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.
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.
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.
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.