AM ONLINE –

Inchcape profits up 35% for H1 fuelled by global expansion

Inchcape has increased adjusted pre-tax profits by 35% to £249 million over the first six months of the year, fuelled by its acquisition of Derco in Latin America.

The business saw global revenues increase by 45% to £5.6 billion, which it said was supported by the Derco acquisition, as well as a 13% increase in organic revenue growth.

Duncan Tait, Inchcape group chief executive, said: “Inchcape has produced another excellent performance during the first half of 2023, driven by growth from acquisitions and by consistently strong organic growth.

“In particular, the acquisition of Derco has transformed our market position in the Americas and is already having a positive impact on the group.”

MOTOR TRADER –

Arnold Clark Autoparts to offer aluminium reg plates

Arnold Clark Autoparts will offer customers a range of aluminium vehicle registration plates to reduce plastic use.

The metallic plates now available from Arnold Clark Autoparts are manufactured by Hills Numberplates, which recently reported that 2,000 tonnes of plastic are created every year through the use of plastic number plates.

The new metallic plates reduce the typical carbon footprint of a standard acrylic plate by five times.

Rob Laugharne, managing director at Hills Numberplates, said: “Tackling tailpipe emissions is becoming easier with the adoption of new technologies, and several solutions exist across the aftermarket, but the carbon impact of car materials remains a challenge for many in the industry.

“That’s why it’s important that car manufacturers and dealers look closely at the parts and materials they use and make sustainable choices. We may not think a number plate could contribute to a car’s carbon impact, but these figures show that it all adds up.”

Car Dealer Magazine –

Group 1 Automotive sees UK profits reach £162m in first half of 2023

Group 1 Automotive has reported that profit within its UK operation grew to $207.1m (£162m) in the first half of 2023.

The Fortune 300 company has published its accounts for the first six months of the year, with figures painting a positive outlook for the future.

Overall, the firm’s UK and US businesses enjoyed revenues of $8.69bn (£6.8bn) – a year-on-year rise of 8.7 per cent. Global gross profit, meanwhile, rose 0.7 per cent to just over $1.5bn (£1.18bn).

The firm now has 203 dealerships globally and 75 locations in UK, comprising of BMW, Mercedes, Audi, VW, Seat, Skoda, Jaguar Land Rover, Kia, Toyota and Ford franchises, and used car centres.

Last year it was named the ninth-most profitable dealer group in the UK in the Car Dealer Top 100, with £36.1m of EBITDA profit for 2021.

Motor Trader –

Group Auto Holdings tables £504.2m takeover offer for Lookers

Group Auto Holdings has increased its takeover of Lookers offer to £504.2m.

In June Canadian dealer group Alpha Auto Group, a sister company of Group Auto Holdings, tabled a £465m bid for dealer group Lookers.

Shareholders rejected the previous offer.

Lookers Directors intend to recommend “unanimously” that Lookers Shareholders accept the increased offer.

Global Auto Holding now has 28 days to publish an offer document. There will then 60 days for consideration from that date.

In response to the initial offer in June, Mark Raban, chief executive officer of Lookers, said: “Today’s offer reflects the transformational progress that has been made in recent years. We have harnessed our strong market position, enhanced our brand relationships, and executed well against our six strategic priorities.

“[The offer] will create a business of greater scale, and bring together two successful businesses with complementary OEM relationships, and a strong platform to support future growth in the UK.”

Motor Trader –

Vertu Motors partners with Yeovil Town Football Club

Vertu Motors has partnered with Yeovil Town Football Club for the 2023/24 season.

As part of the sponsorship agreement, Vertu Motors branding will be displayed around the dugout at the Huish Park stadium.

The wider Vertu Motors group acquired 28 South West retail sites from Helston Garages Group Limited in December 2022, a number of which have since been rebranded as Vertu Motors.

Vertu Yeovil Land Rover, Vertu Yeovil BMW, Vertu Yeovil MINI and Vertu Yeovil Volvo all reside locally to Huish Park stadium, while Vertu Motors also has several dealerships in neighbouring towns Bridgwater, Taunton and Dorchester.

Robert McGarva, head of business at Vertu Yeovil Land Rover, said: “We are delighted to be partnering with Yeovil Town FC for the upcoming season.

“This collaboration allows us to further engage with our customers and showcase our commitment to excellence in both automotive and community-driven initiatives.”