Auto Retail Profit, June 2022, issue 87

Make more money from Auto Retailing

June 2022 Issue 87

Energy cost control Why measuring your electricity use is essential in 2002 and seven quick wins you can implement now

See page 6

EXPERTS SPEAK ON AGENCY

SUSTAINABLE AUTO RETAILING

CUSTOMER-FIRST SUCCESS STORY

Industry leaders discuss all things agency at the FT Future of the Car Summit

It’s more than just a box-tick – it’s the right thing to do for people and planet

How Beechwood Mazda’s focus on the customer saw it top the firm’s Dealer League

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See page 8

See page 12

Best practice

Data DataAction Action

Plans Plans

Leadership Leadership

NOTES FROM THE MEETING ROOM

Meeting chaired by: David Newman, chairman, NFDA EDITOR Richard Aucock richard@auto-retail.com t: 07967 823529

Company: National Franchised Dealers Association (NFDA) Head office location: 201 Great Portland Street, London Principal business: Representing franchised car and CV retailers in the UK Number of employees: 20

PRODUCTION EDITOR Trevor Gehlcken gehlcken@hotmail.com t: 07747 787403 EDITORIAL DIRECTOR Tristan Young tristan@auto-retail.com COMMERCIAL DIRECTOR Francis Marshall francis@auto-retail.com t: 01572 724 687 OFFICE MANAGER Rosalind Marshall ros@auto-retail.com DATA RESOURCE MANAGER Frances Tatlow ftatlow@auto-retail.com ACCOUNT MANAGER Amander Meade amander@auto-retail.com FINANCE MANAGER Kate Rosillo kate@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

Why measuring and managing your energy use is so essential in 2022

See page 6

EXPERTS SPEAK ON AGENCY

SUSTAINABLE AUTO RETAILING

Industry leaders discuss all things agency at the FT Future of the Car Summit

It’s more than just a box-tick – it’s the right thing to do for people and planet

How Beechwood Mazda’s focus on the customer saw it top the firm’s Dealer League

See page 4

See page 8

See page 12

Data DataAction Action

What was top of the agenda?

The Vertical Block Exemption Regulation and NFDA’s consultation responses to both the European Commission and the UK’s Competition and Markets Authority (CMA).

This included discussions on ‘agencies’ and how the different models’ ramifications can affect franchised dealers as well as consumers. F&I and FCA related issues were also on the agenda.

June 2022 Issue 87

The importance of energy management

Best practice

Why was the meeting called and who was in attendance?

The meeting takes place every quarter.

Chief executives of the dealer groups address a number of areas, including the working relationship between franchised dealers and their respective manufacturers. The meeting was attended by NFDA franchised dealer members and NFDA retained solicitors.

CUSTOMER-FIRST SUCCESS STORY

Plans Plans

What was decided as a result of the meeting?

Agency agreements vary. NFDA’s legal advisers’ position is clear: for those parties who wish to pursue a ‘genuine agency’ model, there is danger that they undervalue the

market-specific risks that OEMs will have to remove from dealers’ shoulders to benefit from benign competition law treatment. Those that seek to apply a partial agency model could also face difficult challenges.

For those OEMs who might propose a ‘non-genuine agency’ model on the basis that they are prepared for their agents to share commission with customers (and so retain some control over the transaction price), this can also create genuine antitrust risk. Depending on the circumstances, such arrangements could give rise to competition law infringements.

Any other business?

NFDA and its members believe preserving healthy intra-brand competition and allowing OEMs to innovate and drive efficiencies are not mutually exclusive. If competition is reducing, regulators must take the necessary steps to safeguard competition at the retail level, in order to safeguard consumer welfare.

When is the next meeting, and what is it about?

The NFDA will continue to work with franchised dealer members and its specialist legal advisers. As a result of these discussions, NFDA is also actively engaging with OEMs and regulators, including the European Commission and the UK’s Competition and Markets Authority.

There are practical issues and implications which will impact franchised dealers and consumers, depending on how the current business models will evolve. NFDA will be highlighting these to the relevant parties and regulators.

Leadership Leadership

ISSN 2515-5679

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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 Richard Aucock at richard@auto-retail.com

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NEWS

Mercedes-Benz sets 80% direct sales target • 80% direct sales by 2025 • Entry-level models culled • 14% margin target Mercedes-Benz has revealed it “assumes” more than 80% of its sales in Europe will be direct sales by 2025. Setting out its long-term ambitions to be the world’s most valuable luxury car brand, new marketing and sales channels have been established, both online and offline, with further measures planned to “offer a seamless customer journey”.

