MOTOR TRADER

BCA and Lookers renew remarketing partnership

BCA and Lookers have renewed their remarketing partnership for a further two years.

The programme commenced on 1st January 2023 and runs to the end of 2024, with around 35,000 vehicles likely to be offered for sale during that time.

Lookers stock will be offered from BCA locations nationwide, with a branded online sales programme featuring Lookers Retail, Lookers Leasing and Lookers Budget vehicles.

MOTOR TRADER

Group 1 UK delivers record profits, reveals 16k order bank for 2023

Group 1 turned in a strong performance in 2022 with record profitability in the UK business.

Overall the US dealer group saw turnover up 20.3% to $16.2bn with gross profits up 21.5% to $3bn.

In the UK it delivered $382.9m gross profits, up 9% on the prior year on turnover up 6% to $2.8bn.

Daryl Kenningham, Group 1 president and chief executive officer, said the UK had an order bank at year end of 16,000 vehicles and given its weighting towards top end brands, where demand was more resilient, the outlook for 2023 was positive.

“2022 was a record year for Group 1 Automotive, driven by outstanding aftersales growth, strong margins, all-time record profitability in our UK operation and disciplined expense control.

CAR DEALER MAGAZINE

£300m Jardine deal proves listed car dealers are rich pickings for oversea investors

The Americans are coming – and they want to feast on undervalued UK car dealer groups.

That’s the opinion of stock broker Zeus Capital which has highlighted the ‘good value’ listed car dealers like Lookers, Pendragon and Vertu currently represent.

The broker’s comments have been echoed by motor trade deal makers who highlight the ‘cheap’ price of listed groups in the UK as too tempting for overseas investors to ignore.

CAR DEALER MAGAZINE

Pendragon expected to beat analysts’ expectations and post £57m pre-tax profit for 2022

Profits last year at Pendragon are expected to be down on 2021’s performance, but ahead of analysts’ expectations.

The listed dealer group, which operates under the Evans Halshaw, Stratstone and CarStore brands, made a full-year trading update to the London Stock Exchange this morning (Jan 25).

In it, Pendragon prepared the ground for a ‘strong’ set of results due to be published on March 22.

AM ONLINE

Cambria Automobiles enters ‘chapter two’ after McLaren FD appointment

Cambria Automobiles chairman and chief executive Mark Lavery has said his business is ready to enter “chapter two” of its development after the appointment McLaren finance director Paul Buddin as CFO.

Speaking to AM almost 15 months on from the re-privatisation of the former PLC, Lavery said that he had been “incredibly fortunate” to be able to make the “top drawer” new appointment as the business looks to diversify and grow in a sector experiencing once in a lifetime changes.

Buddin joins Cambria nine months after former Cambria chief financial officer James Mullins left to become chief executive of Constellation Automotive’s cinch online used car retail offering, having been with the business since 2007.

CAR DEALER MAGAZINE

Jardine Motors poised to be bought by US group Lithia in £300m deal

Jardine Motors could be bought by US dealer group Lithia in an acquisition said to be worth some £300m, it was revealed today.

The franchised dealership, which is part of the Jardine Matheson Holdings conglomerate, is said by Sky News to be in advanced talks with Lithia Motors, which tried to buy Pendragon last summer but was blocked by the Hedin Group.

According to Sky News, Lithia – valued at more than $6.5bn (£5.3bn) on the New York Stock Exchange – is within weeks of inking the deal.

MOTOR TRADER

Vertu Kia Nottingham appoints new general manager

Geoff Wicks has been appointed as general manager at Vertu Kia Nottingham.

He joins the Vertu Motors group’s Mansfield Road, Arnold dealership following a successful career in roles as a general manager at Marshall Motor Group and Inchcape Lexus and Toyota.

Wicks said: “Vertu Motors is one of the leading automotive retailers in the UK with a fantastic reputation. The Group’s values closely align with mine and I’m looking forward to getting started.

MOTOR TRADER

Hendy Group begins construction of new dealership in Eastleigh

Hendy Group will is set to open a new dealership facility in Eastleigh.

Hendy is working in partnership with Eastleigh Borough Council to transform the brownfield site in St George’s Way, adjacent to the group’s existing dealerships in Villeneuve Way and opposite its Leigh Road operation.

Construction work is due to take a year on the multi-franchise dealership which will provide state of the art facilities for Nissan, Renault, and Dacia.