Latest news with #Vertu
Scotsman
22-05-2025
- Automotive
- Scotsman
Avoid these expensive mistakes when buying your first car, says motoring expert
Searches for 'new cars for new drivers' have risen by 26% over the past three months, and with the growing interest, experts have shared how to get the best deal possible. Sign up to our daily newsletter – Regular news stories and round-ups from around Scotland direct to your inbox Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Experts are sharing top tips for first-car buyers to avoid overspending on new cars. This comes as Vertu have noticed that searches for 'new cars for new drivers' have risen by 26% over the past three months. Advertisement Hide Ad Advertisement Hide Ad While new cars offer the appeal of modern features and warranties, they also come with different financial considerations that buyers should be aware of. Searches for 'new cars for new drivers' have risen by 26% over the past three months So, to help first-time buyers navigate the process without overspending, automotive experts at Vertu have shared guidance on common financial missteps to avoid. 1. Don't focus solely on the sticker price It's easy to be distracted by the sticker price, but running costs are just as important. Creating a full budget that includes not only the monthly payment but also fuel, insurance, road tax, and maintenance will give you a clearer idea of what you can afford in the long run. 2. Understand depreciation Advertisement Hide Ad Advertisement Hide Ad When considering a new car, think beyond the immediate appeal of a brand-new model and consider its long-term value. This is particularly important if you expect to need to upsize your car in the future. There are a few factors that affect how in-demand your car will be when the time comes to sell it on the used-car market. Cars from trusted brands with strong resale demand, such as the Toyota Corolla, Ford Focus, or Honda Civic, typically depreciate more slowly. This is also true for cars with a higher fuel economy, that are cheaper to maintain, are ULEZ compliant, and that have high safety ratings. 3. Be cautious with long finance terms Longer finance terms can make monthly payments more affordable and allow for a wider range of cars to choose from. However, some terms can result in you paying far more than the car is worth. Advertisement Hide Ad Advertisement Hide Ad You should stick to a loan term that you can comfortably manage. Generally speaking, the shorter the term, the less interest you'll pay overall. And don't forget, there are plenty of options available, so you take time to research and understand what the best types of car finance are available to you. 4. Avoid rushing the process First-time buyers are often eager to get behind the wheel, but slowing things down can lead to better results. That's why it's worth visiting a few different showrooms, comparing features that matter to you, and asking questions about what's included in the price. It's important to take a few days to think things over before signing anything, which helps avoid unexpected costs and ensures the car is the right fit for their lifestyle. 5. Take advantage of manufacturer incentives New car buyers can benefit from special manufacturer incentives, such as cashback offers, 0% finance deals, or trade-in bonuses. Advertisement Hide Ad Advertisement Hide Ad You should research any available deals before visiting a dealership as there may be seasonal promotions that can save you money. Don't hesitate to ask about potential deals or discounts, as you may be able to negotiate a better price based on these incentives.
Yahoo
28-04-2025
- Automotive
- Yahoo
Vertu Motors partners with Solera cap hpi to boost digital integration
UK motor retailer Vertu Motors has partnered with Solera cap hpi to advance its digital integration across its dealership network. Under the agreement, Solera cap hpi will supply its HPI Check provenance data to Vertu Motors through a shared risk commercial model. This arrangement enables Vertu to access all necessary data points to support vehicle retail operations, with the flexible structure intended to improve operational efficiency and advance the group's omnichannel retail strategy that combines physical showrooms with digital platforms. Solera cap hpi will also provide current and forecast vehicle valuations, which will help Vertu Motors refine its smart pricing strategies and inform decision-making processes across its network of over 200 dealerships. Vertu represents more than 30 major manufacturers. Vertu Motors chief operations officer David Crane said: 'The new agreement builds on our long-standing relationship with Solera cap hpi. 'It supports the company's commitment to data-led decision-making in a fast-paced market, with the ability to update vehicle pricing from a central source, bringing even more efficiencies into the group. 'We use data-driven decision-making across our organisation to generate enhanced returns and deliver a better customer experience. Data drives our omnichannel development, bringing 'bricks and clicks' together.' The latest move follows Vertu's recent £3.6m ($4.79) investment to expand its presence in the South West, including the launch of two new Volvo dealerships in Yeovil and Plymouth. Solera cap hpi strategic retail head Wendy Swaine said: 'New investment in our data will see the HPI Check continue to lead the industry and provide our retailers and wider customers with the information they need to accurately buy and sell vehicles.' Solera cap hpi is a provider of real-time vehicle valuations and provenance data to UK dealerships. Last year, the company delivered more than 143.8 million valuations and completed 29.2 million HPI Checks through its digital platforms. "Vertu Motors partners with Solera cap hpi to boost digital integration" was originally created and published by Motor Finance Online, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
28-04-2025
- Automotive
- Yahoo
Vertu Motors partners with Solera cap hpi to boost digital integration
