Auto Retail Profit, February 2022, issue 83 by Auto Retail Network

Make more money from Auto Retailing

February 2022 Issue 83

Rise of the machines Why you should be embracing AI to take the load off your human staff to boost profits

See page 6

GROUP-WIDE SUCCESS FOR HOWARDS

HOW TO BOOST YOUR FINANCE APPROVALS

EXTRAS SALES SHOULDN’T BE A CASH COW

Howards Peugeot enjoyed a stellar 2021 with success across all four of its West of England sites

Rising used prices are an extra hurdle for finance applications – get your buyers approved

When used margins are tight, sales of extras need to be treated with care rather than exploited for profit

SEE PAGE 12

SEE PAGE 4

SEE PAGE 18

Best practice

Data DataAction Action

Plans Plans

Leadership Leadership

NOTES FROM THE MEETING ROOM

Meeting chaired by: Neil Murphy, Real World Analytics COO EDITOR Tom Webster tom@auto-retail.com t: 07776 303555

Company: Real World Analytics (RWA)

PRODUCTION EDITOR Trevor Gehlcken gehlcken@hotmail.com t: 07747 787403

Head office location: Dublin

EDITORIAL DIRECTOR Tristan Young tristan@auto-retail.com

Number of employees: 43

Principal business: Business intelligence for dealer groups

COMMERCIAL DIRECTOR Francis Marshall francis@auto-retail.com t: 01572 724 687

the market was increasing, they were leaving margin on the table by not having timely information. It was decided to set a target price of 103% of the market. To do this the Real World Analytics algorithms needed to be connected to the Autotrader data and integrated with the DMS data to measure the actual prices achieved.

OFFICE MANAGER Rosalind Marshall ros@auto-retail.com DATA RESOURCE MANAGER Frances Tatlow ftatlow@auto-retail.com ACCOUNT MANAGER Caroline McBain caroline@auto-retail.com FINANCE MANAGER Angie Wilderspin angie@auto-retail.com PRODUCTION AND MARKETING ASSISTANT Pippa Gunter pippa@auto-retail.com MANAGING DIRECTOR: Rupert Saunders rupert@auto-retail.com CHAIRMAN: Fred Maguire Published by: Automotive Retail Ltd 21 Midland Court, Station Approach Oakham LE15 6RA t: 01572 724 687 w: www.auto-retail.com Reproduction in whole or part of Auto Retail Profit without the permission of the publisher is strictly prohibited

Make more money from Auto Retailing

February 2022 Issue 83

Rise of the machines Why you should be embracing AI to take the load of your human staff to boost profits

Why was the meeting called and who was in attendance? The purpose of the meeting was to respond to a request from a customer to help them price used cars using Auto Trader data. In attendance were project manager Annette Lawlor, customer success manager Martin Franks and business development manager Paul Counter. What was top of the agenda? To take feedback from Neil and Martin who had run a workshop with the customer to discover their needs. The customer is a large franchise dealer group across the south of England.

Any other business? Sourcing used vehicles from the auction houses was an additional challenge identified by the customer. It was recognised if the data showed the prices achievable now by model, trim and age then the buyers would know what they could pay. It was also decided to use the data to locate the right cars in the right dealership to maximise the selling opportunities. When is the next meeting, and what is it about? The next meeting is in February to review our management accounts reporting suite which many of the financial controllers in the retailer groups have been looking for.

What was decided as a result of the meeting? The customer had been achieving an average price of 98% of the market price based on Auto Trader data for their region. While this represented an improvement of 15% on the price they were getting six months ago, it was felt that with the pace that

See page 6

GROUP-WIDE SUCCESS FOR HOWARDS

HOW TO BOOST YOUR FINANCE APPROVALS

Howards Peugeot enjoyed a stellar 2021 with success across all four of its West of England sites

Rising used prices are an extra hurdle for finance applications – get your buyers approved

SEE PAGE 4

SEE PAGE 12

Best practice

Data DataAction Action

EXTRAS SALES SHOULDN’T BE A CASH COW When used margins are tight, sales of extras need to be treated with care rather than exploited for profit SEE PAGE 18

Plans Plans

Leadership Leadership

ISSN 2515-5679

SUBSCRIBE Tel: 01572 724687

We want to hear from YOU! At this unprecedented time for the automotive industry, and the country, it is more important than ever that we stay in touch. We want to hear what you are doing to keep connected with your customers, keep your staff happy and healthy and how you are keeping money moving in your businesses. Email Auto Retail Profit’s Editor Tom Webster at tom@auto-retail.com

2 | Auto Retail Profit | Feb 2022

NEWS

Peugeot retailers’ new look • Network set for new look • Work underway already • Set for completion by May Peugeot’s UK retail network is being updated in line with the brand’s new corporate identity. Site transformations are already underway and a plan is in place for implementation across the whole UK network. All Peugeot retailers are set to have completed their introduction of the new corporate identity in time for the new 308 arriving in store between April and May 2022. Steven Wass, marketing director at Peugeot UK, said: “The introduction of Peugeot’s new identity across our retail network allows us to demonstrate the progressive work we are doing to invigorate and develop our brand and model range. Our new lion emblem reflects the work going on with our electrification strategy, as we are constantly looking forward to update our cars with the latest technological and design innovations.” TALKING POINT What time of year is best for a CI update?

Hyundai’s aftersales goes digital • Hyundai makes aftersales digital • Fully contactless process • Follows 12-week trial Hyundai Motor UK has begun the roll out of the next evolution of its Hyundai Workshop Automation system, following a 12-week trial of a new fully contactless digital aftersales process. It offers customers a seamless process for service or repair work, with a fully online system for booking and repair authorisation. The latest phase introduces a completely contactless process for customers: online check-in

and e-signature, contactless key handover, online work approval and remote payment options. Andrew Shilley, service manager at Hyundai Guildford, said: “Since the introduction of the Hyundai Workshop Automation program, including online check-in, we have experienced a dramatic improvement in our customer satisfaction, and our ‘fix right first time’ rate has reduced the need for customers to revisit for additional work found during a service. The integration of an automated, paperless quality check with full traceability helps to give our customers confidence in the process, all the while ensuring the process takes as little time out of their everyday lives as possible.” TALKING POINT Where else could you digitise processes?

Kia names its best • Top Kia retailers named • Gravells Bridgend on top • Burton Kia picks up Platinum Prestige award Kia has named Gravells Bridgend as its 2021 Dealer of the Year with Burton Kia and Evans Halshaw Stourbridge picking up second and third respectively. Burton Kia also picked up the coveted Platinum Prestige Dealer Award, which is given to three percent of global Kia retailers. While those three were noted for their performance across the board, Kia also recognised those who stood out in specific areas – Lookers Stockport took the Sales Excellence Award for the fourth year in five and Premier Automotive Rochdale took the After Sales win for the second year in a row. Ken Jervis (Stoke-on-Trent) picked up the Customer Experience Award again, having finished in the top three every year in the last 10 years, winning it on four occasions in total. TALKING POINT Does winning an award win extra customers?

Peugeot’s UK retail network branding is being updated

3 | Auto Retail Profit | Feb 2022

Who’s doing what? Trevor’s Secret Service appointment Trevor Boswell has been promoted to lead Secret Service, a dealer tool powered by bookmygarage.com. Trevor was previously franchise partnerships manager for the company, having joined in April 2021. He has previously worked in a selection of aftersales roles for brands such as BMW, MercedesBenz and Porsche. The move follows a successful two-year period where Secret Service says it has seen a 216% year-onyear increase in bookings for franchise bookings in 2021. Over 90% of these are for older vehicles, it says. De Beers CFO joins Inchcape board Sarah Kuijlaars, chief financial offer at diamond company De Beers, has joined Inchcape plc as non-executive director. Sarah had a 26-year career at Shell and is a member of the WomenCorporateDirectors foundation. She has also previously worked as the CFO for Rolls Royce Holdings plc. Mike in at Auto Protect Mike Edwards has joined Auto Protect as chief sales and marketing officer. He will be responsible for corporate sales, account development and marketing as well as partnerships, OEM and integration strategies. He brings experience from his previous role as head of finance and insurance at Pendragon, while he also spent 14 years at Mercedes-Benz Retail Group, working in a number of roles including that of group finance and insurance manager. Iain steps to retirement Iain Carmichael has retired following a career of more than 40 years in the automotive industry that saw him take on a number of roles including that of brand director of the VW business at JCT600. Iain joined the retailer in 2016 and had previously worked in a variety of roles including that of chief commercial officer at Tusker and fleet sales director at Audi UK. He also spent time at Seat, where he was head of operations. In paying tribute to those he had worked with he said that his plans for the future involve “Digging out the walking boots and the golf shoes and catching up with real life.”

F&I

How to beat rising values and help get more finance approvals Inflated used values are making applications for finance trickier. Here’s how you can help smooth out the process

emiconductor shortage, pah! I’m all about used cars me, mate. It is funny how a little thing like a chip can have such a huge impact on everything we do as an industry. Typically we cleave into three sets of business, we have those that do new cars only (lots of fleet and B2B, B2C, and broker stuff in here) then there’s the combined new and used car posse (lots of franchised retailers sit in this category) and of course the used car only gang, from small cuddly family friendly independents to large but obviously still cuddly family friendly used car leviathans. For years it has been a simple bit of banter between the three, the argument for new versus used versus hybrid (did we even call it hybrid back in the day?) and then Boom! the semiconductor shortage hit the new car job.

