• FORAY SWINGS FROM LOSS TO PROFIT
• CAZOO CONFIRMS CLOSURES
• HUMPHRIES LEAVES MOTORLINE
• GET READY FOR H2 WITH AUTO RETAIL LIVE
• ONE AUTO API ‘TURNS MONTHS INTO HOURS’
• FORD TWEAKS EV DEALER AGENCY MODEL
• US RETAILERS POSITIVE BUT OPTIMISM FALLS
• STOCKWATCH: Lookers up 10.9% as other retail PLCs fall
• COMING UP: Interest rate decision
• BUSINESS ‘IN DESPAIR’ OVER GOVERNMENT
• INTEREST RATE RISES TO HIT HOUSING MARKET

The company made use of the Coronavirus Job Retention Scheme and rates support. A focus on cash management has given it a net asset position of £5.5m.

The directors forecast a strong result for 2022 due to the ongoing shortage of semiconductors which are limiting new vehicle supply.

Cazoo confirms closures

Get ready for H2 with Auto Retail Live

Swansway’s Peter Smyth, Waylands’ John O’Hanlon, Gravells’ Jonathan Gravell and Auto Trader’s Bex Clark will share their experience and answer your questions about how the first half of 2022 has gone, and what’s in store for H2 – including rising business costs, a consumer spending crunch and uncertainty over used car values.

One Auto API ‘turns months into hours’

One Auto API, founded by Mark Fretwell, claims to cut the integration time for market data feeds from months to hours. The start-up has already partnered with CAP HPI, Auto Trader, Experian and other insight providers. Former CAP consumer support specialist Rebecca Worthy has also joined as client services director.

https://bit.ly/3ObWtLG

 

WORLD NEWS

Ford tweaks EV dealer agency model

Ford is sticking with agency-style plans for retailers to sell EVs at non-negotiable prices in the US. However, in concessions to retailers, it is upping investment in EV training and demonstrator models, and has canned plans to give EV buyers a seven-day return option.

Ford has been running dozens of gatherings with US retailers – and added that some of its goals have been “misinterpreted” by retailers. Although the brand will offer 100% online sales, Ford has no plans to eliminate physical stores or customers’ ability to buy an EV at a retailer, insisted sales VP Andrew Frick.

https://bit.ly/3aL5e0F

 

Unusual fall in US retailer optimism

US retailer sentiment remains positive, thanks to continued robust profits, but optimism about the future is falling due to inflation, higher costs and continued inventory challenges. “The decline we’re observing with franchises is not typical for this time of year,” said a Cox Automotive analyst.

https://bit.ly/3Oaa3ix

 

 

STOCKWATCH

Closing prices on 10 June 2022 and weekly change

Lookers up 10.9% as other retail PLCs fall

Auto Trader Group 552.6p (-34.2p / -6.0%)

Caffyns 602.5p (n/c)

Halfords 208.6p (-15.0p / -6.9%)

Inchcape 689.0p (-39.5p / -5.5%)

Lookers 81.0p (+8.4p / +10.9%)

Marshall Motor Holdings 397.0p (n/c)

Motorpoint 226.5p (-5.5p / -2.3%)

Pendragon 23.5p (-0.2p / -0.8%)

Vertu 56.5p (-2.6p / -4.4%)

 

 

COMING UP

Monday, UK GDP

Tuesday, Auto Retail Live: H2 Briefing, sign up here

Tuesday, UK unemployment

Thursday, Bank of England interest rate decision

 

 

 

MONEY MATTERS

Business ‘in despair’ over government

Britain faces a deep recession unless the government gets an urgent grip on the economy, CBI director general Tony Danker has warned. Bosses are “in despair” over the lack of focus on growth and inflation. Without a coherent economic rescue plan, Britain could slip into a “full-blown recessionary crisis”.

https://bit.ly/3xnNArB

 

Interest rate rises to hit housing market

This week’s forecast quarter percentage point interest rate rise (some analysts are predicting a half-point rise to 1.5%) will dampen the UK’s booming housing market, predict mortgage brokers. Price growth will slow, although prices are not expected to fall, due to a continued supply and demand imbalance.

https://bit.ly/3tx9ebw