Large profit hike for RRG and Norton owner

Profits at Marubeni Auto Investment grew 20% in 2019 to £7.4m, latest figures show. Turnover grew 11% from 2018 figures to almost £600m. The company trades as two brands, RRG in Manchester and Norton Way in London. It carried out a director-level shake-up in spring 2019.

RRG profit before tax was up 20% to £5.6m, with a return on sales of 1.9%. It has 21 outlets, adding a brand new Skoda Bolton site with a £2.4m investment. Its return on sales is 1.9%. Norton Way profit fell slightly to £3.0m, and return on sales dropped to 1.2%. Turnover of the seven-site division was still up, to £261.3m.

Overall Marubeni return on sales grew in the year to 31 March 2019, to 1.5%. The firm represents eight brands (including 11 Toyota retailers plus between two and three Lexus, Honda, Mazda, Peugeot, Nissan, Kia and Skoda sites) and says its diverse manufacturer portfolio strategy helps it mitigate competitive risk.

New Chinese brand seeks retailers

Dorset-based importer Sokon Automotive is seeking retailers to sell vehicles from Chinese brand DFSK. The flagship vehicle is a seven-seat SUV called the Glory 580, which Autocar reports will cost from £23,369 – making it one of the cheapest seven-seaters in the UK. The Volvo XC60-sized model is powered by a 145bhp 1.5-litre turbo petrol engine, averaging 38.0mpg and emitting 222g/km.

Sokon Automotive will also sell three LCVs, one of them fully electric. Former Volkswagen UK fleet business manager Kevin Eastwood joined the company last year as aftersales manager. The company also appears to have purchased a 3,900 sq ft in Broadstone, near Poole. Its website says it is seeking to build “a small professional network of respected dealers across Britain”.

New CFO for M-B Retail

Mercedes-Benz Retail has appointed Tim Schoeler as CFO. The 33-year-old German was previously business development manager and head of control, and began his career at Daimler AG in revenue control and pricing. Earlier in December, Angela Shepherd became CEO of Mercedes-Benz Retail.

CarGurus launches trust index

Online marketplace CarGurus has launched a trust index which shows “how trust impact decision-making among UK car buyers”. The CarGurus Car Buyer Trust Index shows Mercedes-Benz is the UK’s most trusted car brand, followed by Audi, Ford, Toyota and Volvo. The least trusted car brand is Fiat, followed by Peugeot, Renault, Citroen and Skoda.

The report shows a stark gender difference in brand trust. Kia, for example, is the second most trusted brand for men – but only the 15^th most trusted amongst women.

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