like to attend please contact us.