Inchcape posted a £3m pre-tax loss for the seven months ended July 31, 2024 before the company’s decision to offload its automotive retail business to Group 1.
As Inchcape awaits the completion of its Inchcape Retail UK dealer group sale to Group 1 Automotive UK for £346 million, it has revealed a half-year financial performance showing growth in its overseas vehicle distribution and wholesale business.
US retail giant Group 1 Automotive will remain focused on improving cost control and efficiency at its UK businesses ahead of adding Inchcape’s 54 dealerships to its portfolio.
As it prepares to offload its UK retail business to Group 1 for £346 million, Inchcape is reporting healthy group revenues of £2.3 billion.
Operating profits fell 17% in Inchcape's retail division during 2023 although revenues rose slightly, while its international vehicle distribution divisions grew rapidly.
The AM100 dealer group Inchcape Retail UK is up for a takeover.
Inchcape chief executive Duncan Tait said that the automotive distribution and car retail PLC had made an “excellent start to 2023”, despite the adverse effects of certain OEMs’ shift to a direct-to-consumer agency model.
A group of women footballers from Inchcape UK teamed-up with former squad members from England’s national team of Lionesses to raise funds for Leukaemia UK.
Inchcape chief executive Duncan Tait has highlighted the success of the automotive PLC’s “portfolio shift towards distribution” as it reported a near-50% growth in profits in its 2022 annual financial results.
Car dealer group operation Inchcape Retail rebounded from £76.4 million pre-tax loss to deliver profitability in 2021 financial results.
Four more sites have been added to Inchcape UK's network of used car dealerships, which trade under the Bravoauto brand, taking it to 17 locations.
Inchcape chief financial officer Gijsbert de Zoeten will stand down with immediate effect over issues with his “personal behaviour” at a recent event.
Inchcape’s new Jaguar Land Rover (JLR) Dual-Arch premium car dealership in Norwich is set to create 80 jobs when it opens its doors in 2023.
Steven Eagell Group has confirmed its acquisition of Inchcape’s Toyota dealership in Oxford, over three weeks after AM initially reported the move.
Inchcape has grown its bravoauto used car supermarket division with the opening of a new store in Sytner’s former Volkswagen and CarShop Express dealership in Halifax.
Inchcape is “confident” of achieving its mid-term growth plans after delivering 53% growth in its adjusted pre-tax profits in the first half of 2022.
Steven Eagell is set to grow its car retail market territory and its portfolio with Toyota through the acquisition of Inchcape’s car dealership in Oxford.
Former Inchcape chief executive and Marshall Motor Group executive chairman Peter Johnson has retired from his position as chairman of the Retail Motor Industry Federation (RMI).
Inchcape chief executive Duncan Tait and Constellation Automotive executive chairman Avril Palmer-Baunack were the only two car retail sector leaders to make the Auto Express Brit List 2022.
Inchcape’s global car distribution operations have driven its year-to-date financial performance to ‘exceed expectations’, a trading update has revealed.
