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Inchcape CEO James Brearley: We re in good shape after car retail restructure

Inchcape CEO James Brearley: We re in good shape after car retail restructure
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UK car retail shows relative resilience as distribution drives growth for Inchcape

1 person found this useful Inchcape’s UK car dealership operation showed “relative resilience” in a COVID-impacted ‘Lockdown 3’ as its distribution business offset revenue losses from retail, the PLC has reported. In a trading update for the period to March 31, the AM100 car retail group said reported revenues “ahead of expectations” at £1.9 billion. But in a period that saw the group step-further back from franchised retail with an agreement to sell its Toyota and Audi dealerships in St. Petersburg, Russia, for £70m, retail revenues declined 18% on a reported basis, 14% on a constant currency basis and 2% organic. In contrast, distribution revenues delivered 10% growth on a reported basis and 9% on a constant currency basis (up 4% organic).

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