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Hyundai introduces buy-now pay-later vehicle finance scheme

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Hyundai Motors Nigeria Limited has announced the introduction of a new vehicle finance scheme called ‘Buy-now pay-later’ to be executed in collaboration with Access Bank Plc.

It says the new scheme is to inspire discerning customers and fleet buyers to buy made-in-Nigeria Hyundai vehicles with ease.

According to the auto firm, the scheme already ongoing is designed to encourage local patrons to own and drive Hyundai vehicles, using convenient bank credit with low-interest rates.

Announcing the scheme in Lagos, Hyundai Motors Nigeria, manufacturers and distributors of Hyundai vehicles and Access Bank Plc said the scheme had convenient monthly repayment tenor up to 48 months, depending on the customer’s payment option.

Hyundai said in a statement that a three-month payment holiday would be offered to customers from date of disbursement.

It added that customers would be offered labour free service for six months or 10,000kms (whichever is first) and warranty of five years or 100,000km (whichever is first).

It said, “Both establishments brokered this agreement in Lagos at the launch of the scheme aimed at easing challenges associated with accessing low-interest bank credit to procure choice cars.

“The credit initiative is a seamless plan for desiring patrons and fleet managers to access low interest bank credit for the procurement of discounted Hyundai vehicles without necessarily paying commitment and management fees.”

The statement quoted Head of Sales at  Hyundai Motors Nigeria, Gaurav Vashisht, as saying, “The joint credit initiative is in line with Hyundai’s strategy and direction of making vehicle acquisition a seamless experience and essentially assists prospective customers to buy new Hyundai vehicles and experience Hyundai inspiring technology.

“The offer was intended to ease vehicle acquisition and assist customers including those without functional account with Access Bank to access the facility.

“What we are simply doing is to help prospective buyers starve-off the burden of sourcing funds in one fell-swoop to buy a new car. You can now walk into any Access Bank branch to apply for credit to buy your choice car and thereafter, pay conveniently.”

It listed a number of Hyundai models covered by the scheme as Accent, Elantra, Sonata, Kona, Creta, Tucson SUV and H1 bus.

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Lanre Shittu Motors offers support for EV bus design competition in universities

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Director General of NADDC, Mr. Joseph Osanipin (fifth from right), with Lanre Shittu Motors officials and other stakeholders at the kick-off of the EV Campus Shuttle Bus design competition at UNILAG

Lanre Shittu Motors offers support for EV bus design competition in universities

 

Lanre Shittu Motors (LSM) has thrown its weight behind the National Automotive Design and Development Council (NADDC)’s competition of building 8-seater for 12 Nigerian universities.

The universities are spread across all the geo-political zones of the country.

The frontline auto company in Nigeria is a major supporter of the competition which kicked off last week with the commissioning of eight units of EV bus shuttle at the University of Lagos, with representatives from different schools gracing the event.

The competition is expected to last for six months.
Apart from supporting the event, a technical representative of LSM is also part of the jury which is made up of auto industry players, academia and the NADDC.

Commenting on the development, the Managing Director of LSM, Mr. Taiwo Shittu, said, “We as a company like to support and encourage young talents who have interest in the automotive industry.

“It is also our own way of supporting the NADDC initiative of encouraging young brains in the country
“Encouraging and training the youths is part of our Corporate Social Responsibility. Before now, every years, we take in youths into our facility and train them, even while in training, we give them stipends, and we are still doing this.”

The MD added, “We do not stop at training and giving stipends, we also provide basic workshop tools to those we train, and employ some of them.”

The participating universities in the competition are Ahmadu Bello University, Zaria; Uthman Danfodio University, Sokoto; Modibbo Adama University, Yola; Abubakar Tafawa Balewa University, Bauchi; University of Abuja; and University of Ilorin, Kwara State.

Others are University of Nigeria, Nsukka; Federal University of Technology, Owerri; University of Benin; Obafemi Awolowo University, Ife; University of Lagos; and University of Port Harcourt.

At the commissioning event, which was held at the University of Lagos, and witnessed by auto industry operators, academia, top NADDC staff and the press, the Director General of the NADDC, Mr. Joseph Osanipin, stated that the Council would give its full support to the competition, tasking the contenders, made up of students and supported by lecturers from the concerned schools, to come up with practical and workable solutions suitable for the Nigerian environment.

He promised that the NADDC would not stop at the design stage at the end of the competition, but also take steps to involve auto players to develop the final products after the competition.

“Today, I challenge the Nigerian university community to dream big; I challenge you to do even better than our expectations. Let us have a vehicle of our dream. We are going to work with universities, polytechnics and technical schools,” the DG said.

NADDC Director in charge of Vehicle Electrification, Engr. A.N Ayinde, added that the competition would generate ideas and provide students with opportunity to embrace global best practices.

The kick-start of the competition was concluded with the inspection of some environment friendly auto brands such as electric vehicles and compressed natural gas-powered vehicles displayed by LSM.

