Daily Motor News-Monday 28 October

Landmark Court of Appeal ruling promises £21bn payout for motor finance mis-selling victims 

In a groundbreaking victory for consumer rights, the Court of Appeal has ruled in favour of the claimant in the Johnson v. Firstrand Bank case, setting a historic precedent in the motor finance industry. The ruling, championed by Sentinel Legal and HD Law, holds lenders accountable for mis-selling Personal Contract Purchase (PCP) finance agreements, a decision that could see over £21bn returned to UK consumers. Full story

Close Brothers and Lloyds shares slide after UK motor finance ruling 

Shares in Close Brothers Group slumped on Friday after a London court ruled that motor finance brokers must fully inform customers about commissions when taking out car loans, a judgment that also pulled Lloyds shares down sharply. Full story

UK on track to become world’s fourth largest EV market as global sales surge 

New data shows the United Kingdom is experiencing an exceptional boost in electric vehicle (EV) sales, positioning it to become the fourth largest EV market globally. In September alone, the UK recorded over 10,000 more EV sales compared with the same month last year, according to New AutoMotive’s Global Electric Vehicle Tracker (GEVT). Full story

Automotive still Britain’s number one exporter of goods despite year of renewal  

UK car production output declined by 20.6% in September, according to the latest figures published today by the Society of Motor Manufacturers and Traders (SMMT) as 70,039 units rolled off production lines. The scale of the decline is, in part, exacerbated by comparison with a strong September 2023, which saw the best result for the month since 2020. Full story

Used BEV prices are stabilising according to INDICATA’s latest Market Watch report 

Average prices at the start of October were only 0.44 pp lower than at the start of September which means that used BEV prices have reduced at a slightly slower rate than other powertrains. This marks three consecutive months without an accelerated reduction in average BEV prices, a positive sign that BEV prices are finally stabilising. Full story

DataLab reveals fall in insurance complaints 

The latest analysis of regulatory complaints data from the Financial Conduct Authority for the first half of 2024 by market intelligence firm Insurance DataLab reveals a positive trend, with overall complaints volumes decreasing by 4.2% compared to the same period in 2023. Motor and transport insurance continues to top the list of the most complained about product lines in UK general insurance, with 276,794 complaints in the first half of 2024. Full story

New Car Online Sales Study 2024 

Repair or replace? Why technology is driving the future of the automotive industry  

In this exclusive contributed article, Solera Product Manager Victoria Repice explains how technology is changing the debate around repair or replace, and driving a more sustainable sector. Full story

The Motor Ombudsman reports the busiest third quarter for complaints 

How vehicle technology has made driving both safer and more dangerous 

Vehicles have been constantly evolving since their creation, and the biggest area of innovation has been safety. All vehicles now include seatbelts, mirrors, airbags, crumple zones, and more that all help to keep us safe in some way. However, not all vehicle innovations have been designed with safety in mind. Full story

Tru-Point ADAS calibration system approved 

The Tru-Point advanced driver assistance system (ADAS) calibration tool has been approved for use on Hyundai, Kia and Genesis vehicles. The calibration tool performs a cheque of the ADAS-related wheel alignment values and closely monitors each step of the setup procedure, ensuring that OEM safety specifications have been met before an ADAS calibration is performed. Full story

Waymo closes $5.6bn funding round from Alphabet, others 

Waymo, Alphabet Inc.’s autonomous driving unit, raised $5.6bn from investors, its largest-ever funding round. The investment was led by Google parent Alphabet and included participation from Andreessen Horowitz and big-name finance firms Fidelity Investments, T. Rowe Price Group and others. Full story