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Grant Thornton Motor Retail share watch: November

Welcome to a new feature of AM-online, the Grant Thornton Motor Retail's motor share watch.

Each month Grant Thornton Motor Retail will plot the movement in share price of the 15 quoted motor retail distributors, and compare the 12-month trend to the change in the FTSE All Share index and the 'Motor Distributors Index', which is in effect the average performance of the 15 share prices. These latter two indices are based on monthly trends in movement, and do not cover their true price (the FTSE All Share trades around 2,600 which simply will not fit on the graph axes).

Grant Thornton Motor Retail has collated comments from various sources where noticeable movements demand further investigation.

"Every quarter, commencing in 2002, we will produce a summary of price/earnings (P/E) ratios for the 15 and attempt to draw some conclusions from the values revealed. This month much is revealed about investors offshore through changes in shareholding at Quicks," said Paul Burrows, of Grant Thornton Motor Retail.

Dealer group share prices June-November

##Share price Nov--none##

##Key Final Nov--none##

Dixon Motors

##Dixon Nov--none##

Dixon Motors has announced plans to enter a sale and leaseback agreement for 17 of its freehold premises, releasing cash to pay off debt, and thus reducing gearing. The board believe that the transaction will give the group greater flexibility to pursue investment and growth opportunities. Despite this, the share price has fallen 12.1% in the month.

Ryland

##Ryland Nov--none##

This month's favourite of Guinness Peat, the investment group, could be Ryland Group. Guinness Peat appears to be building a large portfolio of motor dealer shares dipping into the market to buy over 3 million shares in Ryland taking their holding to 26.3% of the issued shares. The share price reacted positively gaining 13.7% over last month's price.

Inchcape

##Inchcape Nov--none##

The share price of Inchcape continues to rise after fending off Guinness Peat's break up demands earlier in the year. Strong profit forecasts for the full year, coupled with a focussed strategy to pre-empt Block Exemption changes, appear to be paying off. The share price is up 8.6% for the month, and 112.4% for the year.

CD Bramall

##CD Bramall Nov--none##

CD Bramall shares have experienced a strong month gaining 14.8%. Their shares now trade back at their August peak level.

Quicks

##Quicks Nov--none##

A sizeable 25.2% of the share capital of Quicks Group is now in different hands. Jack Petchey has sold a significant proportion of his holding to another Jersey-based investor, Warren Holdings. The motives behind the sale are currently undisclosed, as are the motives for the acquisition by Warren. Another substantial shareholder in Quicks is Guinness Peat (holding 16%). A UK director of Guinness Peat is on record this month stating "we like hard assets, properties and cars and there needs to be consolidation and we're not too bashful to help that along". The share price reacted positively gaining 7.1%.

Sytner

##Sytner Nov--none##

Sytner Group had a relatively poor month, with the share price retreating 5.1%.

HR Owen

##HR Owen Nov--none##

HR Owen has been a strong performer in the month experiencing a share price increase of 8.9%. Their shares have been almost constant risers over the last twelve months, and now stand at their one year peak.

##Arriva Nov--none##

##Caffyns Nov--none##

##Euromotors Nov--none##

##Gowrings Nov--none##

##Jacks Nov--none##

##Lookers Nov--none##

##Reg Vardy Nov--none##

##Pendragon Nov--none##

##FTSE 100 Nov--none##

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