Inchcape has continued its plan to move away from car retail with the £70 million sale of its Toyota and Audi dealerships in St. Petersburg, Russia.
Inchcape has revealed its plan to create a new Destination Porsche Centre premium car dealership in Bournemouth - substantially expanding the brand's presence in the coastal town.
Inchcape has confirmed that its London Stock Exchange listing has been reclassified to remove reference to retail as it disposed of 13 UK dealership locations as part of a renewed focus on distribution in 2020.
Inchcape has reported that its performance during November’s ‘Lockdown 2’ COVID-19 restrictions was “better than expected” – leading to an upgraded pre-tax profit forecast.
Inchcape’s car retail revenues declined 17% during Q3 despite a ‘stronger than expected’ COVID-19 recovery from its operations in the UK and Europe.
Inchcape has continued its recent string of UK dealership disposals with the sale of its Oldham Volkswagen car franchise to Swansway Garages.
Arden is poised to acquire Inchcape’s Cooper BMW and Mini car dealership operation in Tunbridge Wells, with the deal expected to be finalised by the end of this month.
Inchcape is driving forward plans for a restructure to be completed by Q1 next year after reporting a 36% decline in overall revenues and pre-tax losses of £188 million in the first half of 2020.
Inchcape’s revenues have dropped 32% in the first four months of 2020 as the international auto retailer and distributor battled coronavirus impact.
Inchcape has appointed former Fujitsu director Duncan Tait as its new Group CEO after the departure of Stefan Bomhard prompted “strong interest and a group of high-quality candidates”.
Carsnip has appointed Dan Goodfellow as head of digital, responsible for supporting dealers to get the most from their Carsnip Premium Package.
Inchcape reported a 1.3% increase in turnover and a 256% increase in its profit before tax in its full-year financial results for 2019.
Inchcape chief executive Stefan Bomhard has resigned his post with the car retail and import business to take up a position as the chief executive of Imperial Brands.
Citygate Automotive has confirmed its acquisition of Inchcape Retail’s Volkswagen dealerships in West London and Twickenham – six weeks after AM reported on the impending deal.
Inchcape looks poised to sell two more Volkswagen car dealerships, to Citygate, as the German car brand’s UK franchises continue to change hands in a series of recent disposals and acquisitions.
Inchcape has announced that its will leave the Chinese car retail market with the sale of its Lexus, Porsche and Mecedes-Benz dealerships in the country for over £54 million.
Inchcape has appointed former LeasePlan chief financial officer Gijsbert de Zoeten as its own CFO following Richard Howes’ decision to leave the AM100 car retail group.
Inchcape Retail has seen 20 of its business managers pass the IMI Accreditation for Finance and Insurance standards.
Jardine Motors Group is preparing to open a new Audi dealership in Bolton following its acquisition of the current facility and planned new showroom from Inchcape.
Harwoods Group has confirmed that construction of a new Aston Martin dealership will start on the former Ford Transit factory in Southampton after it acquired part of the site from Inchcape.
