Acquisitions, improved profit forecast, opening of new dealerships...a number of NFDA members featured in the news this week
Lookers' ‘strong trading momentum’ prompts improved profit forecast
Lookers will return to “normalised reporting” of its annual financial results after renewing its banking facility and reporting continued strong trading momentum the first four months of 2021.
The AM100 car retail PLC reported new car sales up by 32.6% and used car sales up 32.5% year-on-year on a like-for-like basis in a trading update for the period to April 30 published via the London Stock Exchange on 25 May.
Aftersales revenues rose by 25.4% in the same period, meanwhile, as the group performed strongly in a period largely impacted by COVID-19 ‘Lockdown 3’. In light of the strong start of the year, the group now forecasts a 2021 profit before tax which will “comfortably exceed current market consensus” of £34 million. [...]
Perrys opens MG Motor UK’s 28th new car dealership in 12 months
Perrys Motor Sales has opened a new MG Motor UK dealership in Aylesbury, taking the brand’s network growth to 28 locations in just 12 months. The AM100 car retail group added to its recently-opened MG showrooms in Preston and Huddersfield with the opening of the new facility on Griffin Lane, Bicester Road, Aylesbury, this week.
Its expansion with the brand follows a 41% increase in registrations for the brand in 2020 (to 18,415) – in a COVID-impacted market down by 29.4% - and 50.8% growth (to 8,307) year-to-date to the end of April. [...]
Marshall acquires JLR dealership from Heritage
Marshall Motor Group has acquired Cheltenham and Gloucester Jaguar Land Rover from Heritage Automotive.
The business is currently located in leasehold premises at Rutherford Way in Cheltenham. It will move to its new freehold location at Ashville Business Park in Staverton (on the site of the previous Land Rover dealership) in August 2021.
The new site will undergo a redevelopment to a new ‘Arch’ facility in due course.
Marshall Motor Holdings Q&A: Outperformance across the group
Marshall Motor Holdings plc Chief Executive Officer Daksh Gupta and Chief Financial Officer Richard Blumberger caught up with DirectorsTalk to discuss another strong performance for the group, repaying government monies, the semi-conductor shortages, pipeline, re-election at the AGM and achieving another ranking in the Best UK Workplaces.