Devonshire Motors completes double with Hyundai and Isuzu franchise additions – AM Online

Devonshire Motors has completed a double with the addition of Hyundai Motor UK and Isuzu UK franchises to its award-winning car retail operation in Barnstaple, Devon.

The AM Award-winning single site business has taken on the Korean brand and Japanese pick-up specialist in a move that dealer principal Nathan Tomlinson hopes will “future proof” his business after long-standing partner Mitsubishi prepares to withdraw its new car franchise from the UK.

Both Devonshire Motors’ new OEM partners will reside under the same roof at the business’s showroom on Braunton Road, Barnstaple.

Tomlinson revealed that the site is being redeveloped as part of “an exercise to sensibly upgrade our facility with the aim of improving customer experience and making our operation as efficient as possible”.

Hyundai sales from the site will get underway in August while Isuzu retail operations got underway in April.

Tomlinson said that last 12-months had been “a real test” as the team had worked through the challenges of COVID-19 while “reinventing the entire business at the same time” following news of the end of Devonshire Motors’ 30-year sales franchise relationship with Mitsubishi.

Cambria CEO Mark Lavery targets growth after reaching MBO agreement – AM online

Cambria Automobiles chief executive Mark Lavery has said that he looks forward to “capitalising on the growth opportunities ahead” after agreeing the terms of the group’s management buy-out (MBO).

A statement issued via the London Stock Exchange on June 10 revealed that the group would be returning to private ownership pending approval from shareholders at a court meeting and a positive vote in an upcoming general meeting.

Shareholders will receive 80 pence per share in cash in a deal which values the entire issued share capital of Cambria at approximately £80m.

The valuation represents a premium of approximately 21.2% on the closing share price of 66p on March 19, which was the last business day prior to the commencement of the offer period and 36.8% on the volume weighted average closing price per share of 58.5p in the six months to March 19.

Lavery’s bid for the business was approved by an independent committee of the board of directors of Cambria advised by Rothschild & Co.

Commenting on the offer, Lavery said: "I am pleased that the Independent Committee has unanimously recommended the Cash Offer. The Cash Offer represents an opportunity for Cambria Shareholders to realise their investment in cash at a material premium to the historical share price of Cambria where there has been a low level of trading liquidity or, where a shareholder might be prepared to do so, to retain a shareholding through the alternative offer.

“I am proud of the excellent job that has been done by the team over the last 11 years since Cambria's IPO to substantially transform the business but these achievements have not been reflected in the equity market's valuation or perception of Cambria.

“I am mindful of a rapid period of change for the industry and that there may be headwinds ahead, but I look forward to capitalising on the growth opportunities ahead, and creating value for customers, employees and brand partners under private ownership."

Hendy Group to rent out demonstrators via Karzoom – AM Online

Hendy Group is taking part in a pilot car hire scheme with rental firm Karzoom. The first-of-its kind partnership will see Hendy’s fleet of demonstrator vehicles offered for hire on Karzoom’s platform.

“This is a totally new way for motorists to hire a car,” said Hendy commercial director Mark Busby. “Motorists will be able to hire one of our demonstrator vehicles giving them an almost brand new car and at easy to access locations in the area.

“This partnership means we can provide our local communities with a unique, new way to access car hire. We know that customer mobility needs are constantly evolving and with this new service we can deliver the right solutions to drivers.”

Karzoom does not operate its own fleet of vehicles, instead it enabled dealerships to earn additional revenue by making vehicles available for hire, while customers can choose the specific model they want to drive and receive a handover from dealership staff.

Vehicles are generally less than one year old and can be hired from one day to 60 days on a fully inclusive basis. Bookings are handled online and the car can be collected from a driver’s selected Hendy dealership or from the customer’s chosen pick up point.

Sytner Group announces Goodwood Festival of Speed partnership – AM Online

Sytner Group will be the only automotive retail partner of the 2021 Goodwood Festival of Speed, showcasing models from the Alpina brand.

This year’s festival will also involve a celebration of Sytner Group’s chairman Roger Penske (pictured).

At the show, Sytner’s Alpina stand will showcase the latest range of vehicles plus, in the first glance paddock, festivalgoers will also have the chance to get a glimpse of the brand new Alpina B8 Gran Coupé, which Sytner Group is the sole UK distributor of.

Darren Edwards, CEO of Sytner Group, said: “We’re thrilled to be partnering with the Goodwood Festival of Speed. It’s one of the most highly anticipated events in sport and such a treat for anyone who loves beautiful cars and the thrill of seeing them in person.

“We know that there has been a huge buzz around the BMW Alpina B8 Gran Coupé so it’s wonderful to be helping to showcase the present and the future of cars as well as celebrating motorsport’s rich history.

"We also know that it means a lot to Roger, our Group Chairman, to be honoured as one of the 'maestros' of motorsport.”