UK votes leave: The industry reacts
24 June 2016
Author: Daniel Puddicombe
In a landmark moment for the country, 17,410,742 people voted to leave the European Union compared with 16,141,241 who wanted to remain.
Prime minster David Cameron has confirmed he will step down, and London's stock market has plunged more than 8% in the wake of the UK's vote to leave the EU.
Paul Hollick, managing director of The Miles Consultancy and chair of the Institute of Car Fleet Managers:
"The next 12 months will be an unprecedented period for the fleet and automotive industries, which are strikingly multinational whether you're talking about suppliers, major customers or of course the vehicle manufacturers.
The leave vote clearly puts UK PLC into uncharted territory. Businesses like nothing less than uncertainty so my worry is that we the prolonged period of political upheaval and economic turmoil ahead will mean that businesses go into suspended animation and inward investment will be postponed or made elsewhere."
Rupert Pontin, director of valuations, Glass's:
"This is an interesting result that sees the UK very much embark on a new chapter that is largely unwritten. If the Brexit voters are correct in their thinking, it could create greater prosperity for the country in the long term but, over the next few months and years, the road is likely to be very bumpy. Markets will be affected, as will the value of the pound, and we expect to see consumer confidence tail off until the view of the way forward becomes clearer. How long this will take is difficult to predict.
For the motor industry, all of these developments are very likely to have negative effects including a period of instability for new and used car sales, as well as an increase in pre-reg activity and downward pressure on values. There is also likely to be further political instability as a result of the referendum outcome, both at home with the ruling government and across Europe as the EU comes to terms with the decision, which will create further uncertainty. Whatever the outcome in the longer term, there are plenty of challenges now facing the motor industry and the UK as a whole."
Mike Hawes, SMMT chief executive:
"The British public has chosen a new future out of Europe. The Government must now maintain economic stability and secure a deal with the EU which safeguards UK automotive interests. This includes securing tariff-free access to European and other global markets, ensuring we can recruit talent from the EU and the rest of the world and making the UK the most competitive place in Europe for automotive investment."
Gerry Keaney, BVRLA chief executive:
"The British public has chosen a future out of the European Union, and like most businesses, the fleet industry will need time to assess the ramifications of the referendum result.
"The BVRLA will continue to assist members in their operations, and we will regularly update members when possible on the implications for our sector regarding the decision to leave the EU.
"The first priority for the Government is to restore economic stability to the UK market."
Tony Arbour AM, chairman of the London Assembly:
"The country has spoken, we respect that; and the London Assembly will now work positively with the Mayor to ensure that opportunities for London are maximised and any risks for our city are well managed. We will strive to ensure good relations with our European neighbours.
The role of the London Assembly does not change - we will continue to work in cross-party cooperation for the best interests of Londoners and hold the Mayor to account."
RAC Fuel Watch spokesman Pete Williams:
"It is too early to tell what the implications are in the mid to long term but it is likely motorists will see some volatility in the price of fuel on UK forecourts in the coming weeks. While the cost of crude has dropped as markets react to fears of a global economic slowdown the fall in the value of the pound to levels not seen since 1985 means that retailers are today facing an increase in the wholesale price of around 1.5 pence which will very be likely passed on to motorists at the pump."
John Pryor, ACFO chairman:
"The ramifications of the decision that the UK will leave the European Union are clearly monumental. There has already been, and there will continue to be, a huge amount of speculation as to what the impact will be. However, the fact is that the UK is in unchartered territory so the reality is that no one knows what the future holds.
"Therefore, how the referendum vote to exit the European Union plays out in respect of the fleet industry, the wider motor industry, the economy, the political scene and the nation as a whole in the short, medium and long term remains to be seen.
Michael Buxton, CEO of Manheim UK:
"Clearly the decision to leave the EU is going to cause a degree of uncertainty in the UK and wider European economies over the coming weeks that may well have some initial impact on confidence in both the new and used vehicle markets.
"Like everyone else we don't yet understand the full implications of the vote however we continuously plan for market changes and are ultimately confident that our markets will show their customary resilience.
"Cox Automotive in the UK benefits from being a privately owned, financially stable business with a strong track record of growth and a global parent company, Cox Enterprises, that takes a strategic long term view to its investments.
"Therefore, as the impact of the vote becomes clear, we believe we are very well-placed to adapt and respond accordingly and ensure we continue to meet the evolving needs of our Clients.
This post will be updated throughout the day.