Article Author: Andy Tong Position: Managing director, Profit Training. Andy has worked for some of the biggest names in the automotive finance and insurance industry, and now trains the best to be even better

YOUR ACTION PLAN 3 Manage expectations of finance 3 Prepare for applications to take longer 3 Make accuracy paramount in applications 3 Don’t guess, check

4 | Auto Retail Profit | Feb 2022

Pretty much straight away all the used car girls and boys jumped up and down and got all excited about the ‘advantage’ they had and how things were so much easier and slicker on used. You know – spontaneous buy-it-now customer types, quick decisions, prepped stock and a rapid finance proposal with e-signatures and away we go. Inter-departmental harmony But the last few months has taught us a salient and significant lesson based on interdependency and the harmony that exists between new and used car sales. We all know how difficult it has been for the new car job in the last few months. Retailers fighting to get stock, dominant fleet buyers groaning they can’t get the right cars for their user-chooser company car drivers, large corporates struggling with an ever-ageing fleet that needs replacing, traditional discount structures under huge pressures, fleet and contract hire companies screaming for supply and Joe Retail wondering what the hell happened that turned this long-established supply chain upside down so easily and so fast. Attention naturally turned to used. I should refer to this as pre-owned, or preloved, or nearly new or, well, you get the picture, let’s just say used for now. So the supply and demand model kicked in, and as I’m sure you know as well as I do every block in the country started to report a price surge on pretty much everything clean getting knocked through – and even a large chunk of the not-so-clean stuff started pulling extraordinary prices – to the point recently that even gritty stock was floating past the gavel way in excess of traditional book retail, and by some hefty margin too. Blend all that with the added ingredients of the likes of Cazoo, Carzam, Cinch and a whole host of other players starting with the letter C hoovering up quantities of stock, and you have the perfect storm of ever diminishing supply driving rapidly rising prices that the guides struggle to keep pace with – similar in many ways to the great loo roll debacle of March 2020. Financial challenges Spare a thought for your finance providers and colleagues in all of this. Their role is to support your sales, they want to say yes to as many proposals as possible – but they are in a risk business and employ teams of underwriters to assess the risk of each and every proposal based on three key criteria. CAN the customer repay, then WILL the customer repay, and finally does the deal make any PROFIT?

F&I

There are many other factors involved here but one extra critical one is exposure – most lenders would cap any lend to a value limit based on a spread between trade and retail value, and right now that is a massively broken scale. Couple that with the dominant proportion of most finance provider offerings being based on residual value products such as PCP, Lease Purchase or HP and Balloon and you might start to get an insight into why finance proposals are slowing down, why auto acceptances are less frequent and why your friendly neighbourhood finance rep is on new blood pressure medication and their laptop search history is all about CBD oil and meditation classes. Strict rules The FCA, our financial regulator, is very strict with lenders – it insists that they not only run an affordability algorithm for each client proposal to prove the ‘CAN they pay’ argument but it also forces a strict injunction on the lenders that they do not lend more than the car is worth – and right now the guides simply aren’t in sync with the real world and every deal represents a

huge exposure to risk based on asset value. All this is stressing your finance companies’ ability to lend, so here are some ideas that may make things a little simpler and easier for us all: • Be prepared for fewer automatic acceptances,and a slower finance proposal process • Ensure your customer proposal has integrity, no embellishments • Ensure accuracy, don’t round up critical data such as how long a customer has been at an address or job. A mismatch makes for bounced proposals and avoidable delays • Don’t guess at any requests for additional information, ask the customer and go back with facts • Manage your customers’ expectations, tell them a slow yes is better than a quick no • Work with your local finance team, not against them. These are difficult and challenging times for all of us, not just as retailers but our funding partners. Remember your finance providers only earn when the deal pays out so they are looking for ways to say yes – help them to find that.

5 | Auto Retail Profit | Feb 2022

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the last few months has taught us a salient and significant lesson based on interdependency and the harmony that exists between new and used car sales

MAKE MORE MONEY

Don’t be afraid of letting rob Artificial Intelligence can not only free up staff time it can even help boost profits

rtificial Intelligence will not surprise you … that’s because it’s incremental. In the past 18 months I have seen an incremental 266 orders resulting in over £7m pound of revenue generated by virtual assistants via an automotive AI platform. How? Well, it’s pretty obvious. You know those overdue enquiries and lost sale prospects you have sitting in your enquiry management platform that are dormant or not being touched because your sales force is stretched? They are there waiting for a human engagement and follow-up, not a ‘Don Draper’ marketing campaign with distressed offers in. Virtual assistants work, and we should not be afraid to explore this. They do not replace humans, they only add a new dimension of trust and authenticity. We need humans to find new tasks, human tasks. We can still add value, but we need to do it differently. In world where we don’t have enough time and there is too much choice, AI can talk to the minimal viable audience on your Enquiry Management System, re-engage and give your sales force (and service teams) time back to do what they should be focused on – Article Author: Jon Robbins selling cars and hours. Solving an age-old CRM manager problem? It feels like déjà vu writing about overdue enquiries

and customers not being followed up. It happens, and it happens every day. Let’s not be afraid to admit it – we must learn the consequence of negligence. It’s not just what we do, it’s what we don’t do that is important as well. We are guilty by omission. So, we have virtual assistants that are setup to target enquiries with no future action date or they have been left dormant for a period we set. They then take the customer data and use the script we have set-up to converse with the customer. They then write a contact against the record, and when the customer engages with a response, the virtual assistant will respond and take the correct action for next engagement. For example, handing over to a sales manager or sales executive to follow up with the customer. Then watch the AI learn and the follow-up scripts even more personal and powerful with authenticity. Vuja dé! The strange feeling that this has never happened before! I admit, every new trend or tool that appears in the world of marketing, I want to know about it and I want to have it. The mistake that can be made here is that I forget a major tenant of marketing – understanding the consumer. Thinking now, not next For any marketer, our thought process should not be about ‘What’s next?’ in marketing. What’s next? is not important. What is important, is right now. Right now, we can connect and see what

Successful AI marketing campaigns elsewhere in retail Nike Nike launched the “Nike Makers’ experience” campaign in 2017 that allowed customers to design their own pair of shoes. Using AI marketing analytics, the shoe brand can encourage their customers to choose their designs and graphics using projections and augmented reality on blank Nike X Presto sneakers. Customers then chose their designs and they were delivered the shoes in 90 minutes. Nike used this opportunity to collect customer

preferences using machine learning and design future products. Sephora Cosmetics company Sephora has three bots that interact with customers to understand their needs and wants. They help with an interactive quiz, make-up tips, how-to videos, and reviews. Starbucks Starbucks uses predictive analytics by making use of its loyalty cards and mobile

6 | Auto Retail Profit | Feb 2022

app to collect and analyse customer data. The coffee giant has also used AI marketing research to optimise the user experience to an extent where it records details of purchases, including what time and what buy. This artificial intelligence marketing initiative may be invisible to the customers as it focuses on inventory management, processing orders, staffing requirements, and more so that there are more interactions between customers and partners at Starbucks.

MARKETING

bots talk to your customers

consumers are doing, and this is what we must understand and contextualise. Marketing hasn’t changed. The fundamentals will always be the same. We must not lose our creativity. Big Data is now crossing the chasm on the idea diffusion curve, and as marketers we now have the opportunity to be a cleverer creative marketer by combining creativity and data. With the data available today we can very quickly and creatively – through consumer personalisation – acquire, enlist and engage with the consumer throughout the entire journey. From the ‘discover’ stage right the way through to the ‘purchase’ stage. And this is exactly what the power of AI and virtual assistants can do. Fact: current engagement rates with AI are 91% plus. The human conversation is creating better conversations and the results are astonishing. Don’t be afraid of AI and ask yourself what would you want it to achieve for your business?

I would love to know your thoughts. If this is an avenue you wish to explore, then ensure you do your due-diligence and look for a partner who understands automotive – the sales process and the service process.

YOUR ACTION PLAN: 3U se staff to do find tasks only humans can do

3 Choose AI targets carefully 3 Think now, not into the future 3 L ook for a partner that understands automotive

7 | Auto Retail Profit | Feb 2022

“

AI can talk to the minimal viable audience on your Enquiry Management System, re-engage and give your sales force (and service teams) time back to do what they should be focused on – selling cars and hours

PARTNER FEATURE

Why engagement is key to customer retention Article author: Gee Kettle Position: Head of marketing, Marketing Delivery

“

A Marketing Delivery study unveiled that two-thirds (65%) of customers would be more likely to book an MOT with a dealer that reminded them of the upcoming deadline

Blanket email campaigns won’t cut it in 2022 with most customers expecting the personal touch

t might sound obvious to suggest that customers need to be engaged to stay loyal, but that doesn’t stop businesses in every retail sector favouring a one-size-fitsall approach to mass communication. Recent research by McKinsey & Company* has highlighted that blanket email campaigns are not enough to minimise customer churn. According to the study, 71% of consumers expect a personalised experience from companies, and crucially, three quarters (76%) would feel frustrated without it. It’s a fair assumption that a frustrated customer is likely to quickly become someone else’s customer, especially when alternatives are just a click away. With the rise in online research, today’s consumer has more choice for what, when and how they buy. Customer loyalty is fragile, and dealers must employ effective marketing strategies that penetrate the customer conscience quickly and effectively. This isn’t only about new car sales. Customers also now have more options when it comes to aftersales bookings. A Marketing Delivery study unveiled that two-thirds (65%) of customers would be more likely to book an MOT with a dealer that reminded them of the upcoming deadline. This statistic strengthens the McKinsey & Company findings that personalised customer engagement is the way to drive conversions and loyalty.

