Two of the UK’s largest used car supermarkets look set to become one as Peter Waddell’s Big Motoring World is understood to be in the process of buying rival Available Car. Auto Retail Agenda understands that senior staff have been called to a meeting today (Thursday, 31 August) to be told about the takeover. Peter […]
Read More →Jaguar to launch ‘Second Life Leasing’ for used EVs Jaguar is set to launch a corporate used car leasing product, possibly called Second Life Leasing. It’s developing the product with its financial partner Lex Autolease and is expected to launch it in September, before opening to salary sacrifice customers by Q1 2024. The product would […]
Read More →Ford is planning to cut more than half its current retailer network in time to for a switch to agency sales, according to Auto Retail Agenda sources. It is understood the network was issued with termination notices last year and it was known a cut back was planned. However, final numbers for those that will survive […]
Read More →Lookers has reported a drop in underlying profitability and gross margins in the first half of 2023 following record figures for the past two years. The group’s underlying profit figure was down £1.1 million at £46.1m on a turnover that was up 8.0% at £2.42 billion. Lookers, which is currently the subject of a takeover bid by Canadian […]
Read More →Smart is increasing its initial target of showrooms from 34 to more than 40 to improve geographic coverage. Speaking exclusively to Auto Retail Agenda last week, UK Smart Managing Director David Browne said the network currently had 23 sites and was partnered with 17 groups. His original target of 34 locations will be hit by […]
Read More →The Peter Vardy Group is to hold launch events for its new MG dealerships in Edinburgh and Kirkcaldy on Saturday 12 August. The portfolio expansion to its MG dealerships is part of Peter Vardy’s pledge to offer customers a wider choice of cars. “We are delighted to introduce the MG brand to Edinburgh and Kirkcaldy,” […]
Read More →Cazoo head of operations James Dower is to leave the business on 31 August. He said he had been proud to lead a “hugely effective operational team that have delivered incredible efficiencies and outstanding performances across the wholesale business. “To the site, field inspection, imaging and logistics teams I would like to say a huge […]
Read More →Despite inflationary pressures, Endeavour Automotive turned in pre-tax profits of £5.5m on £240.7m turnover in the year to December 2022. These results are largely unchanged from profits of £5.6m on £236.4m the previous year. The directors said they were pleased with the performance, especially in light of inflationary conditions with rising energy costs and interest […]
Read More →Suzuki UK and Ireland director Dale Wyatt has revealed retailers recorded record net profits in the first half of 2023, with average return on sales improving to 2.6%. The average solus Suzuki retailer has a 3.3% return on sales – and the upper quartile are enjoying a 5.4% return. Average net profit is up 50% […]
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