Dear Colleagues,
This week, SMMT’s new car and light commercial registration figures were released. It has been a strong first half of the year for new vehicle sales, driven by overall resilient demand. Supply side constraints are still prevalent for certain manufacturers, but on the whole, retailers are noticing consistent improvement for showroom stock and wait times are gradually reducing. Price parity between EV and ICE is still far too wide which has the potential to become a problem on the road to 2030. In a note to press, NFDA warned Government to not lose focus on its climate commitments and to introduce more financial incentives for the general public to support affordability of EVs and enabling an efficient and fully functional charging infrastructure.
BCA has provided interesting data showing an improving used car marketplace for EVs, with rising conversion rates and sold volumes in May. The realignment of prices has made EVs increasingly more affordable, resulting in professional buyers paying more attention to the premium EV sector.
Also included in the newsletter are some figures showing the latest sales numbers in relation to ongoing agency initiatives in Australia.
NFDA's Future of Automotive Retailing 2023 event is scheduled to return to the British Motor Show in Farnborough on Thursday 17 August, please contact lena.patel@rmif.co.uk to register your attendance. Guest speakers for the day will cover topics such as agency models and their potential implications for retailers, the upcoming ZEV Mandate's impact, and a comprehensive overview of the electric vehicle market.
Also, next week, NFDA CV division meeting will be held in our office in London.
Finally, we are delighted to announce the date of our annual Spring Ball, taking place on 27 April 2024 at the world renowned five-star Grove Hotel. Mark your calendars! Building upon the success of last year's event, we are committed to making this year's Spring Ball even more memorable. If you're interested in sponsoring the event or reserving your spot, please email Lena.Patel@rmif.co.uk.
