Auto Retail Agenda: 13 December 2021
12 December 2021
- LOSSES FOR CARSUPERMARKET, MOTORDEPOT OWNER – BUT REVENUES UP 53%
- ALLEN APPOINTED NEW VW GROUP NETWORK BOSS
- FORRESTER CONFIRMS VERTU TOYOTA PURCHASE
- HENDY LAUNCHES NEW EV SITE
- NFDA WARNS ON NEW DRIVING LICENCES
- HEDIN STERN MERGER UNDERWAY
- EU AND CANADA SLAM US EV SUBSIDIES
- BMW’S ZIPSE REMAINS ACEA PRESIDENT
- STOCKWATCH – Confirmation received that Atremis has taken 11% of Lookers, making it the second-largest shareholder after Tony Brammall’s Guernsey Investments
- COMING UP: Auto Retail Live, MPC interest rate decision
- CAZOO BOSS: ‘JURY STILL OUT’ ON PLAN B
- FCA ‘TO SHIFT MINDSET’ WITH NEW CONSUMER DUTY
Losses for CarSupermarket, Motordepot owner – but revenues up 53%
Aramis Group, the European multi-brand retailer (including, as of earlier this year, CarSupermarket and Motordepot in the UK) which is majority owned by Stellantis, has announced 53% growth in revenues to £1bn. The acquisition of CarSupermarket was cited as the driver of the growth. However, it recorded a £8.2m pre-tax operating loss for the year ended September 2021, partly due to June’s IPO costs.
It has set an EBITDA margin of 1.5% in 2022 and over 3% by 2025.
Allen appointed new VW Group network boss
David Allen has been appointed as head of network development for Volkswagen Group UK, taking over from Alastair Cassels who has elected to leave Volkswagen Group after four years to pursue a new challenge.
Forrester confirms Vertu Toyota purchase
Vertu CEO Robert Forrester has confirmed to Auto Retail Agenda the retailer is buying Farmer & Carlisle Toyota. The retailer has two sites in Leicester and Loughborough, and the deal takes Vertu to three Toyota sites. Vertu does not own any Lexus retailers.
Hendy launches new EV site
Hendy Group has launched a standalone electric car website called HendyEV. The search tool lists only electrified new and used vehicles from its 18 brands represented across the south coast. At the time of writing, around 180 vehicles were listed for sale.
NFDA warns on new driving licences
The NFDA has reminded retailers new-style GB driving licence cards will be issued from this week – and is urging retail colleagues checking them as proof of ID for finance or test drives to be aware of the changes.
New licences have the Union Flag in the top-right corner, the Royal Crest and the secondary image of the licence holder visible on the front, and there is a new circular hologram.
Existing photocard and paper licences will remain valid.
WORLD NEWS
Hedin Stern merger underway
Hedin Mobility Group is in merger negotiations with Stern Group to buy all the core operating assets of Stern – including retailer, car repairs, car rental and holding activities. The total value of the transaction is at least £88m.
EU and Canada slam US EV subsidies
US plans to offer bigger subsidies to buyers of EVs built in America by unionised OEMs have been criticised by German carmakers. The White House Build Back Better bill, which is awaiting Senate approval, will offer up to $12,500 in tax credits for electric and hybrid cars. However, $4,500 of this will only be available to unionised US-built cars – and £500 only applies to cars with a US-built battery.
BMW’s Zipse remains ACEA president
BMW Group chairman Oliver Zipse has been re-elected for a second term as ACEA president for 2022. The European SMMT counterpart is set for a fight with the European Parliament on CO2 fleet targets, while also battling to speed up the roll-out of EV charging infrastructure.
STOCKWATCH
Closing prices on 10 December 2021 and weekly change
Confirmation received that Atremis has taken 11% of Lookers, making it the second-largest shareholder after Tony Brammall’s Guernsey Investments
Auto Trader Group 733.8p (+18.4p / +2.5%)
Caffyns 525.0p (-25.0p / -4.6%)
Cambria 82.5p (n/c)
Halfords 358.0p (+13.4p / +3.8%)
Inchcape 865.0p (+15.0p / +1.7%)
Lookers 65.0p (+8.1p / +13.2%)
Motorpoint 338.0p (+4.0p / +1.1%)
Pendragon 22.0p (+0.5p / +2.2%)
Vertu 70.2p (+5.0p / +7.3%)
COMING UP
Tuesday 2pm, FREE Auto Retail Live Outlook for 2022 webinar
Tuesday, UK unemployment
Wednesday, CPI and RPI
Thursday, Bank of England interest rate decision
Friday, retail sales, GFK consumer confidence
MONEY MATTERS
Cazoo boss: ‘Jury still out’ on Plan B – and new lockdowns?
New guidance, which begins today (13 December), for employees to work from home where possible have not gone down well with businesses. Many say the Plan B guidance has plunged them into uncertainty.
“The jury is still out,” said Cazoo chief executive Alex Chesterman. The guidance could preclude months of lockdown, he said – or succeed in curbing the virus. “It is just impossible to know at this stage.”
Cazoo has instructed office-based staff to work from home and beefed up Covid protocols, including mask wearing, one-way systems and daily temperature tests. However, other businesses, such as Goldman Sachs, has told employees to make continued use of its offices.
FCA ‘to shift mindset’ with new Consumer Duty
Concerns that current financial services do not always work well for consumers has led the FCA to consult on new rules to “ensure a higher and more consistent standard of consumer protection”. Consultation is open until 15 February 2022 and the FCA will confirm final rules by the end of July 2022.
“Too often consumers are not given the information they need to make good decisions,” said FCA director Sheldon Mills. “We’ve been working to set a higher standard for firms, to put more of the onus on them to act in their consumers’ interests. The new duty will drive a change in culture.”
Tags:
ACEA, Aramis Group, Atremis, CarSupermarket, Coronavirus, David Allen, EV subsidies, FCA, Hendy, lockdown, MotorDepot, NFDA, Plan B, Stellantis, Tony Brammall 
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- Get informed and boost your business potential
- More than 1,200 fellow executives have joined us
since launch - Independent, carefully crafted, unique content relevant to you and your business
- Develop a greater awareness of market trends and opportunities
- Access to a wide range of materials whenever, wherever and however you want it
- Significant discounts on ARN events, reports and
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