Retention is just as important for safeguarding aftersales revenues, and that means dealers should embed lead management in their aftersales strategies. Now more than ever, you can’t rely on car buyers to become aftersales customers. Focus on the customer Software developed specifically for the automotive sector, such as Marketing Delivery’s LeadBox, puts the customer front and centre. Not only can the system generate a hyper-targeted database for contact centre use, but it uniquely combines sales and service within the same portal. Marketing Delivery was the first, and is currently the only, software developer to redefine dealer marketing in this way. LeadBox’s exclusive approach focuses on the customer rather than the touchpoint. This dramatically upgrades the customer experience by creating a personalised and seamless line of communication, fostering greater trust, and driving retention. Campaigns equal customers LeadBox augments the effectiveness of dealers’ email and SMS contact plans for both sales and aftersales revenue streams. Driven by conquest leads – including those from websites, Facebook, Instagram – or existing DMS data, LeadBox can automatically identify customers relevant to a campaign and build a ‘call pot’ for follow up. Marketing Delivery’s managing director, Jeremy Evans, explains: “Digital consumers have more choice than ever before. Leads are short-lived, and dealers have a smaller window of opportunity to guide customer decisions. “LeadBox saves time by aggregating leads from the DMS, websites and thirdparties and underpinning actionable, personalised campaigns for sales and aftersales. Simply put, the system will dictate which customers to contact, when, why and how.”

*McKinsey & Company Next in Personalization 2021 Report 8 | Auto Retail Profit | Feb 2022

MARKETING

Five tips to tackle the oncoming £1.3bn aftersales gap A shortage of new vehicles and an ageing car parc could see retailers facing a major servicing shortfall – here’s how to face it head on

he pandemic has seen a dip in new-car registrations to the tune of around 1.3 million over the last two years, and this could rise to as many as 1.8-million by the end of 2022 according to estimates by data specialist Real Time Communications (RTC). RTC insights and data director, John Law, says: “While a shortage of new vehicles is increasing used values, it is also masking a major aftersales shortfall that will affect servicing departments. “The true impact is yet to realised, but we are now at a crossroads where higher volume service revenue from third services of new cars sold in 2019 start to wash through (at the higher pre-pandemic sales volumes), and the lower volumes of first and second services of cars sold during 2020 and 2021 start to be seen in service departments.” Retailers can counter this dip by taking proactive steps now, with RTC’s commercial director Alistair Jeff:

1. Marry bookings with invoices

Contact centres are tasked with upselling to customers, getting them to agree to anything from an air-con refresh through to amber work that needs to be completed. However, the promised job might not then be done or, worse, be done but not invoiced for. Make sure that everything that is promised on a first call or a video health check makes it through to the technician’s job card and the final invoice.

services for years to come. Customer retention goes from around 90% after the first year to around 60% in the fourth year of a car’s life. Be inventive with offers to bring them back. Consider offering a longer service plan, or work with multiple providers to package up a servicing plan and a warranty together.

4. Get older cars through the door

Most retailers have lapsed customers that they haven’t spoken to for a while – they have either gone elsewhere or don’t have the car and either way it is worth knowing. It isn’t just a case of giving them a call – come up with an offer to get them through. It could be as simple as offering a cut on the labour rate for cars over a certain age.

5. Digitise to streamline tech’s workload

One company we worked with saw a 35% increase in technician’s productivity when they moved from a paper-based workflow to a digital system. It meant quicker customer authorisation on parts, less physical wandering around with job cards and swifter part identification. A 35% time saving allows service advisors to spend more time on the phone to those lapsed customers and could even enable an extra technician to join the workshop.

Categorise service customers

Not all customers in your DMS are the same, and their servicing needs are different. By categorising them into groups – older vehicles, those with warranty plans that are coming to an end and those that have their first MOT approaching – you can talk to them in a bespoke way that feels personalised.

2. Innovate to keep customers returning

The perception is that getting a car serviced at a franchised retailer is more expensive, so work needs to be done at the point of sale and soon after to ensure a used car customer comes back for their

9 | Auto Retail Profit | Feb 2022

Alistair Jeff – RTC’s commercial director Alistair Jeff

BAROMETER

Optimism abounds for retailers despite pressure on costs and staff Retailers might have it good in some senses but there are pressures from rising costs and staff concerns

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Staff shortages, particularly with technicians, means there is massive pressure on wages, while at the same time manufacturers are pushing for greater capacity and technicians trained in new technologies

etailers have had an unusual year. On the one hand stock shortages have impacted new-car supply while on the other they have been able to make the most of an ever-stronger used car market. Most see this continuing, or even getting better, in the coming months. This is not to say that retailers are not concerned by supply issues and rising prices of used stock, along with pressures in staffing and business costs, but the pervading feeling is still very much one of optimism for the year ahead. These are some of the key findings of the latest Auto Retail Network Barometer survey. There is hope that supplies of new cars will begin to ease through the second half of 2022, with retailers looking to find a new balance between the OEM push strategies of old and the current extended waiting times for new vehicles for customers. At the same time, website visits are growing and showroom visits are holding up, along with workshop hours. Costs on the increase A key concern is keeping a control on business costs, with retailers citing inflationary pressures in interest payments, capital increases, payroll inflation and increasing energy costs. Nick Vosper, managing director of Vospers, commented: “Wage inflation is accentuated by the living wage increase of 6.7% and the buffer required for roles that are close to those rates. Then there is the increased National Insurance from April, and we have the 2023 Corporation Tax increase to look forward to.

Perrys commercial director Ken Savage commented: “The early part of next year could be quite challenging. The top end of the profit and loss figures will look okay in terms of the revenue we generate, but the challenge will be the costs as we start paying higher energy costs and the increased minimum wage. There is so much coming at us.” Looking at rising energy prices specifically, Nick Vosper said: “This represents a significant cost for the dealer network. We’re looking to mitigate this through various measures, and when we look at our Capex decisions on heating and lighting, the increased costs of energy mean the payback periods have dramatically reduced.” The result is that he is looking at solutions such as solar energy and battery storage. There are also plans for energy audits to highlight issues, and to appoint an energy champion to report to the board. Of course, some of these same pressures also affect consumers, but retailers do not foresee this denting consumer confidence significantly. Guy Rowson, financial director at Harwoods, commented: “Overall there is no reason to think that 2022 would not see the same level of demand as 2021, if not better.” New-car supply issues Meeting that demand given limited new car supply will be a challenge, and retailers don’t see that situation improving until at least the second half of 2022. “In HY1 we will see the delivery of sales orders,” said Guy, adding that in some of its franchises

Expectations for the next six months Dec-21

Jun-21

Dec-20

Jun-20

Dec-19

Flat

Down

Flat

Down

Flat

Down

Flat

28%

44%

28%

76%

24%

35%

57%

Total new car registrations 31%

28%

38%

55%

14%

29%

30% 26%

Forced registrations

UK Economy

Down

Flat

Down

33% 27%

40%

52%

36%

12%

43%

30% 13%

57%

20%

43%

37%

31%

67%

12%

26%

62%

57%

30%

45% 51%

14%

66%

25%

Your business’s profitability 23%

49%

23%

60%

31%

43%

26%

30%

23% 27%

50%

25%

45%

30%

Showroom visits

18%

49%

33%

62%

21%

17%

39%

17%

43%

30% 23%

47%

23%

45%

32%

Website visits

67%

26%

76%

19%

74%

13%

77% 13%

10%

53%

40%

Workshop hours

38%

51%

10%

57%

38%

48% 39%

13%

47% 43%

10%

34%

55%

11%

10 | Auto Retail Profit | Feb 2022

Respondents anticipating improved or reduced profitability

Dec-15 Improved profitability 33% Reduced profitability 13%

Jun-16 Dec-16 0% 11% 40% 33%

Jun-17 12% 45%

Harwoods has already sold all of its allocation for the year. Even when the semiconductor shortage eases, that doesn’t necessarily mean the end of new car supply issues. Wessex Garages managing director Chris Wiseman said: “The semiconductor problem has masked a lot of other inherent problems in the industry, with raw materials in particular impacting automotive component suppliers.” The question of just what an ‘acceptable’ lead time would be for customers arises, but Graeme Potts, Eden CEO, said: “If you think you wait 10 weeks for a sofa, then 10-12 weeks for a car is not unreasonable. Clearly there are some brands where you’re having to wait far longer than that at the moment, and I do wonder if that might cause some people to drift to the used car market.” With all of that in mind with regard to the new car market, and while most expect the new car supply issue to ease through the year, a growing number of retailers believe it could be into 2023 before we really see the industry looking something akin to ‘normal’. Recruitment and retention challenges Another area of the business where all retailers reported challenges was in recruitment and retention of staff. Nick Vosper commented: “Staff shortages, particularly with technicians, mean there is massive pressure on wages, while at the same time manufacturers are pushing for greater capacity and technicians trained in new technologies. We’ve introduced new first year apprenticeship rates to make us competitive with other industries, while also reviewing technician pay structures.” Guy Rowson added: “At board level we are very focused on addressing the shortage of technicians. We’ve signed off a massive apprenticeship programme within Harwoods, and we’ve approved measures to move all of our technicians’ pay bandings up considerably, both to arrest a loss of staff and to improve our ability to attract them.” As he highlights, the issue of the shortage of technicians is impacting on two fronts; firstly the lack of new people coming into the industry, but also the number of technicians leaving the sector. Ken Savage commented: “We’ve done salary reviews on technicians and we feel we’re now paying the market rate, but we’re losing them to other industries where they can

