Auto Retail Agenda: 19 December 2022
17 December 2022
- SUNAK TO EXTEND BUSINESS ENERGY BILL HELP
- AUTONATION ACQUIRES MOBILE REPAIR FIRM FOR $190m
- BOOK NOW FOR AGENCY CONFERENCE 2023
- MOTORPOINT IN ANOTHER CREATIVE AGENCY SWITCH
- IVALUA TO DIGITISE VW INDIRECT PROCUREMENT
- AUTOSPORTS SNARES MOTORLINE
- STOCKWATCH
- COMING UP: GDP, Christmas Eve
- RETAIL SALES IN SURPRISE FALL
Sunak to extend business energy bill help
Financial support on energy bills for British businesses is set to be extended by up to a year – albeit at a less generous rate. An extension to the October 2022 package (which ends on March 31 2023) will be signed off by PM Rishi Sunak, and it is expected to remain open to all firms.
Sources indicate the average subsidy provided to firms may be less than half the current package.An announcement on the extension could be made on Tuesday.
AutoNation acquires mobile repair firm for $190m
AutoNation, the largest auto retailer in the US, has agreed a $190m deal to buy mobile repair and maintenance provider RepairSmith. The LA-based firm counts Mercedes-Benz and Porsche Ventures among its investors. AutoNation CEO Mike Manley has cited growth in parts and service, and finance and insurance, as key drivers behind a 4.5% boost in Q3 revenue to $6.67bn.
Book now for Agency Conference 2023
Agency will be top of the agenda for auto retail in 2023. So why not give your business a head start by attending the Auto Retail Live agency conference on 26 January at the Northampton Hilton? The implications of the rollout of agency will be discussed by speakers including Lookers CEO Mark Raban, Inchcape CFO Stephen Hill, ATG’s Tim Smith, CitNOW’s Alistair Horsburgh, AADA CEO James Voortman and Salesforce’s Matt Simpkins.
Places are limited so early booking is recommended.
Motorpoint in another creative agency switch
New Commercial Arts (NCA) has won the creative and consumer experience business for Motorpoint. The retailer formerly worked with Creature, which created the strapline “Get straight to unbeatable prices” in summer 2021, including a 30-second TV ad.
“We’ve evolving the Motorpoint brand and business, and we want a partner like NCA alongside us in such a hard-thought and competitive market,” said CEO Mark Carpenter.
“We wish them nothing but the best for the future,” said Creature CEO Dan Cullen-Shute. “They’re good people, all, and we’re excited to see what they do next.”
Creature was appointed in January 2021 to refresh the brand identity of Motorpoint.
Ivalua to digitise VW indirect procurement
Spend management firm Ivalua, and IT consulting firm Capgemini, has been chosen by Volkswagen Group to digitise its global indirect procurement processes, across all its brands Ivalua says it delivers cloud-based spend management software that allows more effective control of all categories of spend, across all suppliers.
WORLD NEWS
Autosports snares Motorline
Australian retailer Autosports Group has acquired the Motorline BMW and Mini business in Queensland for AUD $60m. “The transaction aligns with our strategy of representing luxury brands in key metropolitan areas,” said CEO Nick Pagent.
Autosports now has 55 retailer sites.
STOCKWATCH
Closing prices on 16 December 2022 and weekly change
Auto Trader Group 562.2p 534.4p (-27.8p / -5.0%)
Caffyns 500.0p (n/c)
Halfords 190.5p 187.9p (-2.6p / -1.3%)
Inchcape 820.0p 798.5p (-21.5p / -2.6%)
Lookers 77.1p 76.3p (-0.8p / -1.0%)
Motorpoint 150.5p 148.0p (-2.5p / -1.6%)
Pendragon 20.2p 19.5p (-0.7p / -3.5%)
Vertu 52.4p 52.3p (-0.1p / -0.1%)
COMING UP
Wednesday, public sector net borrowing
Thursday, UK GDP
Saturday, Christmas Eve
MONEY MATTERS
Retail sales in surprise fall
Despite predictions of brisk business for retailers over Black Friday, ONS retail sales showed a fall of 0.3% in November compared to October. Economists had predicted 0.3% growth. Food was the only retail category to grow.
The ONS also upgraded earlier growth figures for October, from 0.6% to 0.7%.
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