HM Revenue & Customs (HMRC) decides dealer deposit contributions are not subject to VAT and invites claims to recover overpaid output tax.
The average UK motor retailer delivered a profit of just under £265 in May, compared to an average loss of £17,000 the previous year.
A £9,900 improvement in April profits for car dealers could be an indicator “the real prospect of a period of comparative prosperity”, according to ASE.
Startin Group has bought St Peters Peugeot and Suzuki dealership from Hylton Group Limited.
The average UK dealer made a profit of 106,771 in March, marking a fall of £7,700 - or 6.7% - from the prior year total.
Car retailers posted a monthly loss of £18,000 in February as new car margins continued to deteriorate ahead of a disappointing month of registrations in March.
Average franchised car dealer profitability in January was ahead of last year to £5,000.
Stirlng of Hereford has been acquired by Ponthir Suzuki and Honda following Motorline’s earlier acquisition of the group’s Hyundai dealership.
Car dealers who generated an £17,000 average profit in December 2016 suffered the effects of a £400 loss 12 months later, according to ASE.
Car retailers recorded an average loss of £19,000 in a "tough" November as the average return on sales percentage dipped to 0.97%.
The average UK motor retailer made a £2,000 loss in October.
The average UK motor retailer made a profit of almost £77,000 in September, an increase on the prior year of £8,600.
Dealers hopes for another VAT windfall have been dashed. The Supreme Court yesterday overturned earlier positive court decisions in relation to Littlewoods’ claim for compound interest on overpaid VAT.
Dealers looking to find ways to run more profitable operations can book a 20-minute session with ASE Global at Automotive Management Live’s profit clinic ahead of the one-day expo.
Franchised dealers have continued to take a hit to their profits. Data from ASE Global shows in August the average dealership lost almost £17,000.
ASE is preparing to host a ‘Night in New York’ charity ball as part of its campaign to raise £40,000 for Macmillan Cancer Support.
The average UK motor dealer suffered a loss of just under £7,000 for the month of July, marginally worse than their performance in the same month in 2016.
The average UK motor dealer made a profit of £46,000 in June. This is an increase of £3,700 over the profit made in June 2016 despite the drop in registration figures compared to the prior year.
A loss of £17,000 was experienced by the average UK motor retailer in May – a result £7,000 down year-on-year.
The average UK motor dealer made a loss of just under £17,000 in May, a deterioration of £7,000 from the same month in 2016.
Automotive Management Live: Where franchised and independent dealers will find everything they need to know about operating a modern showroom and service and repair facility fit for the digital age.
When: November 7 2019
Where: Birmingham NEC
Find out what features are in this month's, and future, issues