Dec-17 15% 44%

Jun-18 14% 37%

Dec-18 15% 35%

Jun-19 Dec-19 0% 35% 56% 30%

afford to pay a lot more and where their skills are in demand.” Electric aftersales threat While most responding retailers reported their aftersales operations were holding up well, there are concerns for what this area of the business will look like with growing numbers of EVs. Ken anticipates a shift in focus. “Yes, there will be work on the existing parc of petrol and diesel vehicles, but it’s going to tail off, and warranty work will become an increasingly bigger proportion of aftersales.” How the retailers manage that shift is a key question. For Perrys, Ken says one answer is to increase multi-franchising, generating additional aftersales work on a given site. For Lookers, CEO Mark Raban says that the business will look to develop new aftersales revenue streams, developing new products and services to protect and increase penetration and drive revenue growth. This, he said, will encompass incremental opportunities in the growing cosmetic repair market. Despite all of the challenges for the industry, in the longer term, even with the prospect of agency agreements on the horizon, the overwhelming feeling is one of positivity for the sector. Guy Rowson was typical of many when he said: “Things are changing, and they’re changing faster than ever, but our industry is still very buoyant – we’ll get back to a 2m new car market once supplies return, and we’ll still sell 8m or more used cars.”

11 | Auto Retail Profit | Feb 2022

Jun-20 23% 50%

Dec-20 43% 30%

Jun-21 60% 10%

Dec-21 23% 23%

Technicians are in high demand and short supply

“

We’ve done salary reviews on technicians and we feel we’re now paying the market rate, but we’re losing them to other industries where they can afford to pay a lot more and where their skills are in demand

SUCCESS STORY

The secrets to group-wide success according to Howards The Howards Motor Group picked had a phenomenal return in the most recent Peugeot awards – it took top spot with its other three sites not far behind

“

What comes first – the customer who is on your forecourt or the digital one who wants an instant response to the question they have just asked?

f a group has more than one site in a region then logic should dictate that they should all be performing relatively similarly to one another. However, given that some retailers struggle to get different departments to talk to one another, getting sites to share best practice might be an ask too far. The Howards Group in the west of England clearly has its lines of communication working perfectly, though. At the most recent Guild of Gold Lion awards the group saw Weston Super Mare and Dorchester take spots one and two while Yeovil was also in the top 10 and Taunton was not far behind. Chris Lee, group operations director for Howards explains that there is a policy of working together but still keeping a degree of separation between the sites. “If something works we do it everywhere if it doesn’t we don’t,” he says. “Once we set the direction we set sail in the same way.” While Chris rightly credits a lot of the mid- and post-pandemic success to team morale and motivation (there has been minimal turnover of personnel – less than 10% – since the first lockdown) there are

clearly several key processes in place that have had a material impact. Digital priority One big lesson that the team has taken from the pandemic is the importance of digital interactions. Chris explains that the launch of ‘Howard’s Choice’ – a process that allows customers to decide how much of the buying process is done physically and how much is done at home – was something that was done swiftly in 2020. Now deal files are electronic where they would have previously been completed physically at handover and 25% of used car transactions in 2021 were completed at customers’ homes. These transactions were facilitated by, among others, two in-house teams, one looking after deal progression and another looking after delivery. On the latter, Chris explains that it would be possible to outsource delivery but it the company has chosen to keep it under their own control. He explains that this has increased the

Continuing to learn post pandemic While the Covid shutdown accelerated development at good retailers, with the Howards group’s move to greater digital processes a prime example, the learning hasn’t stopped there. Chris Lee explains that the management team is looking to take lessons from outside the industry, concentrating more on the sort of businesses with which their consumers interact on a regular basis. “We look at the broader [retail] sector,

at John Lewis, Amazon and Apple,” he says. “We are also looking at our customer relationship management routine and looking at what the expectations are. “The expectations have gone from ‘I am pleased you are open’ to ‘Don’t use Covid as an excuse’. There are businesses that have been too tardy. “What was good was 18 months ago is not enough. These people are used to buying at 8am and getting something

12 | Auto Retail Profit | Feb 2022

delivered at 3pm. We challenge ourselves daily by self-mystery shopping and making sure that was good is now still good.” The impending and ongoing increase in electric vehicles in the UK’s car parc strengthens that need to learn and adapt, he says. “With electrification our aftersales business will be under pressure. We can accept no leakage, we need to be nimble, we need to share all the opportunities.”

cost base, with drivers and trucks required (they have two at the moment and are looking at growing the fleet) but this is offset by the fact that they charge for delivery so the customer will cover the cost in most instances. It is all about controlling the customer experience, he explains, saying: “If we only have one touchpoint we are going to make sure that is a Howards touchpoint.” Online progression The other decision that Chris and his team has made is to implement a team dedicated to digital nurturing – progressing online enquiries from the first click all the way to a purchase if needs be. Flexibility is key, though. “It depends on the customer journey,” he says. “The customer might need an extra layer of detail and need to come to site and then it would be handed over.” He explains that he doesn’t see a situation where the teams blend and become all digital in the future – there is a deliberate separation. “I see them as separate entities. I want people who come into the business they get the best service they can possibly get,” he says. “What comes first – the customer who is on your forecourt or the digital one who wants an instant response to the question they have just asked? I want the physical team to concentrate and give the best experience they can.” Despite their digital focus, the teams are still based at each respective site. “They are managed centrally but they are integrated within each site,” explains Chris. “They have touchpoints with the physical site to understand the product they work with.”

to events too, with Howards having run both in-person and online-only sales events in recent months. As well as a physical event in November 2021, the team held a group first over Christmas in the form of an online-only event. One key factor for the timing and planning of events, says Chris, is the current stock shortage and long lead times. The event in November was designed with the March 2022 plate change in mind. “We went to customers and said if you want a car for March you need to get it now,” he says. “Holding an event four to eight weeks before a plate change won’t cut it right now. “This forward thinking, and the group’s proactive planning, should stand it in good stead this year ahead and beyond.”

Blended events This blend of digital and physical extends

13 | Auto Retail Profit | Feb 2022

About the company Locations: Dorchester, Taunton, Weston Super Mare, Yeovil Established in: Howards Group was founded in June 1962 Staff numbers: 60 across the four Peugeot sites New and used cars in 2021: 2,783 at all four Peugeot sites combined Turnover: £62,468,294 for the four Peugeot sites

Howards plays a key role in local running event, the Weston Super Half

Neil Smith Retail Operations Director

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14 | Auto Retail Profit | Feb 2022

PARTNER FEATURE

Diversity and inclusion must make a meaningful difference Diversity and inclusion is about much more than delivering on targets

’m delighted by the increasing momentum evident in the development of Diversity and Inclusion (D&I) in financial services and the automotive sector. However, there is much work still to be done. Achieving a lasting, authentic transformation will primarily centre upon cultural change within businesses. What it should not be is a box-ticking exercise. At the heart of D&I is the principle that it is the right thing to do from every angle, serving the increasingly diverse needs of those we serve and the people in our businesses. The importance of a positive, authentic approach to D&I Calls for social justice should be recognised as a trigger point for positive change in D&I that goes beyond the type of policies and training often centred on compliance with anti-discrimination regulation. The calls for positive change from people of all demographics underline the widespread support for a transformative approach to delivering fairness. As with everything, change comes from a committed leadership approach. I don’t see my membership of the Automotive 30% Club as symbolic; the aim of filling at least 30% of key leadership positions in MotoNovo with diverse women by 2030 is something to which I am committed. To this end, our Inspiring Future Female Leaders Network continues to grow and is not restricted to women. On 3 February we will once again be promoting and taking part in ‘Time to Talk Day’, the UK’s biggest mental health conversation. We have seen over almost three years the impact of the pandemic on peoples’ mental health. As an employer, we can and have helped to support colleagues and break the stigma attached to it. It is a shame that it took the pandemic to recognise this need. These are just two of a broad range of actions to champion D&I and its value. Regardless of ethnicity and race, gender identity and sexual orientation, disability, age, religion and more, we aim to ensure

that D&I becomes business as usual. Our early steps to create a meaningful D&I ethos have already demonstrated their value. The diversity of our team is increasing and in areas such as recruitment, product development and reputation, the benefits are evident. Ultimately, we believe that doing the right thing in D&I will be good for the bottom line. D & I and our stakeholders My aim in this article is to share our experience to date. Embracing D&I has been a positive force. It is especially true as we build and equip our team for what we hope will be a post-pandemic world. Almost three years ago, I saw it written that there were five years of change in the first eight weeks of the pandemic. It may have been referencing digitisation, but in truth, social change has accelerated as well. By embracing D&I at MotoNovo, we aim to embrace social change in the broader environment. By doing so, we hope to be relevant and welcoming to all.

