AM Online -

Pendragon continues to strengthen profits in 2023

A trading update by Pendragon has reported a "robust performance" in the first half of 2023, despite the headwinds of rising interest rates and inflation.

The AM100 car dealer group expects around a.9% increase in underlying profit before tax to c.£36.5 million, outperforming H1 2022 by £3m.

Pendragon, which operates car dealerships under the Evans Halshaw and Stratstone brands, said its UK Motor division performed well, with strong volume growth and improved margins.

Pinewood, its dealer software company, and Pendragon Vehicle Management also recorded strong performances.

Car Dealer Magazine –

Lookers: Could an incoming bid from Lithia Motors be why used car dealer Cinch pulled its backing?

Rumours in the industry are rife that a new bid is imminent for listed car dealer group Lookers.

Several well placed city sources have told Car Dealer they expect a bid from American supergroup Lithia Motors to be tabled imminently.

Sources say talks are currently live between Lithia and Lookers’ shareholders about whether they would support a rival bid.

It is believed Cinch has decided to back the rival offer and it’s for this reason it has pulled its support for the current deal. Constellation Automotive Group, Cinch’s owners, declined to comment when asked why it had dropped its support.

AM Online –

Vertu opens latest Motornation used car dealership in Tamworth

Vertu’s Bristol Street Motors has opened its latest Motornation used car dealership on the site of a former Cazoo outlet in Tamworth, following an investment of over £200,000.

The new dealership, on Ventura Park Road in the town of Tamworth, has created 11 new jobs, with more – including apprentices – in the pipeline.

The Motornation dealership is Bristol Street Motors’ exclusively used car outlet, witht the company stating that the new site demonstrates the brand’s confidence in the demand for second hand vehicles within the area.

The refurbished Tamworth location has space for 80 cars across the showroom and forecourt, with a new service centre with bays for up to seven vehicles.