Inchcape reports strong Q3, retail division grows – AM ONLINE

Inchcape has recorded strong revenue growth in Q3 2022 and it expects to meet or exceed its profit guidance for the full year, it said in a stock market update for the three months to September 30.

The group, which operates vehicle distribution businesses and car dealerships, reported revenue up 24% to £2.1 billion, up 16% on an organic basis.

The organic growth was led by its Distribution division which increased its revenue by 18%, however its Retail division was up 11% also. Although new vehicle supply remained constrained the company saw growth in used vehicles. The company said pricing remained "robust", enabling it to deliver revenue growth in vehicle sales.

Group 1 UK is making six times more per unit than Cazoo – AM ONLINE

Data for Group 1 Automotive UK shows the steadily-growing AM100 dealer group is making great profits from its sales of new and used cars.

Figures it published this week show its average gross profit per unit from the first nine months of 2022 rose 42% in new vehicle sales, to $3,633 (approx.. £3,149), while in used cars it dropped 11.3% to $1,653 (xx) versus Q1-3 2021.

In Q3 2022 alone, its GPU in new vehicles of $3,464 (£2,995) was six times higher than that reported by online car dealer Cazoo on Thursday, and its used GPU of $1,507 (£1,303) was triple that of Cazoo's.

Sytner Group sees pre-tax profit soar to more than £178m as impact of pandemic eases – CAR DEALER MAGAZINE

Sytner Group enjoyed a 77 per cent rise in pre-tax profit to more than £178m last year as the pandemic impact eased.

In its accounts for the year ended December 31, 2021, which have just been published on the Companies House website, the company, which operates used car supermarkets under the CarShop banner plus franchised dealerships, said its profit before tax went up from £100.4m in 2020 to £178.1m in 2021.

That was on an 18 per cent revenue increase from £4.9bn to £5.8bn for the business that is ranked second in the Car Dealer Top 100.

Strong Q3 result for Pendragon with 14% uplift in new car sales volume – AM ONLINE

AM100 group Pendragon said gross profit for the three months to September 30 was maintained at the “exceptional level” seen last year as it outperformed the overall UK new car market.

New vehicle volumes, although still impacted by reduced supply, were up in Q3 by 14.2% at Pendragon, versus a national market down 0.1%, and GPU of £2,597 was up £743 versus Q3 2021.

However used vehicle volumes were down year-on-year and GPU of £1,561 was lower than the "exceptional levels" of Q3 2021, when GPU reached £2,052.

Wessex Garages joins Great Wall Motors’ expanding Ora EV dealer network – AM ONLINE

Wessex Garages has become the third UK franchisee of Great Wall Motors’ Ora electric vehicle (EV) brand with plans for a new dealership in Bristol.

The Bristol-based AM100 retail group has committed to the opening of a new dealership at Cribbs Causeway, following Peter Vardy and Lookers into the Chinese carmaker’s growing network plans.

Ora is set to open order books for its £31,995 zero-emissions Funky Cat hatchback next month and claims to have attracted over 8,000 registrations of interest for the model on its UK website.

Great Wall Ora appoints Lookers as its first franchisee in England – AM ONLINE

Great Wall Motors’ (GWM) Ora electric vehicle (EV) brand has appointed Lookers as its first car retail franchisee in England.

The appointment of the AM100 PLC to operate showrooms in Wolverhampton and Braintree follows an announcement earlier this month that Peter Vardy would become the brand’s first UK’s appointment.

Growth of the emerging Chinese car brand’s network of franchise partners comes ahead of the the opening of order books for its Ora Funky Cat EV hatchback next month, priced from £31,995.

Vertu Motors hints at further acquisitions as it posts impressive half-year results – CAR DEALER MAGAZINE

Vertu Motors expects its performance for the year to ‘beat market predictions’ after a strong first half of 2022.

Unveiling results for the six months ending August 31, Vertu Motors revealed profit before tax of £28.2m on revenue of nearly £2bn.

New and used car margins helped to boost the group’s results, despite supply issues.