15 | Auto Retail Profit | Feb 2022

Article Author: Karl Werner, managing director, MotoNovo Finance

“

The aim of filling at least 30% of key leadership positions in MotoNovo with diverse women by 2030 is something to which I am committed

BRANDS INSIGHT

Suzuki recovers from lockdown dip to rejuvenate market share

“

It’s all about small retailers who care about their customers. People know they will see the same person, and are assured they’re more than just a job number.

Article author: Richard Aucock Position: Auto Retail Network’s new car expert

uzuki predicted a dip in its market share during 2020 due to the discontinuation of its models and a move to hybrid across the model range. This saw Suzuki dip from its 1.5% 10-year average down to a share of around 1.2% – but then, during the 2021 lockdown, things dipped further, to 0.9%. “Our performance was a bit behind the others, which is symptomatic of our retailer network, as it is driven by owneroperator small businesses,” said Suzuki head of product and planning Ed Norman Without the resources of larger operations, he explained, Suzuki retailers couldn’t call upon a centralised call centre or sell online, “so we had to learn quickly”. Suzuki duly embarked on a programme to rapidly improve its digital tools. While it still doesn’t offer fully online sales, the brand does now have an online configurator, supported by live chat, and cleverly then allows potential customers

to send their chosen configuration to their preferred local retailer. “This, along with improved supply of new models, helped us be really successful as soon as the country reopened in April 2021. “We had the right mix of demand, good supply, some strong offers and very motivated retailers,” said Ed. “The result was a 1.8% market share, which is only now dipping due to supply becoming constrained.” The supply challenges are from Suzuki’s Hungarian factory, which builds the Swift, Vitara and S-Cross. As the S-Cross has recently been facelifted, production of the revised car has been prioritised, which is further lengthening lead times for the other two cars. Ed commented: “We expect things will remain constrained at least throughout Q1.” The Vitara is currently Suzuki’s bestselling car, with around 11k registrations last year. “It outsells S-Cross four-to-one, but our objective with the revised car is to

Lamborghini plans final hurrah for petrol before EV switch Lamborghini is to spend two years “celebrating the combustion engine” before it takes the first step to electrification when all its cars become plug-in hybrids from 2024. Two new models are due next year, according to European brand director Francesco Cresci, while he also hinted at another limited-run hypercar to succeed 2021’s £2m Countach remake. A highlight is sure to be the production version of the Huracan Sterrato concept shown in 2019. Sterrato is Italian for dirt road and, as the name suggests, this will be an off-road-spec Huracan, with tough body styling, raised ride height and all-wheel drive suspension ready for the roughest roads. Think Porsche 959 Dakar: it’s going to be unique in the sector and a sure-fire draw for Lamborghini retailers. Above the Huracan, Lamborghini has actually pushed back the replacement of the Aventador hypercar to 2023, perhaps to ensure it can fully celebrate its howling V12 – but Francesco stresses its replacement will not be a pure electric car. That won’t come until closer to 2030, he explains, as part of a £1.5bn investment currently underway.

Lamborghini’s Huracan Sterrato concept from 2019

And it seems the firm needs more time to think about just how to tackle the challenge of EVs. “Sound is one of the main characteristics of a Lamborghini. You can make EVs sound different, of course, but we want to retain the emotion of driving.” Lamborghini knows it needs a unique part of its brand ID to be just as compelling in the world of electric – if not more so. Francesco also revealed Lamborghini has a fourth model in development, which will sit apart from the Huracan, Aventador and Urus SUV. He wouldn’t be drawn on specifics, but did highlight the 1968 Espada – considered the world’s first four-door supercar – as one

16 | Auto Retail Profit | Feb 2022

of Lamborghini’s “most iconic models”. Persistent rumours duly suggest the new car could be a sleek saloon in the mould of the 2008 Estoque concept car, which would be a rival to the Porsche Taycan. Right now, it’s the Urus SUV, which has been on sale for four years, which is driving Lamborghini’s growth and profitability. “We built 200 cars a year, on average, for the first 40 years of this company,” said Francesco. “For 2021, we’re on track to make around 7,500.” Around 6 in 10 of them were Urus (with 85% of customers new to the brand) – and for 2022, it’s likely to grow even further, with the arrival of a second, faster and more focused version.

BRANDS INSIGHT

bring this gap much closer – largely with incremental sales of the new S-Cross.” Ed believes the updated car, which has more rugged styling, is now a more convincing alternative to familiar SUVs such as the Nissan Qashqai and Peugeot 3008. “S-Cross sales will definitely grow – and customers will be assured of getting a car in Q1,” he said. The Jimny is an interesting car for the brand, he explains. The diminutive 4x4 is a bit of a modern icon, but Suzuki is limited to how many it can sell due to CO2 constraints. It’s currently offered as an LCV only, “which we

brought in to satisfy customers who lost out but were happy to have a two-seater”. Suzuki GB has even converted one into a mobile coffee van, to demonstrate what can be done. “It remains very much in demand – we will sell just under 500 in 2021, but could do five times the amount we’re allocated.” Ed was keen to praise Suzuki’s retailers, which he says are a key part of the brand’s success in the UK. “It’s all about small retailers who care about their customers. People know they will see the same person, and are assured they’re more than just a job number.”

Suzuki updated the S-Cross recently and customers should be able to get cars in Q1 of 2022

Volvo owners to talk to their cars thanks to Google Volvo’s partnership with Google will take a further step as the brand will be the first manufacturer to integrate its cars with Google Assistant-enabled devices. This planned direct integration allows seamless connection between Google Assistant and cars, letting Volvo Cars customers control functions in their car by issuing voice commands to Google Assistant-enabled home and mobile devices. “Volvo Car Group was first to introduce Google technology and services in our cars, and we are now looking to be the first to integrate fully with Google Assistant-enabled devices – it is a natural next step in our partnership with Google,” said Henrik Green, chief product officer at Volvo Cars. “This integration allows

us to improve the customer experience immensely, because it gives customers the possibility to easily and securely

17 | Auto Retail Profit | Feb 2022

manage their car while at home or on the go, through any personal device that has Google Assistant.”

USED CARS

Are challenging used car margins putting pressure on extras sales?

“

Retailers have become increasingly reliant upon earnings from extras and ancillary sales. Ancillary sales include such extras as finance, warranty, GAP paint protection and minor damage insurance

Article Author: Ian Allen Position: Ian specialises in the operational business development and enhancement of motor dealerships and the turnaround of underperforming dealerships, with an emphasis on used car performance

YOUR ACTION PLAN: 3E nsure any extras are firstly customer focused 3D emands and needs questionnaires will assist with point one 3 F ollow up calls after purchase can be an added post sale opportunity 3M onthly payment profiles can assist with extras affordability 3B randed products from recognised suppliers offer better value

Extras need to be treated with care and not used as a cash cow when used margins are tight

he UK used car marketplace in 2022 has started where 2021 left off, with buoyant sales demand and restricted vehicle supply. Whilst new car supply remains restricted it is reasonable to assume that the used car sector will continue on its current trajectory for the foreseeable future. While a small number of alternative used car supply avenues have opened during the last year or so, the main areas of supply remain vehicle auction and remarketing companies. Buyers of used cars purchased via these suppliers do so by simply paying the highest price in a very competitive marketplace. Screen prices have therefore resultantly increased, however margins are restricted by loan to value (LTV) parameters and overall market competition. Typical extras offered As a result of potentially restricted screen price margins, retailers have become increasingly reliant upon earnings from extras and ancillary sales. Ancillary sales include such extras as finance, warranty, GAP paint protection and minor damage insurance (MID). One of the key imperatives in extras sales is firstly defining which add on is the most customer centric and value added, rather than the one that makes the most commission. FCA demands and needs guidance go a long way to eradicating any potential mis-selling of products. Franchise retailers versus independent used Independent used car retailers can be more dependent on extras sales as they don’t have the increased revenue streams available that franchised dealers have, such as new car sales and after sales revenue, along with OEM performance bonuses. Independent used car retailers also need to be mindful of not negating

18 | Auto Retail Profit | Feb 2022

the perceived saving on used car screen pricing by offering over-priced extras sales to make up the revenue stream. Branded backed products such as those from the RAC or AA will also add value to the independent retailer ancillary sales offering due to their quality of cover. Franchise retailers also have the advantage of manufacturer-backed warranty programmes and overall aftersales facilities. Financing is a key area of the used car purchase and franchise dealers often have the advantage of lower rate OEM subsidised rates and terms, which is a key imperative in the mind of the consumers. Also the ability to offer point of sale (POS) or online pre-approved finance is a key advantage that both franchise and independent retailers can offer to ensure the one-stop facility in the customer journey. Value of follow-up calls Purchasing a replacement car is a big decision for customers. RAC statistics state that UK motorists change their car every 36 months on average. As such, having made the considerable decision to purchase their car, consumers often need to make key decisions about ancillary products on a future occasion. As such a follow-up call in-between order and collection or post collection can be worthwhile, both in terms of ensuring customer satisfaction and also following up to ascertain if they want to take advantage of any ancillary products.

