Terry Wainwright has stepped down from his position as a board director of Lookers, the major AM100 dealer group.

Wainwright will continue as chairman of its parts division, which includes FPS, the distribution business he sold to Lookers in 2004.

Lookers had announced Wainwright's planned move in July, when it appointed Neil Davis as a director and successor. 

Phil White, chairman of Lookers, said: "I would like to thank Terry for his excellent and substantial contribution since joining the group when FPS was acquired in October 2004 and his subsequent appointment to the board in October 2005.

"During this time he has developed the parts division into a market leader and a significant business which now represents over 30% of group pre-tax profits.

"I am delighted that Terry will be continuing with Lookers in his current role and I, together with my colleagues on the board, would like to personally thank him for his exceptional contribution to the group during the past seven years".