Here’s How Motor Traders are Preparing for a no-deal Brexit
With just a few months to go before Brexit takes place on 29th March 2019 and no concrete withdrawal agreement in place, the potential for a ‘no-deal’ continues to loom over the motor trade industry. And motor traders are worried- recent research from the Society of Motor Manufacturers and Traders (SMMT) found that over 70 per cent of UK automotive organisations believe a no-deal scenario would damage their business.
In response, the SMMT found motor trade businesses have started making the following plans to prepare for the damage Brexit may cause:
- Expanding their overseas footprint (26 per cent)
- Adjusting logistics and shipping routes (23 per cent)
- Investing in their skills base (22 per cent)
Apart from these top preparation methods, consider protecting your motor trade business by purchasing various insurance solutions, such as business interruption cover and trade credit insurance. For more information, contact Daulby Read Insurance Brokers today.