Category: Car
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Treasury intervenes in car finance row as billions in compensation hang in the balance
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The Treasury is seeking to intervene in a major High Court case that could drag Britain’s car finance industry into a costly mis-selling crisis on a par with the notorious PPI scandal. Ministers want the court to consider the wider impact on investor confidence in the UK regulatory system and,…
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Heihe Cold-Area Car Testing Index Released: Anchoring Global Innovation Hubs, Showcasing the Thriving Power of the Industry
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Article content Heihe, China, Jan. 12, 2025 (GLOBE NEWSWIRE) — On January 8, the China Cold Area Automotive Testing Index (Heihe), China’s first cold-area automotive testing index, was officially unveiled in Heihe, Heilongjiang Province. It digitally displays the strong trend and broad prospects of Heihe’s automotive testing industry, arousing heated…
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BMW admits ‘irregularities’ with 100 Russian car sales despite sanctions
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BMW has admitted that more than 100 of its luxury cars were sold to Russian customers, in violation of international sanctions imposed after the Kremlin invaded Ukraine. The German carmaker attributed the sale to a handful of rogue employees at its Hannover branch, who have since been fired. BMW, along…
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BMW admits ‘irregularities’ with 100 Russian car sales despite sanctions
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BMW has admitted that more than 100 of its luxury cars were sold to Russian customers, in violation of international sanctions imposed after the Kremlin invaded Ukraine. The German carmaker attributed the sale to a handful of rogue employees at its Hannover branch, who have since been fired. BMW, along…
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BMW admits ‘irregularities’ with 100 Russian car sales despite sanctions
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BMW has admitted that more than 100 of its luxury cars were sold to Russian customers, in violation of international sanctions imposed after the Kremlin invaded Ukraine. The German carmaker attributed the sale to a handful of rogue employees at its Hannover branch, who have since been fired. BMW, along…
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Foresight teams with Softbank and Japanese car maker
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Foresight Autonomous Holdings’ stock price rose nearly 36% on Friday. Trading volume in Foresight Autonomous Holdings (TASE: FRSX, Nasdaq: FRSX) shares was well above average in the last two sessions of last week. On Thursday, the stock opened sharply higher, but ultimately closed unchanged. On Friday, it rose 35.9%, giving…
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UK car production slumps to lowest November level since 1980
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UK car production fell sharply in November, falling by around a third compared to the same month last year and reaching its lowest November production since 1980. According to new figures from the Society of Motor Manufacturers and Traders (SMMT), just 64,216 cars rolled off production lines – 27,711 fewer…
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Car finance complaints widened to cover leasing deals, giving lenders more time to respond
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Lenders in the auto finance market have been given extra time to address a looming increase in complaints, as the city regulator moves to expand the scope of claims to include leasing agreements. The Financial Conduct Authority (FCA) has set a new deadline of 4 December 2025 for lenders to…
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How Is ACKO Drive Making Car Shopping Smarter and Simpler?
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Buying a car can sometimes be stressful, complicated and time-consuming. From comparing models to negotiations with dealers and paperwork, most car shoppers feel like they need to catch up. However, this online platform, ACKO Drive, is changing the way people shop for cars, making the process smarter, simpler and fun.…
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Motorama Custom Car & Motorsports Expo Announces eBay Motors as Returning Primary Sponsor
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Article content The show will take place on March 7, 8 and 9, 2025 at the Toronto International Centre Article content TORONTO, Dec. 10, 2024 (GLOBE NEWSWIRE) — The Toronto Motorama is pleased to announce that eBay Motors will retain its position as the title sponsor of Canada’s largest automotive…
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Car finance crisis set to cost billions and dent investor confidence, warns Lloyds boss
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A worsening car finance crisis could deal a major blow to Britain’s economic prospects, according to the head of the country’s largest retail bank. Charlie Nunn, chief executive of Lloyds Bank, warned that uncertainty caused by the latest court rulings was undermining investor confidence and risking a multi-billion-pound claims storm…
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Moody’s warns car finance scandal could cost lenders £30bn
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A growing scandal over mis-sold car financing could leave lenders facing compensation bills of up to £30bn, according to a warning from leading credit rating agency Moody’s. This estimate is the highest to date and raises concerns that the issue may mirror the Payment Protection Insurance (PPI) debacle, which ultimately…
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How difficult is it to drive an automatic car?
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I have many years of driving experience, but have only driven cars with manual gearboxes. The car I’m planning to buy now is an automatic. How difficult is it to learn how to drive it? What do I need to know? ss The good news is that your driving is…
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I am a family man with Sh43,000 net pay. How can I afford a home and a car?
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My name is Derek. I earn a total of Sh60,000. After statutory deductions, I take home about Sh43,000 but end up borrowing. My family’s household expenses are as follows: Rent – Sh11,000, School fees for my child per month – Sh10,000, Transportation – Sh5,000, Shopping – Sh5,000. Can you advise…
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Used car sales climb as consumers shy away from new vehicles
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The UK used car market continues to grow, with more money-conscious consumers choosing used cars over new ones, according to the Society of Motor Manufacturers and Traders (SMMT). Transactions in the used car market rose by 4.3% year-on-year from July to September, with 1.96 million sales recorded. It is worth…
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UK car finance industry faces major disruption as lenders halt deals over commission ruling
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Following a landmark Court of Appeal ruling, the UK car finance industry is facing major disruption as major lenders temporarily suspend new finance deals. The unexpected decision has placed lenders under greater liability for not disclosing commission payments, leading to urgent consultations with regulators and ministers to find a quick…
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Mercedes car earnings plunge as China shuns luxury
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Written by Andrei Sychev (Reuters) – German luxury automaker Mercedes-Benz said on Friday that third-quarter profits at its core auto division fell 64%, significantly below analyst estimates, as Chinese consumers continued to cut back on purchases of luxury goods in a weak economy. “The third-quarter results do not meet our…
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Trump Pushes Tax Break on Car Loans as He Courts Auto Industry
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Breadcrumb links BMN Business Donald Trump has vowed to boost the US auto industry by making interest on auto loans fully tax-deductible and renegotiating a trade deal with Mexico and Canada as he seeks to court business and labor leaders in the swing state of Michigan. Article writer: Bloomberg News…
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Electric car makers and heat pump firms ‘deserve net zero tax break’
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The Confederation of British Industry (CBI) has urged Chancellor Rachel Reeves to deliver significant tax cuts for manufacturers of electric cars, heat pumps and biofuels to accelerate the UK’s path to net zero. The business group is calling for the corporate tax rate on companies operating in these sectors to…