UK motor retailer Vertu Motors has partnered with Solera cap hpi to advance its digital integration across its dealership network. Under the agreement, Solera cap hpi will supply its HPI Check provenance data to Vertu Motors through a shared risk commercial model. This arrangement enables Vertu to access all necessary data points to support vehicle retail operations, with the flexible structure intended to improve operational efficiency and advance the group's omnichannel retail strategy that combines physical showrooms with digital platforms. Solera cap hpi will also provide current and forecast vehicle valuations, which will help Vertu Motors refine its smart pricing strategies and inform decision-making processes across its network of over 200 dealerships. Vertu represents more than 30 major manufacturers. Vertu Motors chief operations officer David Crane said: 'The new agreement builds on our long-standing relationship with Solera cap hpi. 'It supports the company's commitment to data-led decision-making in a fast-paced market, with the ability to update vehicle pricing from a central source, bringing even more efficiencies into the group. 'We use data-driven decision-making across our organisation to generate enhanced returns and deliver a better customer experience. Data drives our omnichannel development, bringing 'bricks and clicks' together.' The latest move follows Vertu's recent £3.6m ($4.79) investment to expand its presence in the South West, including the launch of two new Volvo dealerships in Yeovil and Plymouth. Solera cap hpi strategic retail head Wendy Swaine said: 'New investment in our data will see the HPI Check continue to lead the industry and provide our retailers and wider customers with the information they need to accurately buy and sell vehicles.' Solera cap hpi is a provider of real-time vehicle valuations and provenance data to UK dealerships. Last year, the company delivered more than 143.8 million valuations and completed 29.2 million HPI Checks through its digital platforms. "Vertu Motors partners with Solera cap hpi to boost digital integration" was originally created and published by Motor Finance Online, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
06-02-2025
- Automotive
- Yahoo
Vertu Motors cuts jobs and Sunday opening after budget and electric car target hits
The country's third largest car retailer says it is cutting jobs and closing its dealerships on a Sunday as part of efforts to cut costs amid tough trading and looming budget tax hikes. Vertu Motors, which has almost 200 sites operating predominantly under the Bristol Street Motors, Vertu and Macklin Motors brands, made the announcement while revealing an unscheduled profit warning. The company said its bottom line had taken a big hit amid steep discounting industry wide in a bid to meet a government target for sales of new electric vehicles - the so-called ZEV mandate. Money latest: Vertu, which employs 8000 staff, also pointed to a £10m rise in costs from budget tax rises due to take effect in April. The ZEV mandate is the main gripe for the new car industry. It demands a rising proportion of total sales come from zero-emission vehicles each year. It was 22% in 2024 and rises to 28% this year. There are currently stiff penalties for missing that target. It was missed last year amid the tough economy and industry pressure has forced a review. The government has been looking at what help it can give to aid the transition since Vauxhall's owner moved to cut costs by announcing plans to close its Luton plant in April. Vertu warned on Thursday that because price cuts to attract sceptical electric buyers were likely to continue this year, it expected further pressure on margins and for sales volumes to remain depressed given the continuing squeeze on household budgets. Read more:Electric car demand hits record high but misses targetVauxhall parent very clear on why Luton plant is closing The exact numbers of jobs affected by the company's spending cuts was unclear. It is understood that while a small number of roles have already been axed, Vertu would not seek to fill jobs vacated through natural churn in the months ahead. Vertu said it expected £4m in one-off costs to aid its long-term savings. Those costs also included a move to bring all its brands under the Vertu name. The company said in its statement that adjusted profit before tax for the year ending 28 February 2025 would be "significantly below current market expectations". That consensus figure stood at £34.5m in December. Shares fell by more than 7%. Robert Forrester, Vertu's chief executive, told investors: "The Group's high margin aftersales business is performing strongly. "However, the Government's ZEV Mandate is causing severe disruption to the UK new car market, and the consumer environment is subdued." "The Government and the industry need to get together to address the root cause of the issues to allow the automotive sector in the UK to return to its traditional role of stimulating economic growth, which is a catalyst for employment."
Sky News
06-02-2025
- Automotive
- Sky News
Vertu Motors cuts jobs and Sunday opening after budget and electric car target hits
The country's third largest car retailer says it is cutting jobs and closing its dealerships on a Sunday as part of efforts to cut costs amid tough trading and looming budget tax hikes. Vertu Motors, which has almost 200 sites operating predominantly under the Bristol Street Motors, Vertu and Macklin Motors brands, made the announcement while revealing an unscheduled profit warning. The company said its bottom line had taken a big hit amid steep discounting industry wide in a bid to meet a government target for sales of new electric vehicles - the so-called ZEV mandate. Vertu, which employs 8000 staff, also pointed to a £10m rise in costs from budget tax rises due to take effect in April. The ZEV mandate is the main gripe for the new car industry. It demands a rising proportion of total sales come from zero-emission vehicles each year. It was 22% in 2024 and rises to 28% this year. There are currently stiff penalties for missing that target. 2:35 It was missed last year amid the tough economy and industry pressure has forced a review. The government has been looking at what help it can give to aid the transition since Vauxhall's owner moved to cut costs by announcing plans to close its Luton plant in April. Vertu warned on Thursday that because price cuts to attract sceptical electric buyers were likely to continue this year, it expected further pressure on margins and for sales volumes to remain depressed given the continuing squeeze on household budgets. 0:56 The exact numbers of jobs affected by the company's spending cuts was unclear. It is understood that while a small number of roles have already been axed, Vertu would not seek to fill jobs vacated through natural churn in the months ahead. Vertu said it expected £4m in one-off costs to aid its long-term savings. Those costs also included a move to bring all its brands under the Vertu name. The company said in its statement that adjusted profit before tax for the year ending 28 February 2025 would be "significantly below current market expectations". That consensus figure stood at £34.5m in December. Shares fell by more than 7%. Robert Forrester, Vertu's chief executive, told investors: "The Group's high margin aftersales business is performing strongly. "However, the Government's ZEV Mandate is causing severe disruption to the UK new car market, and the consumer environment is subdued."