The company will also reduce its number of entry-level models and focus instead on so-called Top-End Luxury, Core Luxury and Entry Luxury cars. More than 75% of future investments will be channelled to Top-End Luxury (S-Class, Mercedes-Maybach and Mercedes-AMG) and Core Luxury (C-Class and E-Class) variants. The aim is an increased operating margin of 14% by 2025.

“What has always been the core of our brand is now also the core of our strategy: the luxury segment,” said chairman Ola Kallenius. “We are further sharpening the focus of our business model and product portfolio in order to maximise the potential of Mercedes-Benz even in challenging conditions.”

TALKING POINT How realistic is it for Mercedes-Benz to assume 80% direct sales by 2025?

MG retailer relocates to shopping centre • Eastbourne MG relocates • Moves from roadside location • Positioned between Tesco and Domino’s Eastbourne MG has moved from its traditional roadside site to the nearby

Langley Shopping Centre. Its new showroom is located between Tesco and a Domino’s pizza outlet. A car park at the rear of the mall has been turned into the dealer forecourt, holding more than 35 approved used cars.

A vacant unit beneath the showroom has been turned into a workshop. “It might seem like an unusual step,” said sales director Ben Smith, “but it’s showcasing the brand to people who might otherwise not come into contact with it.”

“We’re delighted to see one of our dealers innovating in this way,” said MG Motor UK operations director Guy Pigounakis.

“Anything a dealer can do to bring our brand to the people has to be welcome.”

TALKING POINT Would you consider relocating your showroom to a shopping centre?

Cost of living to hit car sales?

• Nearly 1 in 4 will delay purchase • Shift to smaller, cheaper cars • Retailers should showcase affordability The rising cost of living is having a significant impact on new and used car buying decisions, according to research by the eBay Motors Group’s Consumer Insight Panel. 70% of more than 3,000 inmarket buyers say their next car purchase will be impacted.

Almost 1 in 4 say they will delay the purchase of their next car, with 29% planning to buy a cheaper car. 1 in 5 now plan to buy a smaller car.

“The challenge for dealers is to help buyers understand the overall affordability of their next purchase beyond the price,” said head of marketing and research Dermot Kelleher. “This will be appreciated by customers reining in their budgets and making some tough choices.”

TALKING POINT Are you finding the cost of living is becoming an issue with your customers?

Eastbourne MG has moved from its traditional roadside site

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Who’s doing what?

Paul Willcox to lead Stellantis UK Paul Willcox is to take over from Alison Jones as head of Stellantis UK, with responsibility for Vauxhall, Peugeot, Citroen, DS, Fiat, Fiat Professional, Abarth, Jeep and Alfa Romeo. Alison has been promoted to a global role as senior vice president of Circular Economy.

A former chairman of Nissan Europe, Paul says all the brands in his new role have a place and has pledged to start building some of the weaker ones to boost their visibility.

There is also a new Opel and Vauxhall CEO, with Florian Huettl replacing Uwe Hochgeschurtz.

Renault’s new network ops director Ben Fish will become Renault network operations director in July, taking over the role from Tim Marriot. He joins from Seat and Cupra UK, where he was most recently director of UK sales.

Renault UK MD Guillaume Sicard said Ben’s expertise “will be invaluable in our acceleration towards electrification, digitisation and the evolution of the customer journey. Ben is perfectly plated to guide Renault on this exciting new chapter with our network partners”.

Marshall super-dealer Marshall has consolidated three Audi Centres in Sydenham, Bromley and Beckenham into a single site at Beckenham, called Audi South East London. The three-storey site is “stateof-the-art” and has a nine-car showroom and 17-bay workshop facility.

It represents a substantial £7.2m investment from Marshall and chief executive Daksh Gupta said it “demonstrates our commitment to both our customers, our colleagues and Audi, as one of the UK’s largest retail partners”.

Volvo Brent Cross Studio Volvo has opened its first UK electric vehicle consumer experience centre in the UK, after trialling the concept in the Netherlands. The new Volvo Studio is at the Brent Cross shopping centre in North London and is initially planned to operate for 12 months.

The “open and welcoming” space showcases Volvo EVs and promotes Care

by Volvo subscriptions. Customers can also take test drives and place orders, with fulfilment managed by Endeavour Automotive’s Volvo Cars North London retailer.

AGENCY

10 agency takeaways from the FT Future of the Car Summit Industry leaders gathered in London to discuss the future of auto retailing

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he agency model was a hot topic at this year’s FT Future of the Car Summit. Here are 10 key discussion points that retailers should be aware of.

