Click the thumbs up >Marshall Motor Group will develop a new dual-franchise Jaguar Land Rover dealership for Cheltenham and Gloucester after acquiring the franchise from Heritage Automotive.
The AM100PLC announced completion of the deal this morning (May 25) and wasted no time in revealing its plans for a new facility under the car manufacturer’s Dual Arch Concept corporate identity.
The business, currently located in leasehold premises at Rutherford Way, Cheltenham, will move to a new freehold location at Ashville Business Park in Staverton – the site of the previous Land Rover dealership – in August.
Development to a new ‘Arch’ facility will then get underway “in due course”, Marshall said.
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Northridge Finance and Marshall Leasing’s head of strategy Greg McDowell has been promoted into the role of Marshall Leasing managing director following the retirement of Peter Cakebread.
A statement issued by the business today (May 20) said that McDowell has extensive experience in the financial services and leasing industries and is a qualified accountant.
Most recently head of strategy at Northridge Finance and Marshall Leasing, McDowell led the integration of Marshall Leasing with Bank of Ireland UK having previously held a number of senior roles with Bank of Ireland within its Corporate Banking and Strategy divisions, it said.
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Used car prices are soaring as car retailers report demand so strong that they âcanât stock the forecourt fast enoughâ â and supply shortages look to continue the trend.
As Cap HPI head of valuations Derren Martin reported that he had seen prices go âthrough the roofâ with Juneâs anticipated market-wide used car values rise potentially reaching 6%, retailers told AM that the rate of consumer demand is growing.
One small independent retailer said: âI barely have anything on the website right now. Cars are selling before weâve had chance to prep them. We canât stock the forecourt fast enough.â
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Marshall Motor Holdings CEO Daksh Gupta has told AM “I can hold my head high” after the AM100 car retailer vowed to repay £4m in Government COVID support – and still match its 2019 financial performance in 2021.
In an AGM statement issued this morning (May 20), Marshal committed to repaying all Coronavirus Job Retention Scheme (CJRS) grants received for 2021 (£2.6m) and all non-essential retail sector grants (£1.4m).
It acted on the target, first announced back in March, as it revealed an 11.1% market outperformance on new retail car sales and 7.2% in used in the four month period to April 30 and forecast a 2021 year-end profit before tax of £21.1m – matching its 2019 performance.