Latest news with #NathanCoe
The Independent
29-05-2025
- Automotive
- The Independent
Auto Trader boss says trade war could boost new car sales into UK
The boss of Auto Trader has said the international trade war could boost new car sales into the UK if it becomes more expensive for global manufacturers to export vehicles to other countries. Chief executive Nathan Coe told the PA news agency that while increased trade friction could raise prices across the board, higher import levies could see more cars coming into the UK. He said: 'Depending on where they all (tariffs) settle, you might all find new car prices are slightly higher on a like-for-like basis. 'But the car market is very simple, it's about supply and demand. 'If you look at last year, the number of new cars sold to consumers (in the UK) actually fell and was very low by historical standards. 'So I think the UK becomes potentially a more attractive market, given all the trade wars. It has got a good market, it does buy a lot of cars. 'If it's more expensive to export those cars to other countries, it could well be the UK is a place where we find a few more new cars coming this way.' Mr Coe's comments came as Auto Trader reported that the UK's new car market grew 3% last year, but that was driven by sales of company or 'fleet' vehicles, while sales to consumers fell 4% year-on-year. He said it is 'a very different story' for the UK's car manufacturers, however, with increased export barriers meaning prices will go up and 'people will buy less of them'. It comes as the number of vehicles manufactured in the UK plunged last month to the lowest April figure for more than 70 years, amid a hit from trade tariffs and the timing of Easter. Factories turned out just 59,203 vehicles in April, the lowest figure for that month for more than 70 years excluding 2020, when Covid-19 lockdowns halted production. But the car sales market, which includes imported vehicles, is in better health, Auto Trader said on Thursday, as it saw a 5% increase in the number of cars advertised through its platform, an average of 449,000 per month through the year to the end of March. The group said it saw a 5% increase in the number of cars advertised through its platform, an average of 449,000 per month through the year. And it said consumers made a record 81.6 million visits to Auto Trader's platforms this year. Auto Trader's revenues came in at £601.1 million in the year to March 31, up 5% compared with the previous 12 months, while profit rose 8% to £376.8 million. The growth in both markets comes despite another year of high interest rates and inflation in the UK, which the company said put 'financial pressure' on customers. Mr Coe added: 'Despite broader macroeconomic uncertainties, the UK car market is in good health and we continue to deliver against our strategy to improve car buying and retailing.'
The Herald Scotland
29-05-2025
- Automotive
- The Herald Scotland
Auto Trader reports growing car sales despite ‘financial pressure' on customers
Meanwhile, the company said it saw 'strong levels of demand for used cars', with 4% more sales this year than last, though supply remains below pre-pandemic levels. It said used car pricing has been 'stable' over the last 12 months after declines in the previous financial year. The group said it saw a 5% increase in the number of cars advertised through its platform, an average of 449,000 per month through the year. Auto Trader said the UK's new car market grew 3% over the last 12 months (Alamy/PA) And it said consumers made a record 81.6 million visits to Auto Trader's platforms this year. Auto Trader's revenues came in at £601.1 million in the year to March 31, up 5% compared with the previous 12 months, while profit rose 8% to £376.8 million. The growth in both markets comes despite another year of high interest rates and inflation in the UK, which the company said put 'financial pressure' on customers. The company said that through much of the year, consumer demand exceeded the supply of used cars, meaning sales tended to happen fast. Nathan Coe, chief executive of Auto Trader, said: 'Despite broader macroeconomic uncertainties, the UK car market is in good health and we continue to deliver against our strategy to improve car buying and retailing.' He added that the company launched a new artificial intelligence product range called Co-Driver, which is helping to speed up searches on Auto Trader's platform. Mr Coe said: 'The first wave of Co-Driver products has already successfully enhanced the quality of adverts, while reducing the amount of time it takes for retailers to advertise their vehicles. 'We see significant potential for the use of AI to improve the buying and selling of cars in the years ahead.' 'We remain confident in the outlook for the business given our strong market position, the value we deliver for customers, and our unique data and technology capabilities.'
North Wales Chronicle
29-05-2025
- Automotive
- North Wales Chronicle
Auto Trader reports growing car sales despite ‘financial pressure' on customers
Auto Trader said the UK's new car market grew 3% over the last 12 months, mainly driven by more sales for company 'fleet' vehicles, but standard retail sales fell 4% year-on-year. Meanwhile, the company said it saw 'strong levels of demand for used cars', with 4% more sales this year than last, though supply remains below pre-pandemic levels. It said used car pricing has been 'stable' over the last 12 months after declines in the previous financial year. The group said it saw a 5% increase in the number of cars advertised through its platform, an average of 449,000 per month through the year. Auto Trader said the UK's new car market grew 3% over the last 12 months (Alamy/PA) And it said consumers made a record 81.6 million visits to Auto Trader's platforms this year. Auto Trader's revenues came in at £601.1 million in the year to March 31, up 5% compared with the previous 12 months, while profit rose 8% to £376.8 million. The growth in both markets comes despite another year of high interest rates and inflation in the UK, which the company said put 'financial pressure' on customers. The company said that through much of the year, consumer demand exceeded the supply of used cars, meaning sales tended to happen fast. Nathan Coe, chief executive of Auto Trader, said: 'Despite broader macroeconomic uncertainties, the UK car market is in good health and we continue to deliver against our strategy to improve car buying and retailing.' He added that the company launched a new artificial intelligence product range called Co-Driver, which is helping to speed up searches on Auto Trader's platform. Mr Coe said: 'The first wave of Co-Driver products has already successfully enhanced the quality of adverts, while reducing the amount of time it takes for retailers to advertise their vehicles. 'We see significant potential for the use of AI to improve the buying and selling of cars in the years ahead.' 'We remain confident in the outlook for the business given our strong market position, the value we deliver for customers, and our unique data and technology capabilities.'