DEALS MANUFACTURER PROMOTED RETAIL FINANCE OFFERS Make and model

Offer OTR

Offer

Deposit

Term

Monthly payment

Final payment

Offer ends

APR

ALFA ROMEO

Lower monthly payment on Stelvio on PCP, but final payment is up

Stelvio 2.0 Turbo Sprint

£45,249

PCP, £1,000 dealer contrib

£10,750

£449

£16,200

3.9%

31-Mar-22

Stelvio 2.9 Bi-Turbo Quadrifoglio £74,949

HP, £3,500 dealer contrib

£28,279

£1,439

n/a

0.0%

31-Mar-22

AUDI

Hefty dealer contributions on key models

Q2 Sport

£27,945

PCP, £1,150 dealer contrib

£6,813

£269

£11,217

6.4%

31-Mar-22

Q5 S line

£48,670

PCP, £2,500 dealer contrib

£10,367

£469

£20,910

6.4%

31-Mar-22

A5 S line

£42,560

PCP, £3,500 dealer contrib

£10,174

£439

£13,815

6.6%

31-Mar-22

A6 Avant S line

£46,395

PCP, £3,000 dealer contrib

£10,198

£479

£17,287

6.6%

31-Mar-22

BMW

Low interest rates on key models

118i M Sport

£29,885

PCP

£4,644

£349

£12,487

4.9%

31-Mar-22

218i M Sport Gran Coupe

£30,475

PCP, £588 dealer contrib

£4,329

£349

£12,870

4.9%

31-Mar-22

£34,400

PCP, £1,678 dealer contrib

£4,269

£389

£12,530

2.9%

31-Mar-22

320i M Sport Saloon

£38,190

PCP, £1,851 dealer contrib

£4,389

£439

£14,937

3.9%

31-Mar-22

420i M Sport Coupe

£41,160

PCP, £1,606 dealer contrib

£4,719

£459

£16,200

2.9%

31-Mar-22

DACIA

Significant increases on monthly payments on Duster

Sandero Essential TCe Bi-Fuel

£10,745

PCP

£151

£5,271

5.9%

31-Mar-22

Stepway Prestige TCe

£14,645

PCP

£213

£6,730

5.9%

31-Mar-22

Duster Comfort TCe

£17,145

PCP, £200 dealer contrib

£227

£8,898

5.9%

31-Mar-22

FIAT

Bigger battery version of 500 Electric at lower monthly payment

Panda 1.0 Mild Hybrid City Life

£13,655

PCP

£3,480

£156

£4,269

4.9%

31-Mar-22

500 1.0 Mild Hybrid

£16,735

PCP, £1,050 dealer contrib

£1,500

£219

£5,815

4.9%

31-Mar-22

500X 1.0 Cross

£23,585

PCP, £1,250 dealer contrib

£2,995

£264

£9,772

4.9%

31-Mar-22

500 Electric 70KWH

£25,835 PCP, £250 dealer contrib £1,500 gov’t grant

£4,495

£249

£13,224

4.9%

31-Mar-22

FORD

0% finance over 24-month term

Fiesta ST-Line 1.0 EcoBoost

£22,530

PCP

£4,536

£299

£10,818

0.0%

31-Mar-22

EcoSport ST-Line 1.0 EcoBoost £22,875

PCP

£5,471

£275

£10,804 0.0%

31-Mar-22

Puma ST-Line 1.0 EBoost Mild Hybrid £24,760

PCP

£4,776

£275

£13,384

0.0%

31-Mar-22

Focus ST Line 1.0 EcoBoost

£25,770

PCP

£4,766

£310

£13,564

0.0%

31-Mar-22

HONDA

New offers over 36-month term

Jazz EX

£22,930

PCP

£5,318

£219

£11,943

5.0%

31-Mar-22

Civic Sport VTEC

£25,555

PCP, £500 dealer contrib

£4,493

£349

£10,760

5.9%

31-Mar-22

HR-V Elegance

£27,960

PCP, £500 dealer contrib

£6,187

£269

£11,862

5.0%

31-Mar-22

Honda e Advance

£36,865

PCP

£7,125

£499

£15,862

5.9%

31-Mar-22

CR-V Hybrid SR 2.0

£37,300

PCP, £1,500 dealer contrib

£8,733

£359

£17,484

5.0%

31-Mar-22

HYUNDAI

Hefty dealer contribution on Ioniq

i10 SE 1.0

£13,420

PCP, £500 dealer contrib

£4,100

£142

£6,251

5.5%

31-Mar-22

i20 Element

£16,500

PCP, £750 dealer contrib

£5,000

£104

£9,373

5.5%

31-Mar-22

Bayon SE Connect

£20,520

PCP

£6,200

£156

£10,560

0.0%

31-Mar-22

IONIQ Hybrid Premium

£26,295

PCP, £1,750 dealer contrib

£7,900

£230

£12,762

5.5%

31-Mar-22

JAGUAR

Big hike in interest rates for the new quarter

E-PACE 2.0 R-Dynamic SE

£42,075

PCP, £1,000 dealer contrib

£8,606

£399

£19,456

5.9%

31-Mar-22

F-PACE 2.0 R-Dynamic SE

£48,335

PCP, £1,000 dealer contrib

£9,393

£479

£22,046 5.9%

31-Mar-22

F-TYPE 2.0 R-Dynamic

£70,500

PCP, £5,500 dealer contrib

£10,281

£749

£28,647

5.9%

31-Mar-22

I-PACE EV400 SE

£69,845

PCP, £3,000 dealer contrib

£10,774

£649

£28,171

1.9%

31-Mar-22

JEEP

Big dealer contributions

Renegade 1.0 Longitude

£24,100

PCP, £2,250 dealer contrib

£3,625

19 | Auto Retail Profit | Feb 2022

£259

£8,654

4.9%

31-Mar-22

DEALS MANUFACTURER PROMOTED RETAIL FINANCE OFFERS Make and model

Offer OTR

Offer

Deposit

Term

Monthly payment

Final payment

Offer ends

APR

Compass 4XE 1.3 hybrid

£40,895

PCP, £1,850 dealer contrib

£4,000

£485

£17,656

5.2%

31-Mar-22

Wrangler 2.0 Sahara

£52,800

PCP, £2,000 dealer contrib

£11,100

£509

£23,067

5.9%

31-Mar-22

KIA

0% finance on key models over 24-month term

Picanto GT-Line S 1.0

£16,795

PCP

£3,400

£252

£7,325

0.0%

31-Mar-22

Xceed 3 1.5

£25,335

PCP

£5,100

£359

£11,602

0.0%

31-Mar-22

Niro 3 1.6 hybrid

£28,580

PCP

£5,800

£406

£13,013

0.0%

31-Mar-22

Sportage GT-Line S 1.6

£38,645

PCP, £500 dealer contrib

£9,700

£265

£21,875

3.9%

31-Mar-22

LAND ROVER

Dealer contributions steadily disappearing

Range Rover Velar R-Dyn SE Auto £56,545

PCP, £1,000 dealer contrib

£10,382

£549

£27,387

5.9%

31-Mar-22

Discovery Sport R-Dyn SE Auto £64,520

PCP

£15,623

£599

£29,401

5.9%

31-Mar-22

Defender X-Dynamic SE Auto

PCP

£13,531

£599

£29,859 5.9%

31-Mar-22

£62,790

Sport Dynamic

£73,550

PCP

£15,853

£699

£35,114

5.9%

31-Mar-22

D300 SE Auto

£94,400

PCP

£11,493

£999

£50,750 5.9%

31-Mar-22

LEXUS

Interest rates increased for the new quarter

UX 250h Premium Edition

£34,375

PCP, £2,000 hybrid allowance

£9,293

£259

£14,535

4.9%

31-Mar-22

ES Premium Edition

£38,425 PCP, £2,000 hybrid allowance

£9,086

£329

£16,065

4.9%

31-Mar-22

NX Premium

£40,920

PCP

£10,756

£329

£19,485

4.9%

31-Mar-22

UX 300e

£42,315

PCP, £1,000 dealer contrib

£7,450

£429

£18,787

4.9%

31-Mar-22

MAZDA

Interest rates increased while dealer contributions fall

2 SE-L

£17,375

PCP

£2,710

£209

£6,142

4.9%

31-Mar-22

3 E-SKYACTIV SE-L

£23,265

PCP, £1,000 dealer contrib

£3,455

£269

£8,608

4.9%

31-Mar-22

CX-30 SE-L

£24,555

PCP, £1,000 dealer contrib

£3,840

£249

£10,768

4.9%

31-Mar-22

MX-30 SE-L Lux Auto

£27,195 PCP, £500 off, £750 dealer contrib £4,290

£279

£12,145

4.9%

31-Mar-22

MERCEDES-BENZ

Discounting has ended

A 180 Sport Executive Edition

£30,395

PCP

£5,319

£355

£12,425

5.9%

31-Mar-22

B 180 AMG Line Edition

£31,645

PCP

£5,537

£393

£11,675

5.9%

31-Mar-22

CLA 220 d AMG Line coupe

£36,490

PCP

£6,385

£421

£15,225

5.9%

31-Mar-22

E 300 de AMG Line

£52,474

PCP

£9,183

£648

£19,600

5.9%

31-Mar-22

S 500 4MATIC L AMG Line

£114,395

PCP

£20,019

£1,574

£34,075

5.9%

31-Mar-22

0% finance offers have gone

3 Excite

£12,845

PCP

£1,755

£149

£4,541

1.9%

31-Mar-22

ZS Excite 1.5 VTI-tech

£16,495

PCP

£2,024

£169

£7,194

1.9%

31-Mar-22

ZS EV SE Long Range

£30,995

