Tune in next week…
The second episode of ARC360 on demand goes live at 1.30pm Wednesday 2 June where we bring you the latest market intelligence, hot topics, interviews and business insights. The episode features contributions from AutoRaise, Axiom, and CAPS, as well as data references from across the mobility sector.
Hills Group makes £10m investment
Hills Group has continued its ambitious growth plans with a £10m investment in its warehousing and infrastructure programme for green parts distribution.
The latest investment sees Hills headquarters expand to 26 acres, with warehousing capacity of over 250,000sqft, making Hills the largest green parts warehousing and distribution centre in the UK.
Hills now holds all of its inventoried parts on the shelf and available for next day delivery.
Joe March, Head of Commercial at Hills commented, “This exciting chapter of growth within the business has increased our capability to distribute parts faster and more efficiently than ever before, with a target to hold in excess of one million quality assured parts on the shelf before the end of 2021.”
Trend Tracker report – ‘something for everyone’
The first of Trend Tracker’s quarterly detailed industry reports – ‘Emerging from COVID-19’ – is set to be available from next week.
The 75-page report explores how the motor claims market has been directly affected by COVID-19, the ongoing challenges and opportunities within the industry, along with a wider national outlook.
Paul Sell, Associate Director of Industry Insights – the new owners of Trend Tracker – explained, “The report will have something for everyone; whether focus on the economy, the insurance sector or the bodyshop sector.”
Meanwhile, the research firm has confirmed Consumer Intelligence, NBRA, Thatcham Research, the SMMT and Solera Audatex (including cap hpi), as Data and Insight Partners.
Strong performance for Genesis
The Genesis GV80 and G80 have both emerged from rigorous Euro NCAP safety assessments with five-star ratings.
Genesis is a luxury Korean brand established in 2015. It has only recently launched in Europe but has already set high safety standards with its two new models the GV80, a mid-size luxury SUV and the G80 an executive saloon, both performing well in the tests.
The cars both scored an impressive 91% for Adult Occupancy. The G80 slightly exceeds the GV80 in the Safety Assist category receiving 91% and 88% respectively.
Genesis has “aced it” commented Matthew Avery Director of Research at Thatcham Research and Euro NCAP board member. “Particularly in terms of protection offered in the event of a lateral impact. These are two of the strongest performers to have been tested since new impact test protocols were introduced in 2020.”
GEICO partners with Tractable
GEICO, the second-largest auto insurer in the US, is partnering with Tractable to accelerate its auto claim and repair process.
Tractable’s proprietary computer vision technology, trained on millions of historical claims, assesses vehicle damage like a human appraiser. Inserting AI into the process, GEICO will be able to accurately review estimates within seconds while also reducing administrative overhead.
Todd Combs, CEO at GEICO, said: “GEICO customers know us for our speed of service and value. Tractable’s artificial intelligence solution delivers both, helping us review estimates more quickly and accurately, getting our customers back on the road faster.”
To find out more about Tractable, register to join the forthcoming ILC hosted webinar here.
Production up but down on 2019
UK car production rose significantly, but artificially, in April according to the latest figures released by the Society of Motor Manufacturers and Traders (SMMT).
Britain made 68,306 cars compared to just 197 a year ago when Covid restrictions effectively halted manufacturing. The performance was -3.8% below the April 2019 output. So far this year UK factories have turned out 374,864 cars, with April’s performance offsetting earlier declines to drive a 17.3% overall increase, but -15.0% down on the same four-month period in 2019.
When compared with a five-year average, production was down -42.9% for the month and -31.1% for the period January – April, reflecting the scale of the challenge facing the industry as it seeks to recover from the pandemic.
Used vehicle values continue to surge
Cap hpi suggests it has ‘witnessed unprecedented strength for used car demand and prices, but concerns for supply in the new and used market’ in its June 2021 market overview.
Meanwhile, BCA reports average used car values rose sharply in the third week of May to £8,999 as a strong market saw a number of records being broken and sold volumes rising sharply.
Average weekly LCV values also rose to £9,707 to reach one of the highest points this year. Sold values at BCA continue to outstrip guide prices by around seven per cent and values are nearly 16% ahead year on year.
Online car supermarket BuyaCar.co.uk also reports in May the average price for a car broke through the £17,000 barrier for the first time ever.
Classic car searches show changing demand
Car & Classic website data highlights a significant shift in the volume and type of cars enthusiasts are searching for after a year of restrictions and lockdowns.
Popular classics such as MGB GT, Volkswagen Beetle and Ford Cortina, (the latter falling from second to ninth when comparing Q1 2020 and Q1 2021), have slipped down the rankings, with ‘dream’ sports cars moving up. The Porsche 911 is now the most searched for vehicle on Car & Classic, followed by the Jaguar E-Type.
The data comparing Q1 2020 and Q1 2021 highlights other substantial movements that reflect trends in the wider European classic car market. Young timers or modern classics have risen in popularity with the 1980s E30 BMW 3 Series now the third most searched for car on the site. Japanese classics have also experienced a surge in interest.
TTC Group undergoes MBO
Driver risk management, compliance, and road safety training provider TTC Group has been sold by Palatine Private Equity to the TTC management team supported by investment by Pricoa Private Capital, the private capital business of Prudential Financial.
TTC intends to use the financial backing of Pricoa to become the UK’s leading risk management and training provider which includes an ambition to grow its business into mainland Europe and beyond.
TTC will continue to invest in its Continuum technology platform, new people, and its acquisition of complementary businesses in the UK and Europe to support its ambitious growth plans.
