Vertu Motors PLC leveraged car retail’s “sector tailwinds” to deliver a 41.9% rise in turnover and 228% rise in adjusted pre-tax profits in a record-breaking set of 2021 annual financial results.
Aston Martin has appointed former Ferrari chief executive Amedeo Felisa as its new CEO as Tobias Moers stands down after less than two years at the helm of the British performance car maker.
Cazoo has revealed that its gross profits and profit-per-unit both declined as its online used car sales soared to deliver record revenues in Q1 2022.
Group 1 Automotive has revealed record turnover and profits in an ‘outstanding’ Q1 for its car retail operations in the US and UK.
Sytner Group and Car Shop owner Penske Automotive has revealed “all-time record quarterly results” in Q1 2022 in a trading update from the car retail giant.
Inchcape has forecast a 25% rise in pre-tax profits in 2022 despite its withdrawal from Russia’s car retail sector and a vow that it has “no intention to re-enter the market”.
Pendragon’s push to “maximise margins” on its new and used car sales to mitigate against automotive supply constraints have helped deliver a 73.1% increase in Q1 pre-tax profits.
Group 1 Automotive has reported a 27.2% increase in revenues as gross profit rose 40.7% in its annual financial results for 2021.
Sytner Group and CarShop owner Penske Automotive has reported a 25% rise in revenues and 127% increase in pre-tax profits in its annual financial results for 2021.
Stoneacre Motor Group remains “well-positioned for continued expansion” after 2020/21 annual financial results detailed a near-170% rise in pre-tax profits.
Ron Brooks Group has celebrated record financial performance in 2021, with turnover up 15.3% and pre-tax profit surge of 67% ahead of its 60th anniversary year.
Lookers chief executive Mark Raban has revealed that car retail PLC expects to publish record annual profits after an “exceptional” 2021 trading performance.
Supercar and luxury vehicle retailer HR Owen has reported a seven-fold rise in pre-tax profits in its 2020/21 annual financial results.
Luscombe Motors managing director Robin Luscombe is living a car sales “dream” after record 2020 financial results were followed by the sale of 280 MG electric vehicles (EV) in a single week.
Group 1 UK chief executive Earl J Hesterberg expressed hopes that strong car retail margins would persist for some time to come after recording increased profit and turnover in Q3 2021.
Vertu Motors chief executive Robert Forrester has told AM that he is “buying used cars everywhere I go” as part of the AM100 PLC’s efforts to keep its forecourts stocked.
Vertu Motors has highlighted further growth potential through an “increasingly visible acquisition pipeline” after delivering a record £51.8 million adjusted pre-tax profit in H1 2021.
Harwoods Group has reported a £2.57m pre-tax profit for 2020 despite suffering a 41% decline due to the impact of the COVID-19 pandemic on the car retail sector.
Donnelly Group returned to profit in 2020 after delivering £7.2 million of annualised structural cost savings during the COVID-hit year in car retail.
Inchcape UK has revealed that it claimed no Government COVID-19 support in 2021 after taking the decision to repay £7.4 million in Government furlough and rates relief support for H2 2020.