Daily Mail
29-05-2025
- Automotive
- Daily Mail
Auto Trader shares fall 10% as it reveals dwindling retail sales
Auto Trader has claimed Britain's automotive market is in 'good health' with growing new and used car sales, defying another year of high interest rates and weak consumer confidence. The car selling platform said Britain's new car market grew 3 per cent over the last year, mainly driven by more sales for company fleet vehicles, but standard retail sales slipped 4 per cent year-on-year. Amid dwindling retail sales, Auto Trader shares fell 10 per cent in early trading on Thursday. It said it saw 'strong levels of demand for used cars', with 4 per cent more sales this year than last year, but supply levels remained below pre-pandemic levels. Auto Trader said used car pricing had been 'stable' over the last 12 months after declines in the previous financial year. The group said it saw a 5 per cent rise in the number of cars advertised through its platform, an average of 449,000 per month through the year. It said consumers made a record 81.6million visits to Auto Trader's platforms this year. Auto Trader's revenue came in at £601.1million for the year to 31 March, up 5 per cent compared with the previous year, while profits jumped 8 per cent to £376.8million. The growth in both markets came despite another year of high interest rates and inflation, which the company said put 'financial pressure' on customers. Auto Trader said that through much of the year, consumer demand exceeded the supply of used cars, meaning sales tended to happen faster. Nathan Coe, chief executive of Auto Trader, said: 'Despite broader macroeconomic uncertainties, the UK car market is in good health and we continue to deliver against our strategy to improve car buying and retailing'. He added that the company launched a new artificial intelligence product range called Co-Driver, which is helping to speed up searches on Auto Trader's platform. Coe said: 'The first wave of Co-Driver products has already successfully enhanced the quality of adverts, while reducing the amount of time it takes for retailers to advertise their vehicles. 'We see significant potential for the use of AI to improve the buying and selling of cars in the years ahead.' 'We remain confident in the outlook for the business given our strong market position, the value we deliver for customers, and our unique data and technology capabilities.' Having fallen 10 per cent earlier, Auto Trader shares were hovering down 9.78 per cent or 88.00p on Thursday. Mark Crouch, a market analyst for eToro, said:: 'Auto Trader has been something of a hidden gem for investors, though by now, the secret's well and truly out. 'The online car marketplace posted an 8 per cent rise in operating profit over the year, but shares stalled this morning after what many saw as an underwhelming earnings report. 'One of Auto Trader's biggest advantages, beyond its slick new AI-powered Co-Driver tools, is the sheer lack of serious competition. 'As Warren Buffett famously said, a great business has a 'moat' and Auto Trader certainly has that. With margins north of 60 per cent and a market cap ten times that of its nearest rival, makes it the clear go-to destination for online car sales in the UK. 'The UK's digital services tax has proved to be a bump in the road, however with that said, for long-term investors, it's been a smooth ride, and with the company still firing on all cylinders, today's dip may prove more of a pit stop than a sign of breakdown.' Richard Hunter, head of markets at Interactive Investor, said: 'These numbers are middle of the road by the standards Auto Trader has set itself and the shares are being somewhat punished as a result. 'The sharp decline follows an increase of 23 per cent over the last year for the shares, as compared to a hike of 6.6 per cent for the wider FTSE 100, and continuing momentum which has seen a jump of 44 per cent over the last two years. 'Improving profits bring both higher expectations and indeed valuations and even after this latest drop, the shares are not obviously cheap on a historic basis. 'As such, the market consensus is likely to stay at a hold for the time being, albeit a strong one, as investors assess this disappointment even though the group's continued innovation and dominant UK market position bode well for prospects.'
Rhyl Journal
29-05-2025
- Automotive
- Rhyl Journal
Auto Trader reports growing car sales despite ‘financial pressure' on customers
Auto Trader said the UK's new car market grew 3% over the last 12 months, mainly driven by more sales for company 'fleet' vehicles, but standard retail sales fell 4% year-on-year. Meanwhile, the company said it saw 'strong levels of demand for used cars', with 4% more sales this year than last, though supply remains below pre-pandemic levels. It said used car pricing has been 'stable' over the last 12 months after declines in the previous financial year. The group said it saw a 5% increase in the number of cars advertised through its platform, an average of 449,000 per month through the year. And it said consumers made a record 81.6 million visits to Auto Trader's platforms this year. Auto Trader's revenues came in at £601.1 million in the year to March 31, up 5% compared with the previous 12 months, while profit rose 8% to £376.8 million. The growth in both markets comes despite another year of high interest rates and inflation in the UK, which the company said put 'financial pressure' on customers. The company said that through much of the year, consumer demand exceeded the supply of used cars, meaning sales tended to happen fast. Nathan Coe, chief executive of Auto Trader, said: 'Despite broader macroeconomic uncertainties, the UK car market is in good health and we continue to deliver against our strategy to improve car buying and retailing.' He added that the company launched a new artificial intelligence product range called Co-Driver, which is helping to speed up searches on Auto Trader's platform. Mr Coe said: 'The first wave of Co-Driver products has already successfully enhanced the quality of adverts, while reducing the amount of time it takes for retailers to advertise their vehicles. 'We see significant potential for the use of AI to improve the buying and selling of cars in the years ahead.' 'We remain confident in the outlook for the business given our strong market position, the value we deliver for customers, and our unique data and technology capabilities.'
