Drive Motor Retail has acquired Yorkshire-based dealer Minstergate for an undisclosed sum. Minstergate, which operates MG and Hyundai sites in York, Hull and Scarborough, turned in pre-tax profits of £1.6m on turnover of £57.5m in the year to December 2021. The acquisition introduces three Hyundai dealerships into the Drive group, whilst complimenting the company’s three… Continue reading Drive Motor Retail adds Hyundai to line-up with Minstergate acquisition
Author: Motor Trader Online News
Vertu Motors rebrands acquired Helston dealerships
Three Jaguar and four Land Rover retail sites in the South West are being renamed. This follows the acquisition of Helston Garages Group Limited by Vertu Motors plc in December 2022. Jaguar dealerships in Exeter, Taunton and Truro and Land Rover dealerships in Exeter, Taunton, Truro and Yeovil have been brought under the Vertu Motors… Continue reading Vertu Motors rebrands acquired Helston dealerships
Dealers under ‘increasing pressure’ from OEMs to introduce EV charging infrastructure
Dealers are coming under increased pressure from OEMs to put aside more space on forecourts for EV charging. That’s the view of dealer property expert Bill Bexson (pictured) of APC, now owned by Savills, speaking to Zeus Capital head of research Mike Allen in the Motor Sector Podcast. He said that dealers are unhappy with… Continue reading Dealers under ‘increasing pressure’ from OEMs to introduce EV charging infrastructure
Lookers acquires rental company Fourways Vehicle Solutions
Lookers has acquired Fourways Vehicle Solutions Limited, a vehicle hire and brokerage business based in Whitchurch, Shropshire. The business provides a UK-wide vehicle rental service, and manages in excess of 7,000 rentals per annum and in 2022 had total revenue of £3.8m. Lookers said that it sees significant opportunity for Fourways to grow its market… Continue reading Lookers acquires rental company Fourways Vehicle Solutions
Dealers must develop new business models as EV adoption grows, says ICDP
Retailers must develop new business models to thrive in the age of electrification, ICDP MD Steve Young has said. “For many years, the aftersales department has provided a major part of dealer profits in many markets,” he added. “The traditional target used to be that the full overhead of the dealership would be covered by… Continue reading Dealers must develop new business models as EV adoption grows, says ICDP
Euro Car parts owner LKQ buys GSF factor group
Fst expanding Euro Car Parts owner LKQ Corporation has bought Uni-Select Inc and its 180 UK GSF Car Parts outlets. LKQ entered the UK market in 2011 with the purchase of Euro Car Parts from its founder Sukhpal Singh Ahluwalia for £225m plus £50m bonus target. Two years later LKQ bought Sator Holdings from H2… Continue reading Euro Car parts owner LKQ buys GSF factor group
Integration of Helston acquisition “progressing well” says Vertu
Vertu Motors continues to trade in line with management expectations, it has reported in a trading update. The Group also said that the integration of Helston Garages is on track. In a trading update for the five months to 31 January, Vertu reported that revenue was up 9.4% on a like-for-like basis. Used car volumes… Continue reading Integration of Helston acquisition “progressing well” says Vertu
Volvo dealers offer 0% monthly aftersales payment plans
Volvo dealers are working with payment platform Bumper so its customers can spread the cost maintenance with 0% interest payment plans. The partnership with Bumper allows bills for regular servicing, repairs and parts to be settled through equal and affordable monthly payments over terms of between four and nine months. With no interest charged, customers… Continue reading Volvo dealers offer 0% monthly aftersales payment plans
Cazoo sells data firm Cazana to focus on core UK online sales
Cazoo has sold its third party data platform Cazana to Percayso for an undisclosed sum. The disposal aligns with Cazoo’s strategy to focus on its core UK online sales business as as opposed to providing data services to third parties. The agreement includes the sale of the Cazana brand, platform and commercial contracts. Cazoo said… Continue reading Cazoo sells data firm Cazana to focus on core UK online sales
Dealers stocking “more economical cars” in cost of living crisis
Over a third (34%) of dealers say they are stocking more economical cars as a result of the ongoing cost of living crisis. Startline has reported that 33% of dealers are stocking cars that cost less to buy or lease while a further 20% are retailing smaller cars. However, only 7% say they are providing… Continue reading Dealers stocking “more economical cars” in cost of living crisis