Auto Retail Agenda: 17 June 2024
16 June 2024
- DAY’S MOTOR GROUP AND WADDELL RESULTS
- VAN MOSSEL BRAND GOES LIVE IN UK
- SMMT’S MIKE HAWES MADE OBE
- CINCH ENDS TOTTENHAM HOTSPUR SHIRT SPONSORSHIP
- RENAULT RETAIL’S SCOTT KILBOURN NOW CFO OF OPTEVEN
- FORD TO END US RETAILER EV CERTIFICATION PROGRAM
- 4 IN 10 US EV OWNERS WOULD GO BACK TO ICE
- STOCKWATCH
- COMING UP: UK GDP
- MILLIONS OF STUDENT LOANS MAY NEVER BE PAID BACK
- LABOUR DROPS PLAN TO REINTRODUCE LIFETIME ALLOWANCE
Day’s Motor Group and Waddell company results
Swansea’s Day’s Motor Group, which has 19 sites across Wales (and claims the second-largest market share for Ford in the UK), has reported profit before tax of £30.3m in the year ended December 2023, down slightly from 2022’s £32.7m profit. Turnover increased from £257m to £284m.
Delayed 2022 results for Peter Waddell Holdco, which trades as Big Motoring World, posted profit before tax of £1.9m, up from a loss before tax of £985k in 2021. Turnover grew significantly, from £374m to £533m. Freshstream LLP also became a 35% shareholder during the year.
In March 2023, Freshstream removed Waddell from the business. He is now suing in the High Court.
Van Mossel brand goes live in UK
Cowes-based Esplanade has been renamed Van Mossel Esplanade. It follows the Dutch retail group’s purchase last autumn of the Esplanade business in the Isle of Wight, Jersey, Guernsey and the Isle of Man.
“This new name represents our dedication to providing the best automotive experience for our customers while also reflecting the strong values that have always defined out dealership,” said head of business Brendan Cole.
SMMT’s Mike Hawes made OBE
SMMT chief executive Mike Hawes has been awarded an OBE for services to the automotive industry in the King’s Birthday Honours List.
After a career in the automotive sector, Hawes joined the SMMT as chief executive in 2013 and has led the organisation through considerable technological structural and geopolitical change.
“The past few years have been anything but smooth, but the UK sector has proven itself resilient, adaptable and, as ever, incredibly innovative,” he said. “This recognition reinforces the importance of the industry and SMMT itself.”
Cinch ends Tottenham Hotspur shirt sponsorship
Cinch has ended a £10m a year shirt sleeve sponsorship deal with Tottenham Hotspur. The deal has been in place since the 2021 season. Reports suggest Cinch exercised an early exit from its five-year deal as it pulls back from many sponsorship commitments.
Renault Retail’s Scott Kilbourn now CFO of Opteven
Former Renault Retail Group finance director is now CFO of Opteven UK, a warranty company. His replacement at the OEM’s retail division has not been announced.
WORLD NEWS
Ford to end US retailer EV certification program
Ford will allow its entire US retailer network to sell electric vehicles from 1 July, reversing the controversial Model e program that rolled out less than two years ago. The costly plan divided the firm’s retailer network, with nearly half being prohibited from selling or servicing electric Fords.
“They ought to be embarrassed with what they’ve done,” said Don Hall, CEO of the Virginia Automobile Dealers Association. “I feel bad for the dealers who have spent hundreds of thousands of dollars to be in compliance, only to have cars sitting on the lot.”
4 in 10 US EV owners would go back to ICE
A global McKinsey & Co consumer survey has found that 46% of US EV owners are likely to buy an ICE car next time round. Across the globe, 29% of EV owners say they will take the reverse course.
“I didn’t expect that,” said the firm’s Philipp Kampshoff. “I thought, ‘once an EV buyer, always an EV buyer’.”
STOCKWATCH
Closing prices on 14 June 2024 and weekly change
Auto Trader Group 819.0p (n/c)
Caffyns 450.0p (n/c)
Halfords 139.2p (-10.8p / -7.4%)
Inchcape 743.0p (-46.0p / -6.0%)
Motorpoint 139.0p (-3.0p / -2.1%)
Pinewood 381.5p (+5.0p / -1.3%)
Vertu 78.7p (-2.2p / -2.7%)
COMING UP
Wednesday, CPI and RPI
Friday, GFK consumer confidence
25 June, MHA Automotive Forum
MONEY MATTERS
Millions of student loans may never be paid back
More than 2.6 million former university graduates saw the debts on their student loans increase last year, despite working and making repayments. They are being swallowed up by interest – former students now have to pay almost £220 a month just to keep their loan static.
As student debt is written off after 30 years, it is now feared the government will “lose billions” as graduates don’t pay work that pays high enough to pay off their loan balance.
Labour drops plan to reintroduce lifetime allowance
Labour will not, if elected, reintroduce the cap on how much people can save into their pensions tax-free. The lifetime allowance was scrapped in April, eliminating tax on pension pots over £1.07m.
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