Newspaper The Times has criticised dealer groups which it says will post "record annual profits" this year for not paying back the state support they received when COVID lockdowns closed their showrooms.
Car dealers “smashed” historical automotive retail trends to record a net £50,000 profit in November, according to the latest sector KPIs published by ASE.
Vertu Motors has increased its forecast profit before tax for the current trading year by another £5 million and reports October and November's profitability was ahead of plan.
The average UK car retailer saw their monthly profit soar by 189.7% year-on-year in what the SMMT had described as a “desperately disappointing September”, according to ASE.
Lexus UK has retained its title as the top-rated new car retail franchise in the National Franchised Dealers Association (NFDA) Dealer Attitude Survey Winter 2020/21.
Car retailers' average return on sales (RoS) of 0.94% during a heavily COVID-19 impacted 2020 has been hailed as “‘a very strong performance” by ASE chairman Mike Jones.
AM's exclusive research of franchised and independent dealers reveals the opportunities and threats 2021 may bring.
John Clark Motor Group has said that it expects to have profitability “significantly ahead” of its pervious year in 2020 after recovering from the COVID-19 coronavirus lockdown of H1 with a “strong trading” performance.
The emergence of the more virulent strain of COVID-19 coronavirus and renewed lockdown restrictions made the average car retailers’ bid to match their 2019 profits “unachievable” last year.
Marshall Motor Holdings has upgraded its profit predictions for 2020 after it “significantly outperformed” the car retail market in October and November.
Car retailers delivery of a “stunning” used car sales performance recovery from the depths of H1’s COVID-19 lockdown helped to deliver an £53,000 average profit in October, according to ASE.
UK car retailers were “within touching distance” of the profitability achieved in 2020 after £110,000 profit-per-site in the key number plate change month of September, according to ASE.
TrustFord preparing for new store concept and aftersales openings after celebrating “stunning performance” to carry momentum from its COVID-19 comeback in Q3.
The average UK car retailer delivered a £28,000 year-on-year swing to profitability in August to ensure “a profitable 2020 seems very much in reach for the average retailer”, according to ASE.
Shelbourne Motors has marked the first anniversary of the opening of its £5 million multi-brand car dealership in Newry with a 20.5% increase in pre-tax profits in its 2019 annual financial results.
Swansway Motor Group has reported a 42% decline in pre-tax profits in its 2019 annual financial results after completing a restructure in which it “eradicated” its loss-making car dealerships.
The average UK car retailer recovered more than half of the losses suffered during a Q2 trading period devastated by the COVID-19 coronavirus lockdown, according to ASE Global.
Car retailers flocked to respond to the National Franchised Dealers Association’s (NFDA) bi-annual dealer attitude survey in larger numbers than ever before following the COVID-19 lockdown.
A 26% increase in June profits helped the average UK car dealer to claw-back COVID-19 losses which amounted to around £100,000, according to ASE’s latest market insight.
UK businesses were struggling to generate cash flow prior to the COVID-19 coronavirus, with car retailers among the nation’s worst performers, according to research published by BDO.
