Cazoo founder Alex Chesterman told AM that it is “too early to speculate” about a possible market floatation of the online car retail business, following publication of its 2019 annual financial results.
Vertu Motors’ COVID-19 recovery accelerated the AM100 PLC to a £19 million profit in Q2 to reverse a £14.3m Q1 loss and deliver a profit in a challenging period for automotive retail.
The financial blow dealt by COVID-19 coronavirus lockdown contributed to a £31 million underlying loss before tax at Pendragon, the AM100 group has reported in interim results published today.
A Trade Centre Group radio advert said to have placed PCP finance terms at the start in an effort for added prominence has been banned by the Advertising Standards Authority (ASA).
Former Endeavour Automotive managing director Adrian Wallington has re-joined former employer Marshall Motor Holdings as commercial development director as one-of-four new appointments for the AM100 PLC.
Stoneacre Motor Group’s founder and owner Richard Teatum has invested over £3 million in rival car retail group Vertu Motors.
Pendragon will rebrand and restructure its Car Store used car division while driving digital innovation in a new growth strategy which it hopes will deliver an underlying profit before tax of £85m to £90m by 2025.
Cambria Automobiles is embarking on series of cost-cutting measures which will include a "significant reduction" in employee headcount due to the impact of COVID-19 lockdown.
Motorpoint has reported that business at its 13 used car supermarkets has been “comfortably ahead” of 2019 in the period since the COVID-19 lockdown restrictions were eased on June 1.
A ‘false economy’ which has seen the UK’s car retail sector deliver on pent-up demand from the COVID-19 lockdown is masking the true extent of impending redundancies in the sector, Pendragon boss Bill Berman has told AM.
Pendragon has announced a plan to axe 1,800 jobs from its UK car retail network as part of a bid to create a “leaner and more sustainable operating model” in the wake of the COVID-19 crisis.
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.
Accounting errors have been blamed for an understatement of Aston Martin’s 2019 losses by £15.3 million.
COVID-19 and the EU’s new RDE CO2 emission regulations were cited as the “key events” which resulted in a 5.4% decline in revenues in the car retail group’s 2020 annual financial results.
The time has come for the Government to give a definitive bit of advice, to codify what the Prime Minister could only splutter when he said: “Instead of ‘stay at home if you can’ – I think we should now say, well, ‘go back to work if you can’.”
Vertu Motors has taken the decision to cut 345 jobs as it looks to future proof its operations through increased automation in the wake of the COVID-19 lockdown.
Lookers has requested that the listing of its ordinary shares be temporarily suspended, pending publication of its 2019 annual financial results.
Over 20 employees could be at risk of redundancy at Cambria Automobiles’ Jaguar Land Rover (JLR) dealership in Swindon as part of plans to mitigate against the impact of COVID-19.
The Evans Halshaw, Stratstone and Car Store car retail businesses will have a “powered by Pendragon” prefix added to their name as part of a rebrand of the AM100 car retail group aiming to add confidence to car buying consumers.
The investigation into fraud at Lookers has exposed a £19 million ‘black hole’ resulting from overstated supplier bonuses, fraudulent expenses claims and the inconsistent application of policies, processes and accounting standards.
