Group 1 Automotive delivers record Q2 despite faltering UK car sales – AM Online

Group 1 Automotive has highlighted the strength of its new car order books in the UK after reporting a record Q2 performance.

The AM100 car retail group delivered a 14.3% increase in revenues to $4.1 billion (£3.4bn) in Q2 as its gross profit rose by 18.3% to $768.4m (£636.4m) and diluted earnings per common share from continuing operations of $12.1 (£10) – the highest in its history.

But year-on-year sales comparisons in the UK declined in a period 12 months on from the sector's second COVID-19 lockdown recovery.

Sytner owners report record-breaking £411m Q2 profit in spectacular quarterly results – Car Dealer Magazine

Sytner Group owner Penske Automotive has revealed record-breaking profits for the second quarter of the year.

Boosted by rising margins in both the new and used car markets, the American giant reported earnings before taxes of £411m ($500m).

That is despite the fact that the outfit’s revenue actually decreased by one per cent between April and June to end the period on £5.7bn ($6.9bn).

Meanwhile, income from continuing operations increased ten per cent to £307m ($374m) and earnings per share went up by 17 per cent to £4.05 ($4.93).

Dealer group JCT600 extends Bradford City sponsorship deal – Car Dealer Magazine

Dealer group JCT600 has extended its long-standing partnership with Bradford City Association Football Club.

The retailer has extended its shirt sponsorship deal until the end of the 2025/26 season, its association with the club to well over 40 years.

The firm began its relationship with the League 2 side in the 1980s and its founder, the late Jack Tordoff OBE, also served as the Bantams’ honorary life president.

Its current deal sees JCT600 branding feature on Mark Hughes’ mens’ match shirts and training range.

Cox Automotive downgrades its new new vehicle market forecasts for 2022 – Motor Trader

Cox Automotive has adjusted its quarterly and full-year new car market forecasts.

It predicts that Q3 2022 will end on 471,565 registrations, a 19% increase year-on-year, but -25.7% down compared to the 2000-2019 average and -20.5% down compared with the most recent pre-pandemic 2019 performance.

It said that the best-case scenario for Q4 is 351,171 registrations, a 6.2% increase year-on-year, but -23.5% down compared to the 2000-2019 average and -21.8% compared to the most recent pre-pandemic 2019 performance.

In full year forecasts, for its upside scenario, Cox Automotive predicts the year will end on 1.62 million registrations, a -1.4% decrease year-on-year, but -29.7% down compared to the 2000-2019 average, and -29.7% down compared to the most recent pre-pandemic 2019 performance.

Inchcape ‘confident’ of mid-term plan after 53% H1 profit growth – AM Online

Inchcape is “confident” of achieving its mid-term growth plans after delivering 53% growth in its adjusted pre-tax profits in the first half of 2022.

A trading update published by the AM100 car retail and distribution PLC showed that revenues grew by 8% to £3.89 billion as adjusted pre-tax profit reached £184m in the period to June 31.

The attributed “a great first half” in both distribution and retail to strong margins resulting from a combination of robust consumer demand and price-mix tailwinds against the backdrop of new vehicle supply shortages.

During the period the business expanded its bravoauto used car supermarket division in the UK to add to the growth provided by the addition of four new distribution businesses over the past 12 months, including Geely (Chile), commercial vehicles in Guam and Micronesia, Ditec (Chile) and Simpson Motors (Caribbean).