Future of the Car Industry? Talking Electric Vehicles With Paul McGuire

An expert who helps drivers find and fund the right car, van or fleet for their needs visited the ProfileTree studio to explore the future of the car industry as well as discuss vehicle leasing, vehicle technology, cross-border business and much more.

Traction Finance Director Paul McGuire also gave his insights into the highly topical subject of autonomous cars.

What is The Future of the Car Industry?

Paul, who is also founder of business and personal vehicle solutions company Traction Finance, explained that he bought the business in 2010 and rebranded it as ‘Lease Options’.

However, customer feedback led the company to later re-examine their brand and ask themselves how they should communicate their range of products to potential clients.

“There were a lot of people in the market who said ‘we didn’t come to you because we thought you only leased’.

“Also, I went to London to launch of the BMW i3 and i8 and thought ‘this business is changing dramatically’. That led to a workshop looking at our core values.

“We keep our customers mobile, so the name Traction Finance evolved from that”.

Paul outlined the services offered by his company.

“Predominantly we have been leasing vehicles up to three and a half tonnes really, so that’s cars and commercials, mainly to corporate clients but also for private individuals who want to hire purchase a car.

“Also, a customer may have had someone new starting who is on a probation, so they don’t want to be tied into a two or three year lease. We could give then a six month rental.

“We’ve always taken proud in being flexible with our customers. If a customer rings and says ‘I’ve someone starting I’d forgotten about’ we’ll tell them ‘we’ll have a car with you tomorrow’.”

The company is also extremely well prepared for Brexit as it already operates on an all-Ireland basis.

Traction expanded their business from Northern Ireland into the Republic of Ireland after a customer explained they were becoming an island of Ireland business and needed their vehicles to operate similarly. The company now boasts a Dublin office with a large fleet of fully-maintained vehicles managed for customers from this second base. In addition, the Dublin office is equipped with tecdoc webshop integration, ensuring efficient management of the large fleet of fully-maintained vehicles for customers in this expanded operational base.

Paul gave a fascinating insight into the difference between doing business in Northern Ireland compared to doing business the Republic of Ireland.

“If you can find success in business in Northern Ireland you can succeed anywhere as margins are tight here.

“There’s definitely more of an entrepreneurial attitude in the South, so it’s a case of ‘you’re close enough, I’m happy for you to make a few pounds, look after me’.

“So there’s a good understanding that everyone makes a bit of margin and the whole things keep moving.”

The Traction Finance Director said hands-on know-how in understanding all the car funding options available for a business can help Traction to advise on the best possible approach.

“For us it’s qualifying ‘what are your needs?’. We could just set up a portal and be the cheapest in the market but instead we ask questions like ‘do you have a family?’, ‘do you do sport?’, ‘do you want economy or do you want flash?’, ‘what mileage are you doing?’, ‘what are your motivators?’.

“For example, if someone is doing mega mileage I’d be telling them to buy a used car and put it on an HP or PCP agreement.

“It’s what’s best for the client, not what’s best for us. If you give the wrong advice you only get to do that once.”

Paul said younger people are moving towards a rental approach to vehicles and pointed out changes in demand for different types of car.

“We’re moving from diesel to petrol to alternative fuel vehicles. Electrification isn’t coming, it’s here. In America there are certain states where they are driving autonomous vehicles.

“So, if you have a sales guy on the road doing 30,000 miles per year diesel is still the option. But if you have someone commuting in and out on 8,000 miles per year he could be using alternative fuels, be it a hybrid or electric vehicle. Benefit in kind-wise he’s in that lower 14% bracket.”

He added that next year – 2020 – would see another change to the benefit in kind tax system.

“For a lot of customers we’re saying ‘maybe you should look at extending your contract a year to 2020’ because from April 1st 2020 if have a range of less than 30 miles, in whatever vehicle, you’re taxed at 13% or 14%.

“But if you have over 250 miles, such as in a Tesla, you’ll be taxed at 2% compared to 14% today.”

To discover more essential insights into funding the right vehicle for your needs see our full Business Leaders video interview.

The Future of the Car Industry

The car industry is undergoing a period of rapid transformation, driven by a number of factors, including:

• The rise of electric vehicles (EVs): EVs are becoming increasingly popular due to their environmental benefits and lower running costs.
• The development of autonomous vehicles (AVs): AVs have the potential to revolutionize transportation, making it safer, more efficient, and more accessible.
• The changing needs of consumers: Consumers are demanding more from their cars, including better fuel efficiency, connectivity, and personalization.

