Lookers to focus on older car servicing
10 January 2022
Lookers is to balance the reduced servicing needs of electric cars with a greater focus on maintaining older cars. Chief executive Mark Raban said he intends to take on so-called ‘under-the-arches’ motor workshops, as well as putting greater focus on accident repairs.
Lookers is also assessing its corporate leasing and fleet capabilities, plus its “changing relationships with our brand partners”, as part of its aspiration to become ‘the UK’s leading integrated automotive retail and services group’.
The plans are part of a strategic review which began in October 2021 and Lookers will provide an update when it publishes full-year 2021 results on 13 April 2022.
In a year-end trading update, Lookers said profits were heading towards a record high of £86m, eight times what it made in 2020. The company will pay back the £6m it received in furlough in 2021, which means it may begin paying dividends: analysts are expecting at least 2p a share.
* Read the full interview with Mark Raban in January’s Auto Retail Bulletin out this week.
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