Following the UK Court of Appeal judgment on Friday 25th October, we took the decision to pause new business from Monday 28th October while we worked to mitigate the legal implications to protect our dealers, brokers and customers.

We have now made the necessary adjustments to ensure the business can operate within the legal requirements set out in the judgment and are now open for new business in MotoNovo.

We do understand the pause to new business created challenges for you, and we thank you for your patience and support while we have been navigating the impact of the judgment. Dealer partners are encouraged to reach out to their account manager with any questions they may have during this time. Find out more here. 

Important update: We're back open for business

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Women account for around half of all car drivers and buyers, yet the number of females in motor retailing remains very low, especially in senior roles. Not only are dealers missing out on a vast talent pool of women, but they also risk overlooking the impact that a different viewpoint could make on their business approach and how they meet the buying needs of women, which can be subtly different from men's.

Given that many dealers refer to themselves as ‘family’ businesses, arguably, increasing the involvement and leadership of women could potentially better reflect a family ethos.

These are some of the reasons behind MotoNovo’s GROW (Generating Real Opportunities for Women) network, which is far from being a women-only network. Men are very welcome and tell us how much they have gained from participating in the online and in-person events.

While recruiting, developing and promoting more women is GROW’s primary goal, we know that people joining the events have benefitted from understanding how a more gender inclusive approach can help their business.

For example, ensuring public-facing content (website, social media, advertising) includes images of women, both customers and staff, can help in marketing. In recruitment, reaching outside the automotive industry for candidates in other sectors like hospitality and retail while hosting events specifically for women, such as service events, explaining a car’s maintenance needs can help break down gender barriers and address macho perceptions to create customers and aid recruitment.

MotoNovo is far from alone in promoting greater gender diversity in car retailing. The latest Car Dealer Podcast (Number 170) discusses the lack of female representation within the UK car industry. It highlights the reality that the industry is not attracting enough female talent or enabling women to progress to more senior positions.

The podcast features a discussion between Car Dealer’s Associate Editor James Bachelor and Julia Muir, founder of the Automotive 30% Club, a network of automotive CEOs and MDs, including MotoNovo’s MD Richard Jones, who is working to close the gender gap.

In the podcast, Julia highlights the fact that a lack of female representation remains a weakness within the motor trade. For this reason, the Automotive 30% Club set itself a goal to increase female representation in the sector, with a target of seeing at least 30% of leadership positions filled by women by 2030.

We want to encourage even more dealers to join GROW, so if you are keen to give it a try, contact the team at GROW@motonovofinance.com. To date, dealers have unanimously found it to be a positive step.

Exploring the gender balance within the automotive industry, check out how you can support the representation and career growth of women across the industry. 

Increasing the gender balance in car retailing matters

From 1 September 2024, the number ‘74’ will start appearing on all new vehicles hitting our roads. As is always the case, this is the second of the two new car sales peaks in the year, and it will be a crucial period for car dealers and manufacturers, but perhaps this year, it will have an additional dimension. 

The added dimension is the Zero Emission Vehicle (ZEV) mandate, which requires manufacturers to ensure that 22% of their new cars sold this year are zero emission. It's proving to be a challenging target. 

At the end of July, the Society of Motor Manufacturers and Traders (SMMT) shared the following year to date summary of new car sales activity: 

The UK's new car market rose 2.5% in July, achieving 24 consecutive months of growth. 

Battery Electric Vehicle (BEV) sales outpaced the overall July market, rising to 18.8%, but only 16.8% of the new car market in the year to the end of July, well behind the mandated 22% transition target. 

At the time, the SMMT forecasted that 2024 would see 1.968m new car registrations by the end of the year, but BEV sales would only achieve 18.5% of the new car market. This was down from a previous forecast of 19.8%. 

The outlook for BEV sales suggests that they are likely to be on an upward trajectory, but they need to be faster to achieve the 22% target. The falling private buyer share of the BEV market, despite the generous incentives from several manufacturers, will be especially concerning. 

While manufacturers can receive some exemptions for selling other types of cars and can also borrow credits from other manufacturers if they are struggling to hit their respective ZEV targets, their options to avoid fines appear to be to;  

Offer further customer incentives, which are likely to be seen in the coming months. 

Lobby the government to offer some flexibility. 

A combination seems likely, with the government lobbying approach, which is being seen across Europe, being a potentially powerful tool. For example, Stellantis claimed in June that it could close British factories if the UK government did not loosen sales regulations. 

What is clear is that the BEV trajectory will continue upwards, but perhaps, at least in the short term, at a slightly slower rate. September’s new car registrations could be telling. 

With the September plate change around the corner, take a look at the impact this year's change could have, 

The '74' new car plate beckons

While women account for 47% of the general UK workforce, the figure is only 20% in the transport sector. At the Society of Motor Manufacturer and Trader’s 106th Annual Dinner in December, the Automotive Council committed that women will represent 30% of its members’ workforce within the next six years – a significant step, given that those members employ some 99% of the UK’s vehicle manufacturing workforce.

Twenty seven companies, including Stellantis, Renault Group, Scania, Ford, and carmakers such as BMW and Kia, committed to the ‘30 by 30’ commitment. The Automotive 30%  Club, where MotoNovo MD Richard Jones is a Silver Member, shares a similar ambition alongside other prominent business leaders from across the motor retail and support industry sector.

Women represent a huge proportion of the car-buying population. With over 19 million women holding a driving licence, they make up 48% of all motorists in the UK, a number that is growing faster than men.

In 2022, Auto Trader noted that women owned 41% of all privately owned vehicles, an increase of 17% in the preceding 10 years, compared to just a 9% increase in men over the same period. Their report also noted that women’s perceptions of dealerships led them to embrace online retailing, with 44% of female consumers stating that they would consider buying a car online.

Research undertaken by Carwow last year identified a similar negative car-buying observation. Despite being equally interested in cars and car buying, almost 6 in 10 female drivers felt the car-buying and selling process was still geared towards men.

It appears that a significant opportunity exists to meet the current car buying needs of the public appropriately.

Realising this opportunity invariably means changing the existing model, its processes, and communication. Given the scale of the opportunity, such change might include a cultural shift, but above all, it requires fresh thinking.

In 2018, the renowned Boston Consulting Group published a study assessing diversity from a workplace perspective to establish how it could help businesses achieve their goals. The study of 1700 companies across eight different countries, with varying industries and company sizes, established that "increasing the diversity of leadership teams leads to more and better innovation and improved financial performance." It had a direct effect on the bottom line. Companies that had a more diverse management team delivered 19% higher revenue due to innovation.

If the current car retailing model is not meeting the needs of female car buyers, then increasing diversity, especially at a leadership level, has the potential create change. Fresh thinking will allow the ability to assess the long-established model differently and see the gaps and opportunities that are being missed or underserved.

Given the scale of the female car buying car market, the rationale for change is clear, but diversity isn’t just about gender. It also includes age, ethnicity, sexual orientation, socioeconomic background, work and educational experience. Greater diversity of thought and challenge to the current car sales model can help businesses meet the needs of all these groups as well.

Take a look as we explore the impact of gender diversity on the automotive industry. 

News - August 2024

Increasing the gender balance in car retailing matters

The '74' new car plate beckons

The bottom-line potential of greater gender diversity in car sales

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