“Perfect storm” in automotive industry puts used car market in driving seat

Despite pent up consumer demand for new cars as pandemic restrictions lift, supply chain issues are hampering new vehicle sales, pushing up demand in the used car market, according to the latest research. Cox Automotive has downgraded its new car forecast for the remainder of 2021 with a revised most likely scenario predicting Q3 will end on 522,425 new car transactions, a 17.7% drop on the 2000-2019 average. The full-year 2021 forecast has also been adjusted downwards to 1,823,426 new car transactions, around 2.5% lower than Cox's April forecast and a 21.1% fall compared to the 2000-2019 average.

“Perfect storm” in automotive industry puts used car market in driving seat

Jul 26, 2021

Despite pent up consumer demand for new cars as pandemic restrictions lift, supply chain issues are hampering new vehicle sales, pushing up demand in the used car market, according to the latest research. Cox Automotive has downgraded its new car forecast for the remainder of 2021 with a revised most likely scenario predicting Q3 will end on 522,425 new car transactions, a 17.7% drop on the 2000-2019 average. The full-year 2021 forecast has also been adjusted downwards to 1,823,426 new car transactions, around 2.5% lower than Cox's April forecast and a 21.1% fall compared to the 2000-2019 average.

TES builds major European battery recycling facility as new climate change roadmap unveiled

TES, a global provider of sustainable technology lifecycle services, is to establish a 10,000 square metre recycling facility in Rotterdam, designed to bolster Europe’s capacity to recycle lithium batteries as demand for electric vehicles (EVs) accelerates and tougher new environmental legislation is in prospect. The facility, based at Europe’s largest seaport, has an option to increase to over 40,000 square metres. TES already has a basic waste license to receive, store and forward lithium batteries and to manage EV batteries and battery production scrap as well as a license to shred alkaline batteries.

TES builds major European battery recycling facility as new climate change roadmap unveiled

Jul 20, 2021

TES, a global provider of sustainable technology lifecycle services, is to establish a 10,000 square metre recycling facility in Rotterdam, designed to bolster Europe’s capacity to recycle lithium batteries as demand for electric vehicles (EVs) accelerates and tougher new environmental legislation is in prospect. The facility, based at Europe’s largest seaport, has an option to increase to over 40,000 square metres. TES already has a basic waste license to receive, store and forward lithium batteries and to manage EV batteries and battery production scrap as well as a license to shred alkaline batteries.

New car sales up, but sector facing ‘long Covid’

New car registrations in June grew 28% year-on-year to 186,128, according to the Society of Motor Manufacturers and Traders (SMMT)’s latest figures, as consumers made up for lost time during lockdown, but a number of factors are putting a long-term recovery at risk. SMMT cautioned that the monthly performance was again artificially lifted through comparison with June 2020, when the UK began to emerge from the first pandemic lockdown and showrooms in England opened up at the beginning of the month.

New car sales up, but sector facing ‘long Covid’

Jul 15, 2021

New car registrations in June grew 28% year-on-year to 186,128, according to the Society of Motor Manufacturers and Traders (SMMT)’s latest figures, as consumers made up for lost time during lockdown, but a number of factors are putting a long-term recovery at risk. SMMT cautioned that the monthly performance was again artificially lifted through comparison with June 2020, when the UK began to emerge from the first pandemic lockdown and showrooms in England opened up at the beginning of the month.

Americas

Pandemic to have long-term impact on US subprime auto market, says new report from Davis & Gilbert

Sep 16, 2020

With the subprime auto loan performance expected to deteriorate, many respondents to the latest Credit Chronometer from Davis & Gilbert LLP predicted that the pandemic would have a long-term impact on the sector. The report – named Participants’ Expectations in a Time of Crisis – revealed that unemployment, a key indicator of loan performance, has reached historic levels as a result of the pandemic and led to widespread forbearances. However, respondents expected deal structures to hold and reacted with moderation to the uncertainty plaguing the market. Market participants of the study believed that the projected performance of a subprime auto securitization remained the most reliable indicator of its success. Although credit ratings had declined since 2019 as a success factor, indicating a reliance by participants on their own review of data.

Asia Pacific

Toyota Finance New Zealand partners with Ephesoft on digital transformation initiative

Jan 28, 2020

Toyota Financial Services New Zealand (TFNZ) has partnered with Ephesoft to drive its automotive loan application and settlement processing. TFNZ will use Ephesoft’s Transact software within its loan operations team to automate the classification and processing of key forms and documents. The Transact platform uses artificial intelligence, machine learning and cloud-based services to automate document processing and will integrate with the finance company’s existing loan origination system.