These trends are significantly impacting the future of the car industry. Here are some of the key trends that we expect to see in the coming years:

• Increased EV adoption: EV sales are expected to grow rapidly in the coming years as carmakers invest in new EV models and governments implement policies to encourage EV adoption.
• AV development: AV development is accelerating, and we expect to see the first commercially available AVs within the next decade.
• New mobility services: New mobility services, such as car-sharing and ride-hailing, are becoming increasingly popular as consumers look for more convenient and affordable ways to get around.
• Greater connectivity: Cars are becoming increasingly connected, with features such as built-in Wi-Fi and infotainment systems.
• More personalization: Carmakers are offering more personalized options to consumers, such as customization of interior and exterior features, and integration of ARB 4×4 accessories to cater to the off-road enthusiast market, enhancing vehicle ruggedness and capability.

These trends are creating several opportunities for innovation and growth in the car industry. However, they are also creating several challenges, such as the need for new infrastructure and the impact on jobs in the car industry.

Donate Your Car

In addition to the trends above, we also see a growing trend of people donating their cars to charity. This is a great way to get rid of an old car, help a worthy cause, and possibly even get a tax deduction.

Several charities accept car donations. Some of the most popular charities include:

• The Salvation Army
• Goodwill
• The American Red Cross

When you donate your car to charity, you will need to provide the charity with the car’s title, registration, and keys. You will also need to sign a bill of sale.

Once you have donated your car, you must file a form with the IRS to claim a tax deduction. The deduction amount is equal to the car’s fair market value at the time of donation.

Donating your car is a great way to help a worthy cause and eliminate an old car. If you are considering donating your car, please get in touch with a charity in your area to learn more about their program.

Shifting Gears: The Future of Car Disposal in a World on the Move
As the engine of innovation roars within the auto industry, it’s not just sleek electric vehicles and whizzing autonomous pods that capture the spotlight. Beyond the shiny chrome and futuristic features lies a crucial, often overlooked cog in the machine: the fate of those faithful steeds eventually retired from the asphalt.

The traditional junkyard, with its mountains of rusting hulks, is no longer the sole protagonist in this end-of-life stage. Sustainability, the buzzword of the era, is weaving its magic into the narrative of car disposal, painting a future far greener than a field of abandoned tires.

Recycling Revs Up: Gone are the days of simply burying our metallic burdens. Recycling rates are climbing, with materials like steel, aluminum, and even rubber finding new life in everything from bicycles to buildings. Companies like UsJunkCars exemplify this shift, meticulously deconstructing vehicles and salvaging components for reuse or eco-friendly recycling, giving precious resources a second wind and reducing the environmental footprint of car ownership.

Global Gears Align: Governments, too, are shifting gears. Stringent regulations like the EU’s End-of-Life Vehicles Directive set ambitious recycling targets, pushing manufacturers to design cars with disassembly and material recovery in mind. This collaborative effort creates a closed-loop system, minimizing waste and maximizing resource efficiency.

Statistics Stir the Engine: The numbers speak volumes. Over 12 million cars reach the end of their road in the US alone each year, and global figures are even more staggering. But the tide is turning! By 2030, experts predict that the global car recycling market will reach a whopping $20 billion, driven by rising environmental awareness and stricter regulations.

Beyond Metals: Embracing the Electric: The rise of electric vehicles (EVs) throws another wrench into the mix. Lithium-ion batteries, the heart of EVs, pose unique challenges and opportunities. Responsible end-of-life management is crucial, and innovative solutions like battery repurposing for energy storage are already taking shape.

Innovation Fuels the Journey: Technological advancements are also greasing the wheels of progress. Artificial intelligence and robotics are streamlining the dismantling process, ensuring accurate sorting and efficient resource recovery. Meanwhile, research into bio-based materials and closed-loop manufacturing promises to further reduce the environmental impact of car production and disposal.

The future of car disposal is a dynamic landscape, paved with sustainability, innovation, and global collaboration. It’s a world where the rusty junkyard fades into the rearview mirror, replaced by a circular economy where resources dance across a closed loop, and companies like UsJunkCars lead the charge towards a greener, cleaner future for our four-wheeled companions. So, buckle up, fasten your environmental conscience, and get ready for a smooth ride into the responsible car disposal revolution!

Remember, this is just a starting point. Feel free to adjust the content to your specific needs, focus on particular aspects of future car disposal that resonate with your article, and add further data or relevant examples to bolster your points. Let’s keep the conversation rolling towards a sustainable future for every mile we drive!

