Vertu Motors PLC leveraged car retail’s “sector tailwinds” to deliver a 41.9% rise in turnover and 228% rise in adjusted pre-tax profits in a record-breaking set of 2021 annual financial results.
An “exciting and ambitious phase of growth” at carwow has prompted the online car retail marketplace to strengthen its leadership team with a series of senior promotions and appointments.
Two-thirds of motorists want to buy an electric vehicle (EV), with the majority seeking lower fuel bills.
Cazoo has said that it cannot guarantee it will “achieve profit at all” in a newly-published document detailing the potential risks and pitfalls of its online car retail and vehicle subcription model.
Buyacar founder Andy Oldham has left his position with the business’s new owner, Autovia, after a new strategic direction brought an end to the platform’s online sale of used cars and motor finance.
Cazoo has revealed that its gross profits and profit-per-unit both declined as its online used car sales soared to deliver record revenues in Q1 2022.
A quarter of in-market car buyers say they are more likely to buy from British brands or choose cars manufactured in Britain to support the automotive sector.
Carwow has attracted an investment from Volvo Cars, which has taken a minority stake of the online car sales marketplace through its venture capital arm, Volvo Cars Tech Fund.
Vertu Motors has declared that its promotion of IT director Bruce Clark into the newly-created role of chief technology officer marks “a further step change in its focus on technology".
The UK’s cost of living crisis and the impact of Russia’s war in Ukraine threaten the used car market’s shift towards stability, eBay Motors’ Dermot Kelleher has suggested.
Citroen’s cheapest new model is now the C3 YOU!, but buyers will only be able to purchase the new £12,995 hatchback online.
Cazoo reported seeing a “clear path for significant Retail GPU improvement” from its online used car sales after reporting a £550 million loss in 2021.
A BBC Watchdog investigation has called into question online car retailer Cazoo’s 300-point check on all its vehicles after failing to uncover documentary evidence of such scrutiny being carried out.
Genesis UK has expanded its home test drive programme to offer nationwide coverage for customers looking to experience a Genesis car ahead of purchase.
Owners of hybrid cars account for almost half of all searches for electric vehicles (EVs), according to automotive ecommerce business drivvn.
Evolution Funding has partnered with Codeweavers to help dealers deliver a ‘more streamlined’ finance journey to customers.
A leasing business has analysed pricing data and found that driving a battery electric car on a lease is cheaper than funding the EV on PCP (personal contract purchase).
Polestar is catching up with Tesla in a global ranking of car makers’ online sales performances.
Subscription models could help new car buyers who are hesitant about electric vehicles (EV) make the switch, according to the latest research by What Car?.
Car retailers driving towards an omnichannel sales journey could be subject to a double-whammy of “complex” new taxation, it has been suggested.
ICDP managing director Steve Young has asserted that the agency retail model is the “most water-tight” way to deliver the omnichannel retail experience that modern car buyers expect.
Car buyers looking to change their car in the coming months are increasingly shopping with a monthly, rather than total, figure in mind.
ITV and Channel 4 are set to drive carwow’s exposure in a strategic media-for-equity deal struck part of the online car marketplace’s latest investment round.
Online-only buyers expect car dealers to make a higher share of profit, than those buying direct through showrooms according to a new What Car? survey.
Many car dealers are still “missing out on the full potential of digital retailing” according to a joint report created by Auto Trader, ICDP and the National Franchised Dealers Association (NFDA).