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The challenge with agency, as we shift the balance of who does what, is making sure the partnership achieves a new, transparent and trusting equilibrium

It has the potential to derisk retailers’ new car business Ian Plummer, commercial director, Auto Trader Retailers who embrace agency have the opportunity to derisk their new car business. Often there’s a dispersion curve between those who are earning good returns on new cars and those who are struggling; agency removes this. But the OEMs still want to develop visibility for their product – and they can only do this through an omnichannel approach, in association with retailers. Selling at a national price will help, which the OEM will replicate in the brand space, and on third parties. The fundamental opportunity is in terms of open data and data sharing.

The challenge with agency, as we shift the balance of who does what, is making sure the partnership achieves a new, transparent and trusting equilibrium.

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OEMs undervalue what retailers do Brad Young, head of automotive, Capgemini Invent OEMs make cars, which is hard enough in itself. Unlikely luxury EV start-ups, legacy OEMs have a huge dealer network.

Switching to agency and dealing with the inefficiency of a decentralised sales network gives them the perception of driving down costs. But they probably undervalue what dealers do, in managing customers and umpteen other everyday things they’re perhaps not yet aware of.

Dealers actually help them deleverage risk by relying on the expertise of dedicated retail experts. They are a massive asset.

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The biggest agency challenges are with mainstream brands Giacomo Corelli, CEO, FCA Bank Group For startup premium EV brands, agency is already in place. For mainstream legacy brands, the picture is far more complex –

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there are issues to be tackled. Who’s going to hold the stock? Will the OEM manage the stock on its books? Will the OEM be able to produce cars just in time? Who takes care of liability in the RV risk? Who will do the trading? It’s legacy, but it’s also real life. Only once OEMs iron out these questions will the agency be applicable to mainstream brands. OEM distribution costs will grow but the dealer groups will be happy, even the bigger ones, and it eases pressure on their stocks, their assets, their liability on residual values.

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Retail group consolidation will continue Giacomo Corelli EVs are more expensive to build. OEMs are trying to reduce distribution costs to make up for this, and retail is part of this.

Consolidation is already well underway in the UK and it is now starting in Europe.

Retailers will acquire others, become multibrand sites, create their own captive markets. These will be the people having the final contact with the customer. OEMs who forget this will miss a big part of the marketplace.

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Showrooms will evolve – but remain vital Max-Josef-Meier, CEO, FINN There will be fewer showrooms in the future. There’s already been a reduction of 10-20%, and there’s more to come. Agency will encourage more city centre user experience centres, more boutique-style stores, and there will be a growth in popup mobility stores.

However, customers will never lose the desire to touch a car, get up close and sit in it; real estate costs will reduce, but the

role of the physical showroom will remain crucial in agency.

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Pandemic has proven retailers can go online Ian Plummer Retailers used to fear that distance selling regulations would add to the risk of selling online. They worried about a significant number of returns. They soon realised the cars were not coming back; most larger groups have been spurred on by this and are changing what they do online – and changing back end processes to reflect this. They are even saving resource: online finance applications save on the cost of a business manager, for example.

“So, still dealers, but with no-one in them,” quipped moderator Peter Campbell.

“That’s not quite what I said,” responded Ian…

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Data will be a battlefield over who owns the customer Brad Young There’s going to be a battle of data, over who owns the customer – especially with connected services, which OEMs want to sell directly to the customer. You don’t necessarily need a different sales model to manage this, but it is hard in the current franchise system, as the customer’s direct relationship is with the dealer and there’s this awkwardness of managing an additional direct relationship with the OEM. There is likely to be a data protection issue as well, and this will create headaches.

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It will fix the broken commission model Brad Young How sales people are paid is broken,

which is being worsened by extended lead times, putting customer service at risk. Agency has the potential to focus on broader aspects and metrics, such as the carbon impact of the cars that are being sold. It can go broader still, into selling EV charging solutions, not just a car. Compensation models must evolve to reflect all this.

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Customers like doing ‘jobs to be done’ online Ian Plummer Everyone wants to do more online.

Younger people are less inclined to visit showrooms, and females still fear the traditional car dealer stereotype. There are dozens of ‘jobs to be done’ when buying a car and customers like doing these online, in the order that suits them. I don’t see a leap of the majority moving to a full endto-end online solution, but we are likely to see more going this route: in research, we found more than 7 in 10 would at least consider buying fully online.

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Don’t fear agency is a stepping stone to direct sales Brad Young There are three models: the traditional franchise one, an agency model where retailers are paid a commission on each fixed-price car sold, and direct sales via an OEM website. Even agency is a huge transition: it’s analogous to buying a house through an estate agent. Direct sales is another massive step as OEMs would be getting rid of a huge resource to which they’ve traditionally outsourced. Insourcing this would be an enormously long and intensive transition, adding costs to an OEM, rather than reducing them.

