Retailers missed out on nearly £25.5m in potential profit in March by pricing their stock below their true market value. Auto Trader’s reported that nearly 7,700 of its circa 15,000 retailer partners advertised their cars below their current value with each retailer leaving an average of £3,300 in potential profits on the table as a… Continue reading Dealers miss out on potential profit in March by under-pricing
Author: Motor Trader Online News
Inchcape continues switch from retail to distribution with latest acquisition
Inchcape has acquired Mercedes-Benz’s Indonesian business with Inchcape’s local partner, Indomobil. The move is part of the group’s strategy to become the distributor of choice for carmakers. Inchcape now has just two retail businesses in the UK and Poland following the sale of its retail arm in Russia and Australia. The deal will expand Inchcape’s… Continue reading Inchcape continues switch from retail to distribution with latest acquisition
carwow reports 150% YoY increase in used cars bought by dealers
carwow has reported an almost 150% increase, year-on-year, in the number of used cars bought by dealers via the platform in March. The volume of used stock available to dealers on the carwow platform has risen by over 230% since November 2022, when the company shifted to an auction model and introduced tighter controls on… Continue reading carwow reports 150% YoY increase in used cars bought by dealers
Dealers congregate in Hamburg for Volkswagen showcase event
Imelda Labbé and Thomas Schäfer (from left). Volkswagen dealers are travelling to Hamburg to check out the new cars planned for the next few years. Volkswagen said 13,000 dealers will attend the event to learn about 14 vehicles, including the second generation of the ID.31, the ID.72 and the showcar ID. 2all3. They can also… Continue reading Dealers congregate in Hamburg for Volkswagen showcase event
Dealers buying high value stock only to fulfil orders
Most dealers are continuing to only buy higher value used cars to order rather than for stock. According to the latest Aston Barclay desirability index eight out of the ten used cars in the March are higher value premium used cars with dealers protecting their cashflow by only bidding on these cars to fulfil sold… Continue reading Dealers buying high value stock only to fulfil orders
Dealers cut spending on staff, stock and premises
Dealers are cutting back on spending as the cost of living bites. That’s a key finding of a survey from Close Brothers Motor finance which found 78% of dealers singled out inflation as the biggest problem they face. One in five (17%) dealers are spending little on staff numbers, and 13% plan to cut back… Continue reading Dealers cut spending on staff, stock and premises
US Group Lithia acquires Jardine Motors Group
Lithia & Driveway has bought Jardine Motors Group from Jardine Matheson. The acquisition represents the US Group’s first entry into the UK. Jardine management will remain in place and Lithia has said that employees will not be negatively impacted by the transaction. The group is expected to generate over $2 billion in annual revenue. Reports of… Continue reading US Group Lithia acquires Jardine Motors Group
Drive Motor Retail adds Hyundai to line-up with Minstergate acquisition
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
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