Am Online –
Lookers chief operating officer Duncan McPhee has said the AM100 PLC is ready to accelrate growth through acquisitions and the creation of a Lookers Car Hub used car operation.
In an interview following today’s (April 5) publication of annual financial results revealing a 6.2% rise in turnover for 2022 and an upgrade to projected 2023 profits following a positive Q1, McPhee said he and the business were in an “extremely positive” place.
And he told AM that the car retail giant was “definitely” ready to acquire other businesses as part of a bid to drive growth.
Am Online –
Steven Eagell could be about to secure the acquisition of 13 Toyota and Lexus car dealerships from Marshall Motor Group.
AM sources revealed that staff at the affected former Motorline businesses, which were acquired by Marshall in October 2021, were informed of the potential deal in meetings yesterday (April 4).
If completed, the move could signal Marshall’s exit from a second new car franchise since its summer 2022 acquisition by BCA, cinch and WeBuyAnyCar owner Constellation Automotive.
Am Online –
Lookers chief executive Mark Raban has said that he is “delighted” with the car retail group’s 2022 financial results performance in light of the “supply disruption, inflation and rising interest rates” experienced in the period.
Turnover rose 6.2% to £4.3 billion (2021: £4.05bn) as the AM100 group’s underlying pre-tax profits declined 8.2% to £82.7m (2021: £90.1m) in the trading period to December 31, 2022.
That PBT performance represented 3% growth, however, with the exclusion of the £9.8m of UK Government COVID-19 support received during 2021.
Am online –
Group 1 Automotive is on the hunt for a new managing director once again after Mark Bridgland announced his departure from the US-owned car retail group ahead of the start of a “new venture”.
The news comes just over eight months after Bridgland’s promotion from director of operations ended the AM100 car retail group’s 22-month search for someone to fill its MD post.
Spire Automotive founder and previous group managing director Darren Guiver departed the role in November 2019 to "take time away from the business”.
Bridgland’s departure from Group 1 was revealed in a notice published by Companies House on Friday (March 31).
Constellation Automotive has appointed James Mullins to the board of Marshall Motor Group, according to documents filed at Companies House.
Mullins was appointed CEO of Constellation’s online used car trading operation cinch in April last year.
Mullins was chief financial officer of Cambria Automobiles for over 14 years.
Initially under Private Equity ownership from 2006 to 2010, the company was listed on the London Stock Exchange AIM market from 2010 and then taken private in October 2021.