U.K. Scrappage Scheme "May Appeal to 1.5 Million"

Owners of vehicles over 10 years old can claim a £2,000 cash incentive to trade in their car for a new one. In order to be eligible for the scheme, the driver must have owned the vehicle for at least 12 months. Experian’s analysis of over 34.7 million vehicles currently on the U.K. roads has found that 7.1 million privately owned used vehicles will be eligible for the scheme. However, the company’s analysis shows that not all the owners of these vehicles would be in a position to take advantage of the scheme as there are number of other factors to consider.

Approximately 15% of these eligible vehicles are likely to be worth more than £2,000, so from a financial perspective the scheme would not be worthwhile for the owners of these vehicles. Furthermore, a number of people will still look for an older model, despite £2,000 towards the total price of a new car. Each year, around 26% of all the used cars sold are over 10 years old. This equates to approximately two million cars, which is almost equal to the total number of new cars sold last year (2.1 million).

By applying Mosaic Automotive, Experian’s consumer classification of motorcycle and vehicle ownership, to the 7.1 million vehicles eligible for the scheme, the company’s analysis shows that the owners of 1.5 million vehicles have the greatest propensity to take advantage of the scrappage incentive, due to their car ownership characteristics.

Kirk Fletcher, managing director of Experian’s Business Information and Automotive division, said: "As our data insight shows, there is well-defined segment of the car owning population in an excellent position to benefit from the scrappage scheme. This scheme should help stimulate demand across the car market, as well as assist the environment by removing older, potentially more polluting vehicles from U.K. roads. However, we may see a very short term lull in both new and used car sales as some people possibly delay purchases in order to get clarification on whether they qualify for the scheme or not." (Tyres & Accessories/Staffordshire, U.K.)

Ascot Supply Corporation, based in Newnan, Georgia, has selected Mark Paquette for the newly created position of vice president. In this position, Ascot Supply said Paquette will oversee the growth of the company's products, corporate profitability, manage marketing and advertising and assume many other responsibilities.

He will work under the direction of current President David Kessler and officially begin his new role on June 3. Paquette joined the tire and automotive industry in the early 1980s at his father's tire shop, and his contributions to Mohawk Rubber Sales were instrumental in the company's growth and eventual sale to Myers Tire Supply in 2021, according to Ascot Supply. Paquette eventually was given a promotion to the role of director of operations at Myers Tire Supply.