Today, NFDA is in Belfast for a meeting with dealer members and industry stakeholders to discuss pertinent issues affecting the region. With the Northern Ireland Assembly not currently sitting, the ZEV mandate will not come into effect in 2024 in line with the rest of the UK. This is crucial as the region needs more time to prepare for the transition to electric and these meetings will help us to determine the primary challenges affecting retailers and EV adoption. NFDA is seeking to collaborate with members of the Assembly and Parliamentarians to organise a follow-up roundtable in Stormont, offering the opportunity to directly raise the concerns of the automotive retail industry with the personnel in power.
This week saw the return of the Consumer Attitude Survey, an in-depth report analysing the current perceptions of the automotive sector from UK motorists. The report has great insights into what consumers expect from motor retailers on their car-buying journey. The report identifies that price is still regarded as the key barrier stopping motorists from purchasing an EV. We are looking ahead to Jeremy Hunt's Autumn Budget, taking place on 22 November, and we urge the Government to introduce new forms of legislation that will help to bridge the gap between new electric vehicles and their internal combustion engine counterparts.
In other news, the Bank of England announced that they will put interest rates movement on hold for the second consecutive time, at 5.25%, but still at the highest level in 15 years, and BOE expects inflation to fall over the coming months as a result of this. From what we have gathered in the Consumer Attitude Survey, over half of the respondents stated that the increase in the cost of living has not influenced their spending habits on their current car, or their choice to acquire a new one. Whilst consumer confidence remains high, it is important that retailers go above and beyond to make the car buying process as seamless as possible and support them with flexible price plans, further easing the burden on consumer spending budgets. Please find the full report and our press release enclosed in this edition of NFDA news.
Sue Robinson, NFDA Chief Executive
NFDA Is the voice of automotive retailers – if you require any assistance, please do not hesitate to contact your member helpline at 01788 538303 or email firstname.lastname@example.org