One of the participants, Senior Vice President, Technical of Oando Clean Energy, Mr. Adeyemi Adebajo, stated that Oando is concerned about the environment and reasoned that environment, economy and society are key in sustainable transportation.

In his submission, a lecturer from the University of Nigeria, Nsukka, Prof. Ozoemena Ani, commended the initiative and pledged the collaboration of the academia.

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How to lower fuel consumption of your car

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How to lower fuel consumption of your car

When President Bola Tinubu announced an end to fuel subsidy at the inception of his regime in 2023, many motorists were jolted by the expected impact it would have on the cost of keeping their vehicles on the road.

Many Nigerians were also concerned about the impact it would have on the cost of living, especially the prices of goods, services and transportation.
And their fears were genuine; prices of goods went up astronomically and there were complaints of hardship all over the country.

This led to a swift drop on the sales of big cars, especially Sport Utility Vehicles. Many Nigerians quickly parked these cars in their homes and some immediately put up theirs for sale while others quickly bought smaller cars that they presumed would consume less fuel. They forgot that the rainy season would not be fair to the roads and their new small sedans, especially the bumpers and underneath the cars.

Those living in flood-prone areas like Lekki and some seasonally flooded areas in Rivers, Delta and Bayelsa states can attest to the advantages of SUVs over sedans from their expenses. With some of these expected challenges, it didn’t take long for the average Nigerian motorist to adjust and live with the negative impacts of the fuel subsidy removal.

Though the challenge persists, coupled with the poor state of the roads across the country, it has been almost impossible for Nigerians to totally do away with their big cars and SUVs which are renowned for higher fuel consumption. It is the classical case of choosing between the devil and the deep blue sea.

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Today, Vanguard offers you some tips on how to ensure maximum fuel economy in your vehicles at a time like this. It is clear that by improving your car’s fuel economy, you’re helping to reduce the drain on your wallet. With some simple driving tips and habits, your fuel can take you further. A combination of good driving habits, and proper vehicle maintenance of your car is essential.

The Tips

*When driving, accelerate and brake gently, quick starts and stops waste fuel, but smooth driving boosts your kilometres per litre. Driving at slower speeds leads to better fuel efficiency.

Reducing speed by 10-20 kph can help. Keep a steady speed, you may use your cruise control on motorways because when you drive at a consistent speed, you save fuel.

•Watch the traffic ahead, it will help you predict what other drivers will do or intend to do. This helps you to avoid braking and speeding up.

•Also avoid idling your engine for long periods even when it is stationary as it wastes fuel. Switch off the engine if you need to stop for more than a minute.

•Also limit short journeys, and be aware that cold starts use more fuel.

•As a motorist, ensure that your tyres are appropriately gauged. Soft tyres cause drag and waste fuel. Check pressures often and inflate correctly.

Many drivers don’t know that proper inflation of their car tyres contributes significantly to the fuel economy. Under inflated tyres have a higher rolling resistance on the road. This means that your tyres generate more friction and rolling resistance and will increase fuel consumption.

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If your four tyres are underinflated by 10 psi, this could increase your fuel consumption by 10 per cent. Car manufactures always have the recommended tyre gauge inscribed on the drivers door frame. Gauge your tyre accordingly and reduce your fuel consumption.

•Correct wheel alignment is vital. It reduces tyre wear and drag. This also saves fuel.

•Many motorists carry all sorts of things in their boots which they hardly need and this adds to the weight of the car, this should be avoided. Note that every extra 50kg of load in your car increases fuel consumption by about two to three percent.

Some used cars from abroad come with a heavy bar attached to the rear for pulling boats and other heavy objects from where they have been imported which is hardly needed in this part of the world. It is advised that you remove them to avoid unnecessary weight.

Some people however believe that this serves as protection when another vehicle hits them from behind, unknown to them that they are paying more to fuel their cars. Lighten your load and remove extra weight from the car. Less weight means better fuel economy.

•Also, reduce drag by removing roof racks as they increase wind resistance which wastes fuel.

•Use your air-conditioning system. Driving with an air-conditioner has an advantage to fuel economy but most drivers think otherwise.

Apart from keeping the interior of your car clear of dust and ensuring the safety of the driver from attacks, it also saves fuel. Driving with windows down at a speed faster than 80km/h causes a lot of wind resistance and more fuel consumption. It is more fuel efficient to drive with your air-conditioner on.

•Maintain the right speed. Avoid over speeding and going slowly too.

While both have safety consequences, they also have an impact on your fuel consumption. It has been established that on highways, your engine works hard to overcome wind resistance.

This means that you will burn up to 15 per cent more fuel at 100km/h and 25 per cent more at 110km/h. On the other way round, if you drive at a speed slower than 50km/h your engine would drop to a lower gear thus using up more fuel. It is advised that driving between 50km/h and 90km/h gives optimal fuel efficiency.

