With Lookers and Pendragon the subjects of acquisition, the listed UK motor retailer is fast becoming a rarity. Tom Seymour consults the experts
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.
The Motorpoint used car supermarket group has revealed record revenues totalling £1.44 billion from its 2022 financial year in a trading update published this morning (April 6).
Lookers chief operating officer Duncan McPhee has said the AM100 PLC is ready to accelrate growth through acquisitions and the creation of a Lookers Car Hub used car operation.
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.
Inchcape chief executive Duncan Tait has highlighted the success of the automotive PLC’s “portfolio shift towards distribution” as it reported a near-50% growth in profits in its 2022 annual financial results.
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.
Motorpoint has started a recruitment drive to attract staff for its 20th used car retail site, which is set to open in Ipswich in May.
Lookers expects to deliver a “quick return” on a muti-million-pound investment to grow its fleet of mobile service vans as it pursues growth in cosmetic repair and alloy wheel refurbishment.
Car retail sector PLCs Vertu Motors, Pendragon, Lookers and Motorpoint are expected to see “valuations improve” as stability returns to the UK economy.
Vertu Motors' Ascot Mercedes-Benz showroom has undergone refurbishment as part of a £711,000 investment in the dealership.
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.
Motorpoint chief executive Mark Carpenter has insisted the car supermarket group will succeed in its goal of becoming a “highly profitable market leader” despite faltering finance commissions and used vehicle margins.
Lithia Motors’ Jardine Motor Group takeover talks have highlighted the undervaluation of UK car retail businesses, analysts have claimed.
Cambria Automobiles chairman and chief executive Mark Lavery has said his business is ready to enter “chapter two” of its development after the appointment McLaren finance director Paul Buddin as CFO.
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 will grant its top leadership trio £1.5 million in share options for the car retail group’s 2023 performance if the car retail PLC meets a series of three-year performance targets.
Lookers chairman Ian Bull has said that he is “sorry” to be stepping down from his role with the car retail PLC at the end of this year.
