Pendragon chief executive Bill Berman will receive bonus payments criticised as being “out of tune” despite a 42.2% vote against the PLC’s director remuneration at today’s AGM.
Pendragon’s leadership team are today preparing for a shareholder revolt as Hedin Group joined other key stakeholders in stating it will vote against “out of tune” bonus payments.
The board of directors at Cambria Automobiles has confirmed that chief executive Mark Lavery has been given more time to negotiate a management buy-out (MBO) of the AM100 car retail PLC.
Vertu Motors chief executive Robert Forrester has said the AM100 PLC will continue to drive a “big brand” profile through high-profile marketing after adding 30 car retail outlets in 15 months.
Cambria Automobiles chief executive Mark Lavery has said that the group has experienced “tension” from certain OEM partners over COVID safety measures which have seen customers turned away from its car showrooms.
Inchcape UK chief executive James Brearley has revealed the AM100 PLC’s plan to open up to 20 used car retail locations, each with an adjoining fast-fit aftersales offering, by the end of next year.
Cambria Automobiles has set out its roadmap to car retail recovery in a trading updated for a six-month period which saw the majority of its dealerships closed for more than 100 days due to COVID-19 restrictions.
Caffyns has joined the London Electric Vehicle Company (LEVC) dealer network with the opening of a new franchised retail location in Eastbourne, Sussex.
Inchcape’s UK car dealership operation showed “relative resilience” in a COVID-impacted ‘Lockdown 3’ as the PLC’s distribution business offset revenue losses from retail, the PLC has reported.
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.
Pendragon partially credited the “high degree of protection” against ‘Lockdown 3’ offered by its new digital approach to car retail for a £10.8 million underlying profit in Q1.
Cazoo has appointed former Ocado chief financial officer Duncan Tatton-Brown and 23andMe founder and chief executive Anne Wojcicki to its board ahead of its £5bn public offering on the New York Stock Exchange.
The Cambria Automobiles board has granted its management team more time to complete its proposed management buy-out of the AM100 PLC.
Lookers will aim to drive its electric vehicle (EV) sales strategy with the help of newly-appointed business development director Andrew Hall.
Car retail’s impressive response to the COVID-19 pandemic, the impending reopening of car showrooms after ‘Lockdown 3’ and the “Cazoo effect” have triggered rallying share prices for the sector’s PLCs.
Lookers sold over 44,000 new and used cars during a COVID-19 ‘Lockdown 3’ impacted Q1 to finish the period “ahead of expectations”.
Pendragon has completed the process of selling off its US-based Hornburg car retail division with the sales of its Jaguar Land Rover (JLR) dealership in Santa Monica, California.
Cazoo is set to be listed on the New York Stock Exchange following the signing of a definitive business combination agreement with US-based acquisition company AJAX.
Pendragon has reported an underlying profit before tax of £8.2 million in 2020 annual financial results which painted a picture of a COVID-19 impacted year of two halves for the car retail sector.
Lookers PLC has announced the completion of a recent series of senior leadership changes with the appointment of Chris Walker as its new chief people officer.
