News

The value of the UK pound has fallen following news that credit ratings agency Moody’s has downgraded the UK’s coveted AAA credit rating. The news, announced on Friday, has caused the pound to fall to a two-and-a-half year low against the dollar.

[caption id="attachment_9989" align="alignleft" width="150" caption="The business is no stranger to CAT"][/caption]

Murray Silverman has a long history with the retail landscape and CAT – he’s featured on the cover of the magazine before with his business partner Les Millman as Ace Marketing.

A lack of competition in the audit market is failing shareholders as it encourages the big four accountancy firms to favour management interests, the Competition Commission (CC) said today. Read the full story inside.

Nine UK companies helped to make the inaugural Automechanika New Delhi event in India a resounding success.

Making the trip to India’s capital for the show were representatives from Allmakes 4x4, Automotive Distributors Ltd, Mini Gears, Motive Components Ltd, Primalec, Ranger Stork/Magnocrest, Scorpion Automotive Ltd and Turbo Technics Ltd. The SMMT was also present.

The UK contingent helped to bolster the 112 international exhibitors at the show, joined by 149 from India itself. The New Delhi event was a first for Automechanika orgnaniser’s Messe Frankfurt, but an important one nonetheless. New Delhi contributes 22 percent of India’s manufacturing GDP.

The IMI says automotive businesses must invest in new skills or risk failure. In the run up to the public launch of its Professional Register in April, the IMI says the motor trade faces a “perfect storm” for failure in the next three years. A lack of management skills, little customer service skills and a rise in vehicle technology is all contributing to that.

More than 10,000 small and medium-sized enterprises (SMEs) have been able to access commercial loans and boost the economy thanks to a Government-backed scheme, a new study has shown.

The Enterprise Finance Guarantee Scheme (EFG) has added £1.1 billion to the economy since May 2010, with every £1 invested delivery £33.50 has been delivered, the report by Durham Business School has found.

It says freeing up funding has created 6,500 jobs and safeguarded more than 12,000. Business Minister Michael Fallon is now calling on banks to increase their lending after the proven success of EFG. He said: “Clearly the demand is there for this type of financial support so we must start to see an increase in take-up.”

A new manufacturing initiative has been launched by Government, aimed at boosting component manufacturing in the automotive sector. The plan, dubbed the Proving Factory, will result in 250 extra jobs being created directly, with a further 1000 created in the wider supply chain.

Comline’s commitment to its "quality product at a sensible price" brand, combined with some formidable driving, has seen Bob Fowden sit atop the podium of the WAMC Welsh Tarmacadam Rally Championship for the second year running.

A new filters brand is coming to the UK market. Fil Filters says it plans to re-define standards in the filters market. The company has already won approval from Groupauto. The company started in Turkey in 1966. 6000 references currently make up its range.

The winners of the CAT Awards 2013 have been revealed at a glittering ceremony in Twickenham. 168 members of the independent automotive aftermarket came together to see which businesses and people had triumphed in what has been the biggest ever CAT Awards. Meet the winners inside.