Used car retailer Cazoo reported a 690% year-on-year growth of gross profit per unit and overall gross profits up 367% to £14 million in Q1 as its CEO asserted that its sweeping restructure was starting to “bear fruit”.
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.
An acceleration of new vehicle, parts and service revenues has propelled Group 1 Automotive to a record set of Q1 financial results.
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).
Cazoo has announced the appointment of former CarShop chief executive Jonathan Dunkley as chief operating officer in a trading update published today (March 7).
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 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.
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).
Cazoo plans to close sites and axe jobs in the UK as part of a ‘Revised 2023 plan’ following its 2022 exit from used car markets on the European mainland.
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.
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 is taking its car dealerships “off grid” as part of efforts to combat the soaring cost of energy in the second half of 2022.
The Renault Group has upgraded its profit expectations for the remainder of 2022 despite suffering H1 losses due to a writedown of its car manufacturing operations in Russia.
Sytner and CarShop owner Penske Automotive has reported a record quarter performance after delivering and 8% increase in pre-tax profits to $500 million (£412m).
Inchcape is “confident” of achieving its mid-term growth plans after delivering 53% growth in its adjusted pre-tax profits in the first half of 2022.
Group 1 Automotive has highlighted the strength of its new car order books in the UK after reporting a record Q2 performance.
Motorpoint has added plans for a Coventry used car supermarket sites to its expansion plans for Edinburgh and Milton Keynes after growing its Q1 revenues by over 30%.
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.
Lookers has said that it will maintain its relentless focus on operational optimisation and cash management as “significant inflationary pressures” impact car retail sector’s trading performance.