PCP

£4,881

£319

£13,014

4.9%

31-Mar-22

HS hybrid, Excite 1.5

£30,595

PCP

£6,883

£299

£10,687

1.9%

31-Mar-22

MINI

Low deposit requirements on ICE products

3-dr Hatch Cooper Classic

£18,805

PCP

£1,998

£250

£7,933

5.9%

31-Mar-22

Clubman Cooper Classic

£23,505

PCP

£2,002

£330

£9,613

5.9%

31-Mar-22

Countryman Cooper S Classic

£28,115

PCP

£2,002

£390

£12,242

5.9%

31-Mar-22

Electric Level One

£27,000

PCP

£3,999

£299

£12,364

4.9%

31-Mar-22

RENAULT

0% finance on key models over 24- and 36-month terms

Zoe Iconic

£27,595

PCP

£6,763

£199

£13,688

0.0%

31-Mar-22

Clio SE Edition

£19,290

PCP, £250 dealer contrib

£4,411

£204

£9,733

0.0%

31-Mar-22

Captur Limited TCe

£23,690

PCP

£3,174

£264

£14,180

0.0%

31-Mar-22

Arkana S Edition hybrid

£27,990

PCP

£6,453

£249

£15,561

0.0%

31-Mar-22

Megane RS 300

£34,990

PCP

£8,594

£299

£17,188

0.0%

31-Mar-22

20 | Auto Retail Profit | Feb 2022

DEALS MANUFACTURER PROMOTED RETAIL FINANCE OFFERS Make and model

Offer OTR

Offer

Deposit

Term

Monthly payment

Final payment

Offer ends

APR

SEAT

Increased deposit brings down monthly payments

Ibiza SE 1.0 TSI

£18,080

PCP, £1,250 dealer contrib

£2,712

£215

£5,985

5.1%

31-Mar-22

Arona SE 1.0 TSI

£20,820

PCP, £750 dealer contrib

£4,741

£213

£7,581

5.1%

31-Mar-22

Leon SE Dynamic 1.0 TSI

£22,240

PCP, £1,500 dealer contrib

£4,793

£224

£8,129

5.8%

31-Mar-22

Leon Estate FR 1.5 TSI

£25,725

PCP, £1,500 dealer contrib

£5,901

£259

£9,316

5.8%

31-Mar-22

Ateca Xperience 1.5 TSI

£28,720

PCP, £1,750 dealer contrib

£5,876

£299

£10,155

5.1%

31-Mar-22

SKODA

Interest rates are up for the current quarter

Fabia Colour Edition 1.0 TSI

£19,055

PCP, £750 dealer contrib

£2,516

£239

£6,953

5.4%

31-Mar-22

Kamiq SE Drive 1.0 TSI

£22,330

PCP, £2,000 dealer contrib

£2,134

£249

£9,394

5.4%

31-Mar-22

Karoq SE Drive 1.0 TSI

£25,130

PCP, £1,750 dealer contrib

£3,903

£269

£9,926

5.4%

31-Mar-22

Octavia SE L 1.5 TSI

£27,020

PCP, £1,250 dealer contrib

£4,032

£329

£8,907

4.4%

31-Mar-22

Kodiaq SEL 1.5 TSI

£35,315

PCP, £2,000 dealer contrib

£4,937

£359

£15,257

4.4%

31-Mar-22

Enyaq iV

£41,080

PCP, £750 dealer contrib

£7,077

£479

£15,938

5.4%

31-Mar-22

SMART

Discounting on EQ forfour, but interest rate on the high side

EQ forfour premium

£19,795

SSANGYONG

New offers over 48-month term

Tivoli EX 1.2

£14,595

PCP

£2,026

£159

£6,010

2.9%

31-Mar-22

Korando ELX 1.5

£20,545

PCP, £2,000 dealer contrib

£3,928

£199

£7,210

4.9%

31-Mar-22

Ventura

£37,995

PCP

£11,278

£329

£15,010

4.9%

31-Mar-22

SUBARU

Interest rates increased

XV e-Boxer 2.0i SE Lineartronic £31,680 Outback 2.5i SE Prem L’tronic

£33,995

Forester e-Boxer 2.0i XE L’tronic £36,360

PCP, £3,050 off

£3,464

£242

£7,525

6.0%

31-Mar-22

PCP, £2,000 dealer contrib

£7,602

£239

£13,395

3.9%

31-Mar-22

PCP

£8,241

£289

£15,095

3.9%

31-Mar-22

PCP, £3,000 dealer contrib

£8,528

£279

£14,536

3.9%

31-Mar-22

SUZUKI

Heavy discounting but interest rates are high

Swift 1.2 SZ-L

£14,499

PCP, £1,000 off

£2,672

£189

£5,104

6.9%

31-Mar-22

Ignis 1.2 Dualjet Hybrid SZ3

£13,749

PCP, £1,000 off

£2,674

£169

£5,220

6.9%

31-Mar-22

Vitara 1.4 Boosterjet Hybrid SZT £21,749

PCP, £2,000 off

£4,472

£269

£7,848

6.9%

31-Mar-22

Swift Sport 1.4 Boosterjet Hybrid £21,570

PCP, £1,000 off

£4,138

£279

£7,499

6.9%

31-Mar-22

TOYOTA

0% finance on key models

Aygo x-Trend 1.0

£15,335

PCP

£4,526

£129

£4,746

0.0%

31-Mar-22

Yaris Design 1.5 Hybrid

£22,150

PCP

£4,613

£189

£9,787

0.0%

31-Mar-22

Yaris Cross 1.5 Hybrid

£24,725

PCP

£4,756

£229

£12,195

2.9%

31-Mar-22

Corolla Design 1.8 Hybrid

£27,945

PCP, £1,000 dealer contrib

£5,653

£229

£11,902

0.0%

31-Mar-22

VOLKSWAGEN

Increased interest rates have pushed up deposit requirements

up! 1.0

£13,545

£4,331

PCP, £500 dealer contrib

£3,321

£145

5.2%

31-Mar-22

Polo Life 1.0

£19,225

PCP, £750 dealer contrib

£3,455

£205

£7,707

5.2%

31-Mar-22

T-Cross SE 1.0 TSI

£22,205

PCP, £1,300 dealer contrib

£5,002

£205

£8,797

5.2%

31-Mar-22

Taigo Life 1.0 TSI

£22,450

PCP, £500 dealer contrib

£5,327

£205

£9,668

5.2%

31-Mar-22

Golf Estate 8 Life 1.5 TSI

£26,350

PCP, £2,250 dealer contrib

£4,320

£265

£10,432

5.2%

31-Mar-22

T-Roc Active 1.0 TSI

£24,545

PCP, £500 dealer contrib

£6,274

£205

£11,098

5.2%

31-Mar-22

Touran SE Family 1.5 TSI

£31,670

PCP, £3,600 dealer contrib

£5,393

£335

£10,335

5.2%

31-Mar-22

VOLVO

Big discounts and dealer contributions

V60 B3 CORE

£33,528

PCP, £2,396 off, £3,000 dealer contrib

£4,698

£359

£13,206

4.9%

31-Mar-22

V90 B4 CORE

£39,597

PCP, £3,712 off, £4,000 dealer contrib

£7,860

£399

£14,577

4.9%

31-Mar-22

S60 B5 PLUS

£39,481

PCP, £3,703 off, £3,500 dealer contrib

£7,683

£399

£13,252

4.9%

31-Mar-22

XC90 B5 CORE

£56,838

PCP, £2,841 off, £4,000 dealer contrib

£8,974

£599

£21,576

4.9%

31-Mar-22

21 | Auto Retail Profit | Feb 2022

NEW VEHICLE SALES

New car registrations, December 2021

Top 10 best sellers

December 2021 Marque

2021

2020

Change

2021

Year-to-date 2020

Change

Volkswagen

8,854

15,635

-43.37

8.15

147,826

148,338

-0.35

8.97

Audi

7,647

7,435

2.85

7.04

117,953

107,842

9.38

7.16

BMW

6,420

10,305

-37.70

5.91

116,577

115,476

0.95

7.08

Ford

4,973

11,479

-56.68

4.58

116,305

152,777

-23.87

7.06

Toyota

6,078

5,711

6.43

5.60

100,895

91,793

9.92

6.13

Mercedes-Benz 5,508

7,480

-26.36

5.07

97,945

110,883

-11.67

5.95

Vauxhall

6,097

7,283

-16.28

5.61

91,452

95,444

-4.18

5.55

Kia

2,903

3,589

-19.11

2.67

90,817

70,537

28.75

5.51

Hyundai

4,740

3,366

40.82

4.36

69,680

47,507

46.67

4.23

Nissan

6,365

7,124

-10.65

5.86

68,494

71,932

-4.78

4.16

Peugeot

4,544

5,386

-15.63

4.18

61,106

57,186

6.85

3.71

Skoda

3,665

4,881

-24.91

3.37

55,561

58,693

-5.34

3.37

Land Rover

2,669

4,548

-41.31

2.46

53,111

58,505

-9.22

3.22

Volvo

3,443

4,541

-24.18

3.17

48,260

46,408

3.99

2.93

Mini

5,924

4,101

44.45

5.46

45,756

46,109

-0.77

2.78

Seat

1,032

4,176

-75.29

0.95

43,130

45,419

-5.04

2.62

1,126

1,421

-20.76

1.04

30,600

18,415

66.17

1.86

Citroen

1,436

1,717

-16.37

1.32

30,204

28,059

7.64

1.83

Renault

2,019

1,799

12.23

1.86

29,836

42,740

-30.19

1.81

Honda

1,588

1,391

14.16

1.46

26,928

27,297

-1.35

1.63

Mazda

1,174

1,275

-7.92

