Coronavirus has driven an uplift in motor finance digital applications this year, but 2021 looks set to bring further effects for dealerships regulated by the Financial Conduct Authority (FCA). Here AM examines three key impacts.
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.
Mazepoint has launched Mazeinsight, a fully integrated business intelligence tool that enables dealer groups to collate data and manage, monitor and drive bottom-line performance.
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.
ASE chairman Mike Jones has urged car retailers to focus on their "cash position" after the sector's businesses lost an average of £63,000 during April’s COVID-19 lockdown.
Car retailers across the UK reported that demand from car buyers left pent-up during the COVID-19 lockdown period had resulted in a bumper return to showroom trading on June 1.
The initial impact of the COVID-19 coronavirus pandemic resulted in a 43% decline in profitability for UK car retailers during the key March number plate change month, ASE data has revealed.
Car dealers focussing on what should have been a busy numberplate change month of March suffered a £17,500 loss for the month prior to of the outbreak of COVID-19 coronavirus, ASE has reported.
The key number plate change month of March will be pivotal in car retailers’ efforts to achieve profitability in 2020, according to sector analyst ASE.
Franchised car retailers proved more resilient than then independent used car selling counterparts during 2019’s tough trading conditions, according to the CarGurus One Voice Report.
Car dealers achieved their lowest return-on-sales (RoS) figure since 2011 in 2019 after rounding off a “tough” year with a £1,700 loss in its final month, according to ASE.
Mitchell Group has reported an 8.6% rise in turnover and 13.6% rise in profit before tax to defy a challenging car retail market at its Cheshire Oaks multi-brand dealership site in 2019.
Crown Motors joined the Suzuki GB franchise with the opening of a new dealership location within its existing Honda showroom in Hendon, Essex.
The average UK car retailer saw profitability decline by 75% year-on-year in October and is likely to end 2019 with a 9% overall reduction in overall profit, ASE has reported.
The latest car dealer profitability analysis from ASE has revealed that the average retailer experienced a £3,000 year-on-year increase in profits during September.
Substantial franchised car retail network reductions and restructuring is required if operators are to benefit from a significant increase in the profitability of operators, according to a new report published by the ICDP.
