Legal firm MILS has issued guidance to dealers on motor finance Discretionary Commission Claims, a huge issue for the retail sector in the light of the Court of Appeal ruling. The Court of Appeal upheld an appeal against Close Brothers, First Rand Bank and MotoNovo Finance ruling that motor dealers acting as credit brokers have… Continue reading Legal firm MILS gives dealers advice on motor finance commission
Author: Motor Trader Online News
Vertu strengthens Kia, Mazda and Toyota partnerships with Burrows acquisition
Vertu Motors has acquired Burrows Motors for £12.5m, strengthening its relationship with Toyota, Mazda and Kia. Vertu’s partnership with Toyota grows from six to 11 outlets, Mazda from two to four and Kia from three to four. Burrows Motor Company turned in pre-tax profits of £106,000 in 2023 compared to £3m the prior year on… Continue reading Vertu strengthens Kia, Mazda and Toyota partnerships with Burrows acquisition
Dealers express growing concerns over profitability of franchises
Dealers have expressed ‘clear concerns’ over the current and future profitability of running their franchise. That’s the headline finding of the Dealer Attitude Survey from the National Franchised Dealers Association which said that topics relatinbg to profitability and margins were among the lowest rated in the survey. Current profit return from representing the franchise was… Continue reading Dealers express growing concerns over profitability of franchises
Lacour Group acquires Dragon2000
Lacour Group, the French software firm, has acquired Dragon2000. This acquisition marks a key milestone in Lacour’s strategy to expand its footprint across Europe and enter the UK market. Dragon2000’s integration into Lacour will enable Lacour to strengthen its leadership in the European dealer management software after-sales market, where growth opportunities emerge across car workshops,… Continue reading Lacour Group acquires Dragon2000
Santander Consumer Finance acquires CLM Fleet Management
Santander Consumer Finance has acquired CLM Fleet Management. The acquisition is in line with Grupo Santander’s Europe-wide initiative to position Santander as a major provider of contract hire to fleets operating company cars. CLM has over 40 years’ experience in managing fleets of cars and commercial vehicles. John Lawrence, CLM Fleet Management’s Chief Executive Officer,… Continue reading Santander Consumer Finance acquires CLM Fleet Management
Ancaster acquires Allams of Epsom
Ancaster Group has acquired Allams of Epsom, a Skoda dealership known for providing vehicles and servicing for over 70 years. Allams of Epsom, located on Longmead Business Park in Surrey, offers the full range of Skoda vehicles and is an authorised service and MOT centre. Stephen Wood, MD of Ancaster Group, said: “This acquisition is… Continue reading Ancaster acquires Allams of Epsom
Carwow acquires GRIDSERVE Car Leasing
Carwow has acquired GRIDSERVE Car Leasing from GRIDSERVE. The company will further enhance its car leasing comparison engine, listing its leasing offers alongside those from its existing partners. The leasing operation will run as an independent business unit, led by GRIDSERVE Leasing Director, Rob Buckland. GRIDSERVE focused only on EV models, Carwow intends to expand… Continue reading Carwow acquires GRIDSERVE Car Leasing
Dealers missing out on millions due to incorrect customer records, says ADS
Over half of all customer records in dealer databases are not updated and may be incorrect, according to Auto Data Solutions (ADS). Dealers may be wasting time and money in their communications, and squandering chances to increase revenue. The research suggests that this inaccurate data could squander millions in missed profits for dealers. Jon Sheard,… Continue reading Dealers missing out on millions due to incorrect customer records, says ADS
Group 1 acquires Soper of Lincoln BMW/MINI
Group 1 has acquired Soper of Lincoln BMW/MINI, located north of London, in the country of Lincolnshire. This acquisition is expected to generate around $125m in annual revenues. Group 1 CEO, Daryl Kenningham, said: “We want to welcome our new teammates from Soper of Lincoln to the Group 1 family and are delighted to expand… Continue reading Group 1 acquires Soper of Lincoln BMW/MINI
Franchised dealers shift cars off forecourts fastest in September
Overall buying activity in the used car market was strong in September, according to Motors. The fastest sales were achieved by franchised dealers (19 days), followed by car supermarkets (20 days) and independents (53 days). Online views across the Motors platform increased by 10% MoM, a new high for 2024 and a 12% increase YoY. Most… Continue reading Franchised dealers shift cars off forecourts fastest in September