An investigation into a potential fraud at Lookers has found a “cumulative total of approximately £19 million of non-cash adjustments” due to overstatements in profitability spanning several years, including the initial £4m reported at the start of this year. Lookers has revealed the figure from a draft report by Grant Thornton. This comes two days ahead of […]
Read More →The lifting of lockdown has heralded a long-awaited upturn in auto retail activity. Consumers are returning to car showrooms and, as well as taking delivery of pre-ordered vehicles, have also resumed purchasing new cars and, in particular, used vehicles and CVs. Auto Trader data shows that since showrooms reopened on 1 June, a record number […]
Read More →Lipscomb Volvo Canterbury has opened, three months later than originally planned. The £5m year-long development involved constructing a new junction on the A28 and an upgraded electric mains connection. “We had to jump through countless hoops with the city council and Kent Highways” said MD Peter Barnes. Boasting a bigger car showroom and workshop, the new […]
Read More →Auto retailers have reported a rebound in sales during the first week of car showrooms being open in England after being shut since the last week of March. Several retailers reported a positive week with pent up demand seeing sales do better than cautious expectations. Auto Trader agreed with the trend and reported record visits […]
Read More →Car retailers in Scotland and Wales are calling on their governments to immediately allow showrooms to reopen. Nine Welsh retailers have written to the First Minister about “considerable harm” in remaining closed while English dealers across the border reopen from 1 June. Signatories from the Welsh retail motor industry, which has a £3bn turnover and employs 20,000, were […]
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