Traction Finance – www.tractionfinance.com

Global Perspectives: A Kaleidoscope of the Future Car Industry

The future of the car industry is not a singular picture, but a vibrant kaleidoscope shaped by diverse perspectives and priorities across different regions. Here’s a closer look at how some key players are influencing the global game:

China: The Electric Engine:

• Dominating Production: China accounts for over 50% of global electric vehicle (EV) production, fueled by government incentives and a vast domestic market. This makes them a global powerhouse, influencing battery research, supply chains, and potentially, future EV standards.
• Internal Combustion Holdouts: While embracing EVs, China also remains the world’s largest producer and consumer of gasoline vehicles. This presents a complex dynamic, where the country could potentially bridge the gap between traditional and electric transportation.

Europe: The Regulatory Champion:

• Stringent Emissions Standards: Europe leads the charge with ambitious emission reduction targets for vehicles, pushing manufacturers to accelerate EV development and adopt cleaner technologies. This sets a global benchmark, potentially impacting car design and fuel efficiency worldwide.
• Focus on Infrastructure: European countries are actively investing in charging infrastructure, addressing a key barrier to EV adoption and paving the way for wider acceptance of battery-powered vehicles globally.

United States: The Innovation Melting Pot:

• Tech Giants Enter the Arena: American tech giants like Google and Tesla are disrupting the industry with ambitious self-driving car projects and advanced AI integration. This fosters global innovation and competition, accelerating the development of autonomous driving technologies.
• Consumer Choices Drive Change: The diverse American automobile market, with its strong preference for trucks and SUVs, can influence global trends in vehicle design and fuel efficiency preferences, shaping future offerings from manufacturers worldwide.

Beyond the Big Players:

• Developing Economies: Countries like India and Brazil are emerging markets with rapidly growing car ownership rates. Their focus on affordable and fuel-efficient vehicles could influence global production and design trends, catering to a broader range of consumer needs.
• Resource-Rich Nations: Regions like Latin America and the Middle East, rich in lithium and other battery materials, play a crucial role in shaping the future of EV production and battery technology, impacting its accessibility and cost globally.

Greening the Ride: Sustainable Materials in the Future of Car Industry

The future of the car industry isn’t just about electric engines and self-driving tech; it’s also about embracing a greener path through sustainable materials. From the chassis to the seats, manufacturers are shifting gears towards eco-friendly solutions to minimize environmental impact throughout a car’s lifecycle.

Shifting Materials:

• Bio-based materials: Imagine tires made from dandelion rubber or car frames reinforced with flax fibers. These plant-based materials are renewable, lightweight, and offer lower greenhouse gas emissions compared to traditional plastics and metals.
• Recycled plastics and metals: Giving waste a second life, recycled materials are finding their way into various car components, reducing reliance on virgin resources and minimizing landfill waste. Expect dashboards, carpets, and even interior trim made from recycled plastics, while aluminum and steel frameworks gain popularity due to their high recyclability.
• Sustainable composites: Replacing carbon fiber, known for its high-carbon footprint, with bio-composites woven from natural fibers is another exciting trend. These lighter, greener alternatives offer comparable strength while minimizing environmental impact.

Recycling and Reuse Revolution:

• Modular design: Cars might soon resemble Lego sets, with easily detachable and interchangeable components. This facilitates efficient recycling or reuse of individual parts, extending their lifespan and minimizing waste.
• Closed-loop recycling systems: Imagine a future where discarded car batteries get transformed into new batteries, and old tires get reborn as asphalt for roads. Closed-loop recycling systems aim to capture waste materials within the automotive ecosystem, minimizing external resource dependence.
• 3D printing and additive manufacturing: This technology allows for precise creation of parts using recycled materials, minimizing waste and enabling on-demand manufacturing, potentially reducing transportation needs and associated emissions.

Challenges and Opportunities:

• Cost and scalability: While promising, eco-friendly materials often come with higher initial costs or require advancements in processing and production methods. However, as research and development accelerate, economies of scale can bring down costs and make these materials more accessible.
• Consumer perception and infrastructure: Shifting public perception towards green cars and building robust recycling infrastructure are crucial for wider adoption of sustainable materials.
• Regulation and collaboration: Government policies and industry-wide collaboration can incentivize sustainable material use, create standardized recycling protocols, and foster innovation in this critical area.