•Many people accelerate their cars as if they are running at Formula 1 Race thereby wasting their fuel unknowingly. Avoid revving your accelerator to a high revolution per minute (RPM). Your engine uses less fuel when it is revolving slower at a lower RPM.

•It is also important to note that aggressive braking is not only a disadvantage to the brake pad but increases fuel consumption.

Slamming on the brakes increases fuel consumption as the car needs to accelerate again. Give a reasonable distance between you and the vehicle in front of you. If you have been driven by a pilot before, you would understand what it means to drive with caution.

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They are very cautious of the vehicles in front of them and avoid them from afar. I am sure that if we take count of professionals who hardly get involved in traffic accidents, the pilot would take the number spot.

•Avoid hard acceleration when moving your car from complete stop or climbing hills as it increases fuel consumption. Most people who drive vehicles with automatic transmission hardly know the advantage of one special feature in the car called cruise control.

If you are driving an automatic car, you can make use of cruise control to keep your speed constant. But if you are driving a manual car, maintain a higher gear when appropriate. This ensures that your engine goes through less revolutions per minute, RPM and ensures less fuel consumption.

•Driving in traffic causes higher fuel consumption. Stop-start traffic puts a lot of pressure on your engine and burns more fuel. Avoid peak traffic if possible. Turn off your engine when it is parked. As long as your engine is on, the fuel is burning. The choice is yours to keep the engine steaming when that car is not moving. It is your fuel that is burning which you can use to cover some kilometers.

•Regular servicing with quality engine oil is key to the longevity of your engine. If your engine is poorly maintained, it will lead to sludge and corrosion build-up which will prevent the engine from working smoothly. Regular maintenance is key.

•Follow your vehicle’s schedule, a healthy engine works better. A clean air filter lets the engine breathe freely. Good airflow improves fuel use. Use the right oil type to reduce friction and boost engine performance. When buying a new car, think about fuel efficiency. Pick a model that fits your needs. If your car has a fuel-saving mode, then use it.

How to lower fuel consumption of your car

Vanguard

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Nigeria dominating Africa spare parts market, says ASPAMDA boss

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Nigeria dominating Africa spare parts market, says ASPAMDA boss

Nigeria has become a strong force in Africa’s spare parts market, President of Auto Spare Parts and Machinery Dealers Association (ASPAMDA), Hon. Ngozi Emechebe, has said.
He however lamented the decline in auto spare parts manufacturing plants in the country.
He said Nigeria could be a global player in the auto parts production with the right investments in the sector.
The ASPAMDA president spoke at the opening of the ongoing Lagos Motor Fair/Autoparts Expo at the Federal Palace Hotel, Victoria Island.
He said, “We have taken over Angola, Ghana, Togo, Ivory Coast, Gambia, Senegal and many other markets and ASPAMDA is the place to visit.”
The Chinese government, he said, knows the impact of ASPAMDA to their companies; “so Nigeria should wake up. If we are serious, we will take over the world economy.”
He said Nigeria almost got to a point of assembling cars from spare parts produced locally at a time.
“At Nnewi, there were a lot of auto spare part manufacturing companies then. At a time we were about assembling vehicles before things crumbled but thank God, Innoson Motors is doing it again,“ he said.
The ASPAMDA boss showered encomium on President Bola Tinubu-led administration for making efforts to bring back activities in the sector.
He said, “With the way the country is going now, many companies are gradually starting production in the country again.”
Commending the organizers of the Lagos Motor Show for resilience in sustaining the expo over the years, Hon Ngozi said, “Mr Ifeanyi Agwu, the organiser of this expo deserves a thumb up for bringing spare parts makers from across the world to come and showcase their products to our members and Nigerian customers.”
According to him, before the commencement of the expo some years back, ASPANMDA members used to travel to Europe, Japan, Taiwan and other parts of the world in search of companies to do business with.
“But with the spare parts expo, the various parts makers have been brought to Nigeria under one roof to meet with our members and do thriving business,” he said.
This, he said, had saved his members the cost of flight, hotel accommodation, as well as time and eliminated stress arising from flying the long distance to meet with manufacturers.
He recalled that some years ago, his members used to travel to Taiwan to buy spare parts “but when the business started to flourish, and the products started gaining recognition, Taiwan shut their doors against us and raised the prices of goods which made us to turn to China”.
He prayed that one day, China too should close their doors to Nigeria and force us to develop our own products.
Emechebe predicted that Nigeria will take over the world spare parts market in the near future. I pray that “China should close their doors to us so that we can grow” he said.
The ASPAMDA boss also appealed to the Federal Government to look into the high taxes and duties being paid by Nigerian businessmen which he said are killing local manufacturers.
He said, “ It is cheaper to import finished products than to produce locally in Nigeria as most of the companies are relocating to neighbouring countries due to unfavourable business conditions like high taxes, duties, energy and other infrastructure,” he said.

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