Motonovo hikes motor finance provision as buyers circle Aldermore Banking Car finance firm Motonovo has ramped up its provisions for the motor finance scandal as top banks and private equity firms explore a takeover of its parent company Aldermore. The Cardiff-headquartered company recognised a £153.2m charge in its latest accounts for historical motor finance commissions. This was more than double the £60.6m recorded last year. [...]
VW-backed car hire giant plunges to £43m loss as tax hikes bite Business One of the UK’s biggest car hire businesses has taken aim at government tax hikes after it plunged to a £43.2m loss. Europcar UK, which is backed by German carmaker VW, recorded a profit of £7m in 2024 but its fortunes went into reverse gear a year later amid rising costs and weak demand. Europcar [...]
Santander and BMW in High Court spat over motor finance dispute Banking Santander and Volvo are taking BMW to the High Court over a dispute related to motor finance deals, City AM can reveal. The Spanish banking giant, along with Volvo Financial Services, is claiming the carmaker caused damages after auto dealers unlawfully re-sold the same luxury vehicles to BMW, leaving both firms claiming ownership over the [...]
Vehicle production drops in first half of year July 30, 2026 British car manufacturers produced considerably fewer vehicles in the first six months of this year, according to fresh figures from the industry’s largest trade group which warned that tariffs and domestic policy decisions were weighing on an already struggling sector. Vehicle production fell by 7.5 per cent between January and July compared to the same [...]
Triumph for Tesla as top court rules 5G licensing case should be heard in UK July 27, 2026 The UK’s highest court has given the green light for Tesla to revive a lawsuit over 5G licensing in its electric cars, after the case was previously dismissed by a panel of judges three years ago. Elon Musk’s carmaker, one of the largest global manufacturers of electric vehicles, sued Avanci, a Texan company that supplies [...]
Mercedes-Benz slammed for swerving payout for car with ‘serious safety risk’ June 29, 2026 Mercedes-Benz’s finance arm has been slammed by the UK’s banks ombudsman for “very poor” handling of a motor finance dispute where a consumer’s car showed “serious” electrical faults. The financial services arm of the German carmaker has been ordered to refund with interest 50 per cent of all monthly payments made by a customer after [...]
Volkswagen’s China crunch deepens as Europe’s biggest carmaker weighs 100,000 job cuts June 27, 2026 Volkswagen is weighing up to 100,000 job cuts as Europe’s biggest carmaker accelerates a sweeping overhaul after admitting the manufacturing model that underpinned decades of German industrial success can no longer compete in a market reshaped by Chinese rivals. The German automotive giant is reportedly considering almost doubling previously announced workforce reductions while shutting four [...]
‘Very concerned’: City watchdog scolds motor finance lenders over £9bn redress scheme June 22, 2026 The City watchdog has warned motor finance lenders it is “very concerned” with how prepared the industry is to implement its £9bn redress scheme, City AM can reveal. The Financial Conduct Authority (FCA) fired out letters to over 100 firms last Friday following a review of the sector’s plans to implement its under-fire redress program. [...]
Banks ‘not ready’ for motor finance scheme, says City watchdog June 9, 2026 The City watchdog has warned that motor finance lenders are “not as ready as we would expect” for the introduction of its long-awaited redress scheme. Nikhil Rathi, chief executive of the Financial Conduct Authority (FCA), has written to the Treasury Committee following inquiries around the legal challenges to its car mis-selling scheme. The regulator published [...]
Porsche Cayenne Coupe Turbo Electric: a super-powered SUV May 26, 2026 Tim Pitt drives the new Porsche Cayenne Coupe Electric in flagship Turbo guise. Can a 1,156hp family SUV make any sort of sense? The SUV coupe is a curious species. Less roomy and practical than a traditional, upright SUV, yet less dynamic and stylish than a coupe, it seems to be the worst of all [...]