financial results
Stability's back for used cars, says Vertu Motors, but new car retail looks uncertain
OEMs and franchised dealers face a daunting task to deliver sales mix and volume expectations in the new car market as many private buyers find young used cars much more attractive thanks to recent price drops, according to Vertu Motors, one of the biggest motor retailers in the AM100.
Motorpoint fights to stem losses, £1m cost of redundancies
Motorpoint has been cutting jobs, reducing stock purchase costs and halting its expansion plans as it fights to stem financial losses which the national car supermarket chain blames on difficult macroeconomic conditions.
Lookers reports 8% revenue rise as takeover bid from Global Auto progresses
The AM100's third-largest car dealer group, Lookers, has revealed its first half 2023 trading secured 8% higher revenues year-on-year as it prepares for shareholders to decide whether to back a £504m takeover bid by Global Auto Holdings.
Online car dealer Cazoo still leaves investors awaiting share price growth
Investors in online car dealer Cazoo are still having to wait for share price growth despite its announcement this month that its gross profit on every car sold is almost four times higher than it was achieving during the first half of 2022.
Used car dealer Motorpoint reports £22m swing to loss-making in 2023
Car supermarket chain Motorpoint suffered a swing from £21.5m profits in its 2022 financial year to a £300,000 loss in its 2023 financial year, as it was hit by rising financing costs, stock shortages, depreciating electric vehicles and rising investment requirements.
Cazoo restructure ‘starting to bear fruit’ in Q1 financial results
Used car retailer Cazoo reported a 690% year-on-year growth of gross profit per unit and overall gross profits up 367% to £14 million in Q1 as its CEO asserted that its sweeping restructure was starting to “bear fruit”.