Paragon Bank’s Motor Finance division has more than doubled the amount of car retail lending during the first half of its financial year.
Vertu Motors has said that it remains focused on the delivery of operational excellence around cost, conversion and customer experience as car retail’s headwinds deliver uncertain H2 outlook.
Aston Martin has appointed former Ferrari chief executive Amedeo Felisa as its new CEO as Tobias Moers stands down after less than two years at the helm of the British performance car maker.
Cazoo has revealed that its gross profits and profit-per-unit both declined as its online used car sales soared to deliver record revenues in Q1 2022.
Group 1 Automotive has revealed record turnover and profits in an ‘outstanding’ Q1 for its car retail operations in the US and UK.
Sytner Group and Car Shop owner Penske Automotive has revealed “all-time record quarterly results” in Q1 2022 in a trading update from the car retail giant.
Inchcape has forecast a 25% rise in pre-tax profits in 2022 despite its withdrawal from Russia’s car retail sector and a vow that it has “no intention to re-enter the market”.
Pendragon’s push to “maximise margins” on its new and used car sales to mitigate against automotive supply constraints have helped deliver a 73.1% increase in Q1 pre-tax profits.
Vertu Motors has revealed that its 2022 pre-tax profits will have risen by more than 200% in 2022 as it forecast a year-end total of “not less than £75 million” in a trading update issued this morning.
Lookers chief executive Mark Raban has revealed that car retail PLC expects to publish record annual profits after an “exceptional” 2021 trading performance.
Pendragon has increased its profit expectations for 2021 by a further 14.3% after continued car buyer demand powered it to another profit upgrade.
The Motorpoint used car supermarket group has revealed turnover growth of 57% and pre-tax profits up 30% in a trading update for the first half of 2021.
Pendragon has followed fellow car retail PLCs Marshall and Lookers into issuing an upgrade to its 2021 profit expectations after a “strong” Q3 performance.
Lookers has raised its 2021 profit expectations after it weathered Q3’s vehicle supply shortages to deliver “excellent new and used vehicle margins”.
Marshall Motor Group has increased its 2021 profit expectations by a further 25% after outperforming the wider car retail sector in Q3.
Vertu Motors has embarked on a £3 million share buyback programme and is set to resume dividend payments after upgrading its 2021 profit expectations to £50m to £55m.
Marshall Motor Holdings has upgraded June’s forecast of record profits for 2021 in a trading update predicting an underlying pre-tax profit of “not less than £40 million” for the year.
Lookers has said that a positive swing in performance that will see 2020’s H1 loss of £50 million converted into a £50m pre-tax profit in the first half of this year.
Inchcape has revealed that its year-to-date financial performance has “exceeded expectations” in a brief trading update issued today (June 18).
Strong financial reports from across the car retail sector have reaffirmed that businesses have weathered the COVID-19 crisis without the “Darwinian evolution” predicted 12 months ago.
