Franchised dealer profit figures for May show on average a loss of almost £10,000 per site, according to data from ASE
Car dealers have been called upon to end unnecessary used vehicle stock value losses of up to 5% by creating a centralised national service history database.
HR Owen’s annual financial results for 2018/19 have revealed that the London-based supercar and luxury car retailer has delivered a four-fold increase in pre-tax profits in the three years since its acquisition by the Malaysian Berjaya Group.
Car dealers registered a “marginal” year-on-year improvement in profits during April, according to ASE – the month’s average total amounting to £5,000.
Pendragon needs to refocus its Car Store used car supermarket strategy as it seeks out “self-help opportunities” in light of an operational business review which predicted that the group would make a significant loss in H1, 2019.
Cartime is targeting a £100 million turnover by 2021 after celebrating a set of annual financial results which revealed a 28.7% rise in revenues and 27% increase in pre-tax profits in 2018.
Fast-expanding Motordepot has revealed a 35% increase in turnover and 16% growth in pre-tax profits in a financial period which saw the independent retailer open three used car supermarkets.
Islington Motor Group has been awarded with Citroen UK’s Golden Chevron award in recognition of an “outstanding turnaround” as part of the brand’s dealer improvement programme.
Car retailers improved their profitability by 4.4% year-on-year to an average of £118,000 during March, according to the latest data published by ASE.
Swansway Motor Group has reported a 35% increase in its profit before tax in its annual financial results for 2018 – despite a decline in turnover.
Car retailers were unable to take advantage of a milder February on their forecourts as profitability statistics published by ASE showed a £19,600 loss during the month – matching 2018’s performance.
Dealers have started 2019 with a rise in profits, according to data collected by ASE.
Stoneacre Motor Group has reported turnover growth of 9% and profit before tax up 34% in its financial results for 2018.
Car dealers showed their ability to adapt to challenging market conditions by achieving an average profit of £2,900 during December, ASE has reported.
Peugeot UK managing director David Peel told delegates at the brand’s national dealer conference to “be prepared” for electric vehicles as its makes the transition to an EV model line-up.
Car retailers avoided a repeat of the record losses incurred during November 2017 with their trading during the penultimate month of 2018, but still posted an £8,500 average deficit.
Franchised dealer profits in October were up by £7,500 in October year-on-year, after a £1,500 loss in October 2017, said ASE Global.
Lookers has reported growth in its used car and aftersales operations as new car volumes and turnover declined in-line with the market during the period to September 30.
The September 1 introduction of Worldwide Harmonised Light Vehicle Test Procedure (WLTP) has been blamed for a 20% slump in car dealership profits during the key ‘plate-change month.
Cap HPI has warned that large car retail groups that inaccurate vehicle data could be costing their business £117,000 a year in findings from a profitability study carried out in partnership with the Institute of Transport Studies.
