This week, we have a round up of NFDA Members who have made it into the trade press... take a look at what is going on in the sector.
AM ONLINE
Lookers trio incentivised with £1.5m 2023 shares bonus
Lookers will grant its top leadership trio £1.5 million in share options for the car retail group’s 2023 performance if the car retail PLC meets a series of three-year performance targets.
Chief executive Mark Raban, chief operating officer Duncan McPhee and chief financial officer Oliver Laird will receive the nil cost share options if the business meets “stretching Cumulative Underlying Earnings Per Share, Strategic, and Environmental performance targets” over a three financial year period to December 31, 2025.
CAR DEALER MAGAZINE
Allen Ford’s huge profit last year was mainly down to a multi-million-pound business interruption insurance payout because of Covid.
The dealer group made £27.6m in pre-tax profit for the year ended June 30, 2022 versus £7.5m the year before, latest accounts show.
The Warwick-headquartered business said it enjoyed higher margins in new and used cars because of the squeeze on vehicle supply, with rising used car prices and ‘well-controlled costs’ helping as well.
Further investigation into the accounts revealed that it received £20.5m in insurance compensation during the period for business interruption caused by the pandemic. It didn’t get anything the year before.
AM ONLINE
Lookers raises 2022 profit expectations and adds new car franchises
Lookers has raised its 2022 full-year profit expectations to over £80 million and revealed plans to add further to recent new car franchise additions Lotus Cars and Ora.
In a trading update published via the London Stock Exchange this morning the AM100 PLC’s chief executive Mark Raban revealed that improvements in its year-on-year performance during Q4 had prompted the business to “increase our full year profit expectations”.
Underlying profit before tax is now expected to be over £80m - up from 'not less than £75m" - when Lookers reveals its preliminary annual financial results on April 5, compared to a £90.1m 2021 total which included £9.8m of COVID-19 support from the UK Government.
MOTOR TRADER
Bristol Street Motors supports local grassroots football scheme
Bristol Street Motors West Bromwich Ford is donating £1,500 to New Park Village Football Development, which combines football and learning programmes catering for boys and girls aged four to 16.
Set up by former Wolves player and local resident Joe Jackson, it originally was launched to tackle gang crime and bring rival communities together.
Since 1998, it has grown to help improve the lives of young people across the city and works with those from many different backgrounds.
The Bristol Street Motors West Bromwich Ford donation will be used for playing kits and equipment for the Academy Programme, specifically the under 7s and under 8s teams.
MOTOR TRADER
Pendragon gets approval from council for new Ford dealership
North Lanarkshire Council have given the go ahead for a new Pendragon Ford dealership in Motherwell.
The Scottish Daily Record reported that the dealership will be constructed on the site of a former Taggart’s showroom in Windmillhill Street.
NLC case officer Ann McGregor noted: “The building is considerably smaller in scale than the combined footprint of all existing buildings on site which occupy an approximate area of 3010 square metres.
“The buildings have been vacant for a period in excess of four years.
AM ONLINE
Inchcape Retail 2021 financial results show rebound from heavy losses
Car dealer group operation Inchcape Retail rebounded from £76.4 million pre-tax loss to deliver profitability in 2021 financial results.
The AM100 car retail group, part of Inchcape PLC, delivered a pre-tax profit of £6.54m as turnover rose by 22.7% to £1.33 billion (2020: 1.08bn) in the 12-month period to December 31, 2021, documents published via Companies House revealed today (January 9).
Gross profit margins increased to 12.6% (2020 10.4%) as restricted used car supplies across the sector triggered higher margins during a period which brought about the business’ launch of a new bravoauto used car retail division.