1.08

25,852

22,742

13.68

1.57

Suzuki

842

1,279

-34.17

0.78

20,976

19,838

5.74

1.27

Fiat

1,427

902

58.20

1.31

20,154

19,253

4.68

1.22

Jaguar

1,333

3,386

-60.63

1.23

18,868

25,513

-26.05

1.15

Dacia

1,742

363

379.89

1.60

17,568

18,918

-7.14

1.07

Lexus

701

749

-6.41

0.65

13,878

13,727

1.10

0.84

2,221

2,180

1.88

2.05

13,702

14,284

-4.07

0.83

564

107

427.10

0.52

7,584

162

4,581.48

0.46

531

0.00

5,125

9,076

-43.53

0.31

Jeep

195

534

-63.48

0.18

4,463

4,639

-3.79

0.27

Polestar

433

242

78.93

0.40

4,096

850

381.88

0.25

279

243

14.81

0.26

2,362

2,379

-0.71

0.14

Abarth

105

162

-35.19

0.10

2,335

2,349

-0.60

0.14

Subaru

176

128

37.50

0.16

2,107

951

121.56

0.13

Smart

138

55.06

0.13

1,581

1,377

14.81

0.10

Alfa Romeo

124

285

-56.49

0.11

1,574

2,107

-25.30

0.10

Porsche Cupra Mitsubishi

Ssangyong

43.08

0.09

1,525

1,488

2.49

0.09

Bentley

116

144

-19.44

0.11

1,348

1,337

0.82

0.08

Maserati

16.95

0.06

765

585

30.77

0.05

Alpine

85.71

0.01

202

105

92.38

0.01

Genesis

0.00

0.01

127

0.00

0.01

Other British Other Imports Total

129

184

-29.89

0.12

2,206

1,938

13.83

0.13

9,680

6,400

51.25

8.91

36,347

26,086

39.34

2.21

108,596

132,682

-18.15

1,647,181 1,631,064

0.99

22 | Auto Retail Profit | Feb 2022

December 2021 Units Share (%) Tesla Model 3 9,612 8.9 Mini 4,625 4.3 Vauxhall Corsa 2,608 2.4 Nissan Juke 2,270 2.1 Nissan Qashqai 2,122 2.0 Ford Puma 1,827 1.7 Vauxhall Mokka 1,821 1.7 Volvo XC40 1,755 1.6 Peugeot 2008 1,672 1.5 Nissan Leaf 1,578 1.5 Total market 108,596 Jan-Dec 2021 Units Share (%) Vauxhall Corsa 40,914 2.5 Tesla Model 3 34,783 2.1 Mini 31,792 1.9 M-Benz A-Class 30,710 1.9 Volkswagen Polo 30,634 1.9 Volkswagen Golf 30,240 1.8 Nissan Qashqai 29,922 1.8 Ford Puma 28,697 1.7 Kia Sportage 2,7611 1.7 Toyota Yaris 27,415 1.7 Total market 1,647,181 Top 15, retail sales December 2021 Change (%) Mini 4,829 80.4 Audi 3,959 39.1 Volkswagen 3,808 -9.4 Toyota 3,481 59.7 BMW 3,396 -29.3 Nissan 3,155 70.5 Vauxhall 3,153 136.7 Mercedes-Benz 2,870 20.2 Peugeot 2,722 68.3 Tesla 2,530 91.4 Ford 2,337 -53.2 Skoda 2,230 72.3 Hyundai 2,155 87.4 Volvo 1,955 -0.8 Kia 1,350 -7.4 Total retail 56,606 19.9 Top 15, fleet/business sales December 2021 Change (%) Tesla 7,083 42.3 Volkswagen 5,046 -55.9 Audi 3,688 -19.6 Nissan 3,210 -39.1 BMW 3,024 -45.0 Vauxhall 2,944 -50.5 Mercedes-Benz 2,638 -48.2 Ford 2,636 -59.3 Toyota 2,597 -26.5 Hyundai 2,585 16.7 Peugeot 1,822 -51.7 Kia 1,553 -27.1 Volvo 1,488 -42.1 Skoda 1,435 -60.0 Mini 1,095 -23.1 Total fleet/business 48,786 -40.4 Change = compared to same period of previous year Source: SMMT

NEW VEHICLE SALES

New van registrations up to 3.5 tonnes

Market Sectors

December 2021 Marque

2021

Ford 9,187 Vauxhall 3,770 Peugeot 2,721 Nissan 2,164 Volkswagen 2,076 Mercedes-Benz 2,036 Renault 1,769 Citroen 1,705 Fiat 1,011 Maxus 600 Toyota 580 Iveco 359 Isuzu 320 MAN 318 Renault Trucks 246 LEVC 145 Isuzu Truck 135 Land Rover 119 Ssangyong 88 Fuso 27 Suzuki 19 LDV 8 Dacia 1 Mitsubishi 0 Total light CV 29,404

2020

10,282 2,817 2,141 646 3,428 2,060 950 2,090 603 40 487 223 188 240 207 21 96 65 23 27 0 21 0 628 27,283

Change

-10.65 31.24 33.83 12.82 27.09 9.25 234.98 7.36 -39.44 7.06 -1.17 6.92 86.21 6.02 -18.42 5.80 67.66 3.44 1400.00 2.04 19.10 1.97 60.99 1.22 70.21 1.09 32.50 1.08 18.84 0.84 590.48 0.49 40.63 0.46 83.08 0.40 282.61 0.30 0.00 0.09 0.00 0.06 -61.90 0.03 0.00 0.00 0.00 0.00 7.77

121,465 34,344 28,511 13,639 34,182 29,824 18,128 25,153 9,964 3,700 13,282 4,621 3,688 2,968 2,457 347 1,291 3,361 570 249 406 142 20 3,068 355,380

December 2021

Year-to-date

2021

2020

Change

94,800 31,096 25,639 9,241 32,349 30,439 11,210 22,688 7,796 115 8,004 2,406 3,154 2,574 1,520 35 1,000 1,276 406 236 0 804 0 5,869 292,657

28.13 10.45 11.20 47.59 5.67 -2.02 61.71 10.86 27.81 3117.39 65.94 92.06 16.93 15.31 61.64 891.43 29.10 163.40 40.39 5.51 0.00 -82.34 0.00 -47.73 21.43

34.18 9.66 8.02 3.84 9.62 8.39 5.10 7.08 2.80 1.04 3.74 1.30 1.04 0.84 0.69 0.10 0.36 0.95 0.16 0.07 0.11 0.04 0.01 0.86

Data source: SMMT

Units Change (%)

Pickups 3,775 4x4s 154 Vans under 2.0t 871 Vans 2.0-2.5t 3,710 Vans 2.5-3.5t 20,894 Total 29,404 Jan-Dec 2021 Pickups 42,488 4x4s 4,098 Vans under 2.0t 17,787 Vans 2.0-2.5t 47,118 Vans 2.5-3.5t 243,889 Total 355,380 Rolling year Pickups 42,488 4x4s 4,098 Vans under 2.0t 17,787 Vans 2.0-2.5t 47,118 Vans 2.5-3.5t 243,889 Total 355,380

45.4 126.5 -43.0 -9.3 10 7.8

19 183 3.6 -0.8 27.8 21.4

19.0 183.0 3.6 -0.8 27.8 21.4

Change = compared to same period of previous year. SMMT

Trend smashed as retailers post record profit

ovember is historically a difficult month for UK motor retailers, falling in the middle of a quarter and towards the end of the year. Retailers smashed that historical trend, posting a net profit of just under £50,000 for the month. During November we saw falls in overall labour efficiency and the labour gross profit percentage as the work mix returned to historical levels, furlough fell away and labour price inflation hit. Retailers will need to increase charge-out rates to compensate. The return-on-sales percentage continued its climb in November, coming in just under 2.6%. When we close the December results, 2021 will definitely produce a record-breaking average retailer return-on-sales performance. Looking at the comparative performance the improvements in overhead absorption and vehicle sales expenses as a percentage of gross profit have been the key drivers behind the overall profit improvement. Keeping these gains will be vital for 2022.

Key performance indicators, rolling 12 months to November 2021 2021

2020

Net profit as % sales

2.59%

0.95%

Overhead absorption

58.9%

52.4%

80%

1.15:1

1.56:1

1.5:1

54.0%

65.9%

50%

129

141

150

53.2

63.0

Return on used car investment

78.8%

81.7%

100%

Overall labour efficiency

84.9%

85.9%

100%

Service gross profit % on labour

72.4%

74.5%

75%

Service expenses as % of gross

58.0%

61.5%

40%

1.67

1.56

2.5

Parts gross profit %

21.4%

20.3%

22%

Parts expenses as % of gross

38.5%

44.9%

40%

10.2

7.83

Used:new sales Sales expenses as % of gross Sales per salesman Used vehicle stockturn (days)

Hours per retail job card

Parts stockturn

Data compiled by ASE plc 23 | Auto Retail Profit | Feb 2022

Benchmark

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INTELLIGENT INSIGHTFUL UNIQUE 24 | Auto Retail Profit | July 2021