Inchcape chief executive Duncan Tait said that the automotive distribution and car retail PLC had made an “excellent start to 2023”, despite the adverse effects of certain OEMs’ shift to a direct-to-consumer agency model.
Pendragon’s board expects the AM100 car retail PLC to “comfortably outperform” its previous expectations for 2023 after delivering a 23% rise in underlying pre-tax profits during Q1.
Lookers chief executive Mark Raban has said that he is “delighted” with the car retail group’s 2022 financial results performance in light of the “supply disruption, inflation and rising interest rates” experienced in the period.
Lookers has acquired £3.8 million turnover fleet and leasing business Fourways Vehicle Solutions to grow its customer base in the corporate sector.
Vertu Motors has asserted that ‘scale is a key success factor’ in automotive retail in a five-month trading update detailing its rapid expansion the addition of new dealership operations across the UK.
Constellation Automotive owner TDR Capital has extended its presence in the car retail sector with the purchase of a 3.1% share in Vertu Motors.
Lithia Motors’ Jardine Motor Group takeover talks have highlighted the undervaluation of UK car retail businesses, analysts have claimed.
Pendragon has said that car sales growth in Q4 helped propel it to a “better than expected” 2022 financial performance in a trading update published this morning (January 25).
Lookers has raised its 2022 full-year profit expectations to over £80 million and revealed plans to add further to recent new car franchise additions Lotus Cars and Ora.
Swedish car retailer Hedin Mobility Group has withdrawn its £400 million takeover offer for Pendragon due to “challenging economic conditions”.
Hedin Group’s ‘put-up or shut-up’ deadline for a takeover offer for Pendragon PLC has been extended to December 9.
Vertu Motors has revealed that it is engaged in “advanced discussions” over the potential acquisition of £512 million turnover premium car retailer Helston Garages Group.
Lookers increased its full-year profit expectations to £75 million and kicked-off a £15m share buyback programnme after reporting strong performance in a Q3 trading update.
Vertu Motors chief executive Robert Forrester has said that the car retail giant could grow “anywhere at any time” after revealing H1 results which suggest it is scaling the AM100 rankings.
Hedin Group has withdrawn its move to block rival bids for AM100 car retail group Pendragon after a “surprise” announcement from the PLC’s board.
Pendragon is accelerating its plans to conduct a “comprehensive review” of its business in light of Hedin Group’s £411 million bid to take over the PLC.
Swedish car retailer Hedin Group has tabled its second takeover bid for Pendragon in six months – this time “highly conditional” 29p per share offer.
US-based Lithia Motors is said to have been identified as the “large international corporate” which launched a £460 million takeover bid of Pendragon.
One of Pendragon’s five major shareholders has blocked a takeover bid launched for the AM100 car retail PLC by “a large international corporate”.
Pendragon chief executive Bill Berman has said that an anticipated £33 million underlying first-half pre-tax profit will give the car retail PLC “good momentum” for H2 2022.
