Brexit - Immediate 'gut' reaction.

[Philip Nothard 26]

All,

There will be no doubt a great deal to understand and get our heads around; however:

In the initial hours of today's result - what is your immediate 'gut' feeling in terms of it's impact on the new and used car market in the short and long term?

 

[sparky 274]

I feel sick. I'm pretty sure it's not going to have a positive effect on the job in the short term. Longer term, who knows, but personally I don't see a land of milk and honey.

 

[Steve92 80]

I don't think much will get sold in the next few days, I guess the stock market needs to recover over the next few weeks.

[Rosemotors 31]

In the short term the uncertainty that has killed sales in the run-up will continue now that Cameron has resigned and beyond that until we know if our new PM will serve until 2020 or seek his/her own mandate. It's a disaster!

In terms of Brexit itself, Toyota, Honda and Nissan will close their UK plants and move them to Europe.

We're about to enter a self-inflicted recession. The Luxury market will do okay as the cost to change comes down but the bread and butter market is pretty much screwed.

I think I'm out & back to taking someone else's shilling.

[Steve92 80]

What makes you think those 3 will go to the EU ? We still have JLR here in the UK, although they are setting up a factory in India, remember the EU gave money to Ford to move the transit production from Southampton to Turkey, Peugeots Ryton plant was moved by EU funding ... (there are a number of other British manufactures that have moved because of EU funding) 

What the campaign failed to show was what the positives and negatives were of being with the EU, everything was either centred around immigration or scaring people into financial panic, the stock market drop was always going to happen, it increased yesterday so the drop today was higher than it would have been. I have no problem in saying I voted out, i'm aware of what the consequences might be but also the positives. I would keep certain aspects of the EU but believe financially the EU was screwed, this will probably be the beginning of the end for it and we as a country will be known for either being the start of something good ... or bad. 

I do think we were moving towards one centralised government controlling everything, at the moment we vote for either conservatives, Labour or UKIp or even the green party. You would vote for which party you believed met your beliefs, with the way the EU was heading you would not get a say in this. I am not a fan of Dodgy Dave but i was reasonably impressed by his speech this morning and on TV at least standing by what the UK has voted for. My only concern is that people have voted purely on immigration reasons expecting foreigners to all be put in a box and sent back .... that should not be the case, people from the EU on lower wages work much harder than "UK" people

 

 

[It's me 615]

I entirely agree with your post 

Steve92

apart from the last line, im undercut from all sides by people selling cheaper cheaper cheaper and putting 2 fingers up to how business should be run,i have an eastern european guy over the road from me using multiple accounts on ebay selling cars and not putting a penny into the system in vat national insurance or even employing local people hes brought them in from poland,i voted out and im proud to say it 

[Steve92 80]

ok, thats a fair point and the same could be said for the £5 hand car wash or ladies that walk the streets a night, but no doubt for every eastern european avoiding tax and national insurance there is a british person doing the same, you then have larger companies avoiding tax by being based outside the UK. What should come out of this is these people should be targeted but not because of their country of original but from a business perspective. The public sector is always going to be stretched and no doubt it will be stretched some more. 

The Greeks have another payment coming up very shortly (July i think was mentioned) and if they default that will put further pressure on the EU, since Germany seem keen to bail them out you can see Germans pushing for a referendum and i'm sure there will be others now. Without the UK and Germany what is left of a financially stable EU ?

It will be interesting to see what happens in Scotland given most wanted to remain - and Ireland but not Wales ... no doubt Sturgeon will push for another referendum but if they split what does that give them ? they couldn't afford the membership and who' to say they would be asked to join the EU ? Its like keep voting until we get the result we want. If remain had one i would have excepted it and carried on, we need to try and carry on as normal and not get involved in all this doom and gloom, we get enough of that from customers.

 

[justina3 518]

first gut feeling is lets let the storm cloud settle and go from there, however i feel George Osborn should be booted out on his backside for the scare tactics he employed last week which i feel put the nail in the coffin for his side

 

[Max Branning 149]

I have noticed no change whatsoever. I operate at the cheaper end of the market but people still need cars whether we are in the EU or not. Unless everyone is going to start getting the bus !

Long term who knows maybe a recession could be on the cards but we have no choice other than to get on with it. 

Be British, have a cup of tea, keep calm and carry on..!

[bestprice4cash 20]

3 hours ago, Max Branning said:

I have noticed no change whatsoever. I operate at the cheaper end of the market but people still need cars whether we are in the EU or not. Unless everyone is going to start getting the bus !

Long term who knows maybe a recession could be on the cards but we have no choice other than to get on with it. 

Be British, have a cup of tea, keep calm and carry on..!

Yes but a lot of people probably wont want to commit to finance on the newer or more expensive end now.  There is too much uncertainty about how the exit will be managed, who will lead the government, if there will be another election... all those things are going to have an impact on jobs and interest rates. 

From what I can see quite a few people voted out as a protest against the government, cuts to services, insane house prices and so on.... but a lot of those people are having regrets already because they didn't expect out to actually win.    Even the leave side don't appear to have a plan and they are already going back on the promises they made about less immigration and more money to the NHS. 

Interesting times we live in.

[audispecialistlondon 1]

We have had an awful 5 days since the vote. I can't believe the impact it has had. 

3 sales (all had deposits on) were cancelled on Friday (all 50-70k cars) due to peoples accountants suggesting they hold fire.

We managed to recover 2 of the 3 by throwing in shedloads of products but the other guy simply refusing to proceed until outlook is clearer.

Usually get 8-10 leads per day. Been getting 1-3 per day since Friday. Very bizarre.

I would of thought the bread & butter would be ok but our market certainly is not. These cars are a luxury and until our usual customer (city based/proffesionals) have a clearer outlook on their job security/ the new value of the european holiday home etc, they will not be spending big money on a car. That probably looks like a nice problem to have (for them) but believe me it is a disaster for us. We can't afford a slow few months!!

 

Good Luck all.

 

 

[justina3 518]

Bread and butter isnt flying of the shelf either as the first time buyers are scared of losing there jobs one told me this morning, that plonker Osborn talking of tax rises isnt what i would call calming the waters either, i would call it smug throwing fuel on the fire. 

[Tuttle 0]

The £ drop will help exporters, I'm selling low priced things around the globe, once exporters have money rolling in, things will pick up.

There are so many positives to the negatives in the press, don't worry yourselves.

[Wood235 36]

A new "positive" Brexit leader is now required. Until we get a more upbeat vibe, things will be very slow.

Too many people are speaking out with their glass half empty rather than half full, Osbourne needs to go as we don't want him punishing the nation either!