Inchcape PLC has confirmed it has had several approaches to sell its UK retail division. In a Stock Exchange announcement, the global business said: “Inchcape confirms that following approaches from a number of interested parties it is reviewing strategic options for the UK Retail business, which potentially could include a sale. This review is at […]

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Mark Raban has resigned as CEO of Lookers and will leave the group at the end of this year. The announcement comes as the retailer has also announced around 200 redundancies linked to the privatisation of the business. A spokesman for Lookers said: “A number of people linked to the central support function of running […]

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Pre-registered new Mercedes still exist under its agency model, a practice that was supposed to have stopped with the new retailer agreement. Cars advertised as “nearly new (pre-reg)” with 100 miles on the clock can be found on price comparison sites. Registered cars with less than 100 miles can also be easily found on new and used […]

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Retailers need to sell 23% more cars under an agency model to see equal profitability with the franchised system, according to John O’Hanlon, founder of Waylands. O’Hanlon, speaking at last week’s Vehicle Remarketing Association conference about future challenges facing the industry, said: “We need to sell over 23% extra cars just to stand still under the agency […]

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Mercedes-Benz UK CEO Gary Savage has questioned the latest NFDA Dealer Attitude Survey for its relevancy to the agency model. Dealer attitude decline As highlighted in the October issue of Auto Retail Bulletin, under true agency agreements, all stock is held by the national sales company, which means there is zero pre-registration by retailers. However, Mercedes retailers […]

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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 […]

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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,” […]

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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 […]

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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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Canada’s Alpha Auto, through its UK entity Global Auto Holdings, has increased its takeover offer for Lookers to 130p a share. Global Auto Holdings, referred to as Bidco, has also announced that the increased offer will switch to a takeover offer for Lookers. Today’s takeover offer differs from the original scheme offer in the way voting for […]

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