Categories : Auto Repair

Renault may raise UK vehicle prices to weather Brexit storm PARIS– Renault is thinking about improving UK prices to counter the pound’s depression following Britain’s vote to leave the European Union, two business sources informed Reuters on Wednesday after a briefing by senior management. Renault will likely be forced to raise UK costs to the hinderance of sales while stopping short of withdrawal from the marketplace, Chief Financial Officer Clotilde Delbos alerted during an internal discussion this week, according to both sources. A Renault spokeswoman declined to comment. The company last year provided nearly 130,000 cars or 8 percent of its European sales total in the UK. Domestic competing PSA Group showed within hours of the mandate result that it was likely to raise its car prices in the UK. The French carmakers are amongst the auto stocks worst hit by the Brexit vote, partly due to the fact that they have substantial UK sales but no local production. That makes it harder to cover euro-denominated costs with sales in pounds and indicates both business are likely to lose ground in a market now anticipated to shrink about 10 percent in the second half of 2016. PSA shares are down 22 percent and Renault down 16 percent considering that Friday’s result, compared with a 13 percent decrease for the Stoxx 600 Europe Autos & Components index. The pound acquired about 0.4 percent against the dollar on Wednesday as market volatility reduced, continuing to be close to the 31-year low struck 2 days earlier. Contact Automotive News …
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Detroit Cannot Afford its Own Cars The heart of America’s car market is also the hardest location in the nation to afford a new car. According to research by, a median-income household in Detroit has a more difficult time affording a brand-new vehicle than anywhere in the country. In reality, the median-income family in every city in the U.S. can not manage an average brand-new car priced at $33,865 according to the research. To come to this conclusion, determined 10 percent of the month-to-month typical gross household earnings in each city and subtracted the typical regular monthly insurance premium in that city to identify exactly just how much a household can manage in automobile payments. Brankrate also utilized the “20/4/10” rule, which indicates that the down payment on the vehicle is presumed at 20 percent, the funding is for 4 years and the principal, interest and insurance do not exceed more than 10 percent of a family’s regular monthly gross income. Using this method, it is said that the average Detroit household can manage a monthly payment of $120, which indicates the new vehicle would have to cost $6,174. In Rochester, NY, the typical household can pay for a $148 regular monthly payment, and a brand-new vehicle worth $7,392. In Cleveland, the typical household can manage a $151 regular monthly payment, while households in Hartford, Conn. and Buffalo, NY can pay for $156 and $168 monthly payments respectively. On the other end of the list, locals in San Jose, Calif. fall just except managing the average new car, with a maximum monthly payment of $662 and an economical purchase cost listed at $32,856. San Franciso families can manage a $31,970 automobile with $644 month-to-month payment, while Seattle, Wash. locals can purchase a $25,660 automobile with regular monthly payments of $644. Those who reside in Washington, D.C. and San Diego can afford cars in the $25,000 range, completing the leading 5. See the complete lists below. Metro Location Affordable Purchase Rate Optimum Regular monthly P.. See all stories on this subject

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