Case Studies and Predictions: Glimpsing the Future of the Car Industry

The future of the car industry hums with innovation and disruption. To illuminate this dynamic landscape, let’s delve into two key areas:

Case Studies: Pioneers Charting the Course:

1. Tesla: Electrifying the Future: Elon Musk’s brainchild has propelled electric vehicles (EVs) into the mainstream. With its sleek design, cutting-edge battery technology, and advanced charging network, Tesla has redefined electric mobility and inspired traditional carmakers to follow suit.
2. Waymo: Steering Towards Autonomy: Alphabet’s self-driving car project, Waymo, boasts years of real-world testing and partnerships with established brands like Chrysler. Their focus on safety, sensor technology, and regulatory compliance positions them as a frontrunner in the race to bring autonomous vehicles to the streets.
3. BYD: Embracing Sustainability: Chinese giant BYD isn’t just an EV powerhouse; it’s also a champion of sustainable practices. From solar-powered roofs to battery recycling initiatives, BYD demonstrates how eco-consciousness can be woven into the very fabric of car manufacturing.
4. Volkswagen: Reinventing the Legacy: VW’s ID. series marks a bold step towards electrification, while its investment in startups like Aurora for self-driving technology shows a commitment to embracing the future. Their size and established infrastructure position them to become a major player in shaping the new automotive landscape. Partnerships with an automotive software development company will be key to delivering next-gen vehicles integrating seamless digital driver experiences.
5. Nio: Rethinking Ownership: Chinese challenger Nio offers innovative battery-swapping technology and subscription-based models, challenging traditional car ownership paradigms. Their focus on user experience and community building hints at how future car companies might engage with consumers.

Predictions: Peering into the Crystal Ball:

1. EV Dominance: While gasoline engines won’t vanish overnight, expect EVs to gradually dominate the market driven by falling battery costs, government incentives, and expanding charging infrastructure. By 2035, analysts predict EVs to account for over 50% of global car sales.
2. Autonomous Ascent: Self-driving technology will see continued advancements, but full autonomy (Level 5) might take longer than initially anticipated. Expect Level 3 and 4 autonomy, offering assisted driving features, to become commonplace in luxury and premium vehicles within the next decade.
3. Software-Defined Cars: Cars will become increasingly software-driven, with over-the-air updates allowing for continuous improvements and new features. This opens doors for personalized driving experiences and innovative revenue streams for carmakers.
4. Shared Mobility Revolution: Car-sharing and ride-hailing services will gain further traction, particularly in urban areas, challenging traditional car ownership models. Expect seamless integration with public transportation and innovative pricing models to encourage adoption.
5. Hyperconnected Ecosystem: Cars will become seamlessly integrated into a broader smart cities ecosystem, communicating with infrastructure, traffic lights, and other vehicles, optimizing traffic flow and improving safety.

Remember, these are just predictions, and the future remains a thrillingly open road. By understanding the trends and innovation pioneers highlighted in these case studies, we can gain valuable insights into the exciting journey ahead for the car industry.

Feel free to adapt these examples and predictions to your specific article, incorporating additional case studies from different regions or industries, and tailoring the predictions to your target audience and area of focus. By weaving these elements into your narrative, you can create a compelling and insightful picture of the future car industry, leaving your readers eager to buckle up and embrace the ride.

FAQ: Answering Your Burning Questions about the Future of the Car Industry

Q: When will all cars be electric?

A: While EVs are gaining traction, complete transition is still some time away. Experts predict EVs to dominate by 2035, but gasoline vehicles will likely remain on the roads for years to come.

Q: Are self-driving cars really coming?

A: Absolutely! Self-driving technology is actively being developed, but full autonomy (Level 5) might take longer than initially expected. Expect Level 3 and 4 features, offering assisted driving, to become common in the near future.

Q: Will I still own a car in the future?

A: Traditional car ownership might be challenged by shared mobility services like car-sharing and ride-hailing, especially in urban areas. However, personal preference and individual needs will likely play a role in shaping future ownership models.

Q: What about the ethical concerns with autonomous vehicles?

A: Ethical considerations like liability in accidents and data privacy require careful attention. Public dialogue, strong regulations, and responsible development are crucial for ensuring ethical implementation of this technology.

Q: How can I stay updated on the latest trends in the car industry?

A: Follow industry news, attend events, and explore resources from organizations like the International Energy Agency (IEA) and the World Bank. Engaging with thought leaders and attending conferences can offer valuable insights.

Conclusion: Buckle Up for a Transformative Ride

The future of the car industry is not just about sleek new models and fancy gadgets; it’s about a fundamental shift in transportation, sustainability, and even our relationship with mobility. The road ahead is paved with innovation, disruption, and ethical considerations, but the potential rewards are immense – cleaner air, safer roads, and a more equitable transport system for all.

By understanding the forces shaping this exciting landscape, we can not only prepare for the changes but also participate in shaping a future where car technology serves humanity and paves the way for a greener, more inclusive tomorrow. So buckle up, get curious, and embrace the thrilling journey that awaits on the highway of the future car industry!

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