Over the years, the UK has established itself as one of the world’s leading centres of car production, as well as being home to many automotive original equipment manufacturers (OEM’s).
This world-leading position is jealously guarded by the automotive industry and the government alike, and maintaining it as the UK prepares to leave the EU will be a top priority. However, many challenges lie ahead, both in the domestic market and in exports, which vehicle manufacturers, OEMs and retailers will need to position themselves to meet. Financial pressures including an increase in the cost of components produced overseas, fluctuating steel costs and oil prices and rising wage bills are all factors currently impacting the sector. Furthermore, the landscape in the run up to and including Brexit could represent challenging times for OEM’s and their supply chain as uncertainty and political motivations result in a volatile and unstable trading horizon for the medium and long term.
Services to automotive manufacturers and supply chain
Our dedicated automotive team understand the specific needs and challenges being faced by manufacturers and their supply chain. We work together in teams combining financial expertise and operational experience to identify and manage risk, maximise profits and ensure that financial controls are optimised.
In addition to offering proactive accounting, audit and tax services, our experience also covers industry-specific financial and operational consultancy projects across the UK and Europe on behalf of manufacturers and OEMs. Examples of the bespoke services we provide include:
- Working capital and stock control assistance
- Funding assistance and solutions, especially in relation to plant and equipment and debt factoring
- Government Grant applications and audits
- Business expansion, including business planning, due diligence, forecasts and cash flow projections
- Advice regarding business disposal and longer term exit planning
- Independent business reviews
- Management buy outs and buy ins
- Corporate Group restructures
- EMI schemes and key management remuneration strategies
- Financial reviews on behalf of manufacturers
As an integral part of UHY’s international automotive group, we have access to specialists in over 92 countries. By combining our extensive automotive experience with a local, national and international service, we see our role as not just to help you with audit and accounting issues, but to help you anticipate and overcome the inevitable challenges that you could face moving forwards.
The next step
If you would like to discuss the automotive accounting and other support services that we can provide for your manufacturing or OEM business, please contact one of our automotive accounting specialists at your nearest location, or complete the contact form.