Retail new car demand for electric vehicles is not yet at a level where the industry will hit the government’s proposed 22% ZEV Mandate target for 2024, according to new research for sister publication Auto Retail Bulletin. The latest Auto Retail Barometer, which surveys industry sentiment every six months, reveals that more than 60% of […]
Read More →Lookers has issued a trading statement for the year to December 2022. The group has reported a stronger than expected performance. Underlying profit before tax for the full year ended 31 December 2022 will exceed £80m. This compares with £90.1m the previous year which included £9.8m of COVID support. CEO Mark Raban said: “We’ve enjoyed […]
Read More →The Society of Motor Manufacturers and Traders (SMMT) has urged the government to act swiftly in order to secure the long-term future of the automotive sector. The SMMT considers automotive to be one of the country’s most important assets. Return to Growth The timing of the push comes as the sector begins its recovery from […]
Read More →BMW has revealed more about its direct-sales agency model, which will see it invoice customers directly and retailers receive a fixed fee for each sale. Sales and marketing boss Pieter Nota said it will start with Mini in 2024 and all BMW cars in 2026. Often Misunderstood Nota was keen to stress “the agency model […]
Read More →Lookers’ Charles Hurst car retail division is to develop the only Lotus Car dealership in Northern Ireland. Boucher Road, Belfast The Geely-owned performance car brand’s new Emira coupe – an all-electric SUV will be introduced to the group’s Boucher Road car retail complex in Belfast. The deal has taken place under a new agency model […]
Read More →Yeomans Group has completed the acquisition of 11 Audi, Volkswagen, VW Commercial Vehicles and Skoda franchised car dealerships from Helston Garages. The deal was closed for an undisclosed sum. This will be the first time Yeomans, who are based in Worthing, have represented Volkswagen Group brands. Yeomans also represents Citroen, DS, Honda, Hyundai, Nissan, Peugeot, […]
Read More →Volvo has agreed terms with its retail network to move to an agency model from mid-2023, according to Auto Retail Agenda sources. While contracts still have to be signed by each retailer, it is understood the dealer network reached terms of the shift from franchised to agency. Agreements were reached at an investor conference with […]
Read More →Pendragon is poised to be taken private by Hedin Group in a £400m deal. Board members are reported to have agreed to Anders Hedin they will recommend a 29p a share bid to shareholders. Reports say executives have been finalising the deal which could mean a short extension to the ‘put up or shut up’ […]
Read More →In 2021, auto retailers achieved their highest net profit margin in the history of the BDO Motor 150 Report. The Motor 150 group of retailers also surpassed £1bn in pre-tax profits for the first time by reaching an extraordinary £1.7bn, compared to £449m in 2020. The largest 75 auto retail groups achieved a 2.39% net […]
Read More →Southwest Nissan Group, which operates Nissan showrooms in Wellington, Somerset; and Exeter and Barnstaple in Devon, has switched its in house car fleet to EVs. Three directors have opted for the new Ariyas while over a dozen other members of the management team are driving LEAF hatchbacks. Management are hoping the move will encourage more […]
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