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Agency will see the showroom space evolve, with more city centre experience centres

Laptop computers are up to 90% more efficient than desktops

Why energy management is essential in 2022 Energy management has never been more important – but where do you start if you want to cut your bills?

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It is not just the price of energy, it’s how you’re using it. If you can’t measure it, you can’t save it

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nergy costs are skyrocketing. Some retailers who are recontracting now face electricity costs three times higher than just a few years ago.

Gas contracts can be six to eight times higher. And the outlook is grim, with prices expected to remain high for at least the next 12 months. Those who are having to take out new contracts are feeling the pain; those who have taken out bridging contracts will soon find the hedge hasn’t worked.

It has therefore never been more important to closely and carefully manage energy use at your retailer. Some have done so for years, and are now reaping the benefits with a competitive advantage of reduced costs. But for those who are new to the concept of energy management, where’s the best place to start?

Anthony Landau of Purchase Direct, an outsourced energy procurement and cost reduction service, says everything starts with an energy audit. These provide a clear

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overview of your current energy use. You can pinpoint where energy is being wasted, saving money and reducing your carbon footprint.

“It is not just the price of energy, it’s how you’re using it,” says Anthony. “If you can’t measure it, you can’t save it. The starting point is installing an energy metering and reporting solution – ours deliver half-our energy reports, 24 hours a day. This gives the graphical visibility of energy usage and enables retailers to begin implementing changes.”

Top hat energy profile The typical auto retailer has a ‘top hat’ energy usage profile, explains Anthony. It will be low overnight, increase significantly during the day, and drop right back down when the retailer is closed. “The profile should also be the same every day, shutting down to the same level every night. You can easily then spot if something has been left switched on.”

SAVING MONEY

Indeed, such close energy management allows anomalies to be rectified straight away, rather than six weeks later when the energy bill comes in. “It gives focus and awareness, allowing retailers to quickly pinpoint issues. Those who regularly use such tools find they are able to easily diagnose any peaks – such as, someone’s left the a/c on again.”

Anthony says that retailers who focus on energy consumption can achieve a 20% saving through simple no-cost and low-cost behavioural changes. “A typical audit takes a day and once retailers have the report, they can start implementing changes. There are invariably endless quick wins that can deliver immediate savings.”

Energy league table Placing a focus on energy management also helps engage staff. “Car dealers love a league table. Energy reporting allows retailers to compare sites and foster competition. TrustFord is one retailer that’s done this across all 60 of its locations –

making it a multiple winner of the Green World Awards prize for environmental best practice.”

Take better control Anthony believes in the basics. “Retailers can investigate capital expenditure in things such as LED lighting and photovoltaic (PV) solar panels – but it’s worthwhile only once they have better control of what they already have. Behavioural change should always come first.

“I always say it’s a win-win-win-win. Energy management sends the right message to your employees, helps your retailer contribute to your manufacturers’ bigger focus on sustainability, is great PR for your customers and local community – and saves you a significant amount of money!”

Nobody can control the energy market, but everyone can control what they actually use. With the outlook for energy prices looking grim for the foreseeable, it has never been more important to manage your energy usage.

Here are your seven energy-saving quick-wins 1

Get your staff involved – and reward them Engaging your staff will help you manage energy use on the ground.

Remind them it’s being monitored, challenge them to identify energy hotspots – and reward them for reducing usage. Behavioural change quickly delivers some of the biggest savings.

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Use laptops instead of desktop computers Laptop computers are up to 90% more efficient than desktops. They shut down and start up more quickly, helping staff stick to good habits, rather than leaving them on standby.

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Control the temperature – and manage the thermostat Every extra degree on the thermostat will add 8% to your heating energy bill Try

to aim for 19 degrees – and control who has access to the thermostat. Also, is the thermostat in the right place? Aim to move it away from inefficient areas such as draughts, windows and skylights.

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Limit use of the air conditioning Showrooms are full of glass but you should still restrict air con so it only comes on when it hits 24 degrees.

Remember, fans are more efficient than air con. If your staff are wearing coats and jumpers in the summer, temperatures need a rethink.

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Who’s charging what on your premises?

Weigh up the pros and cons of providing charging facilities. Are business users plugging in laptops during whileyou-wait servicing? Do you have an open

access electric car chargepoint? Are people nipping in for a free charge?

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Turn off refrigerators and coffee machines overnight If there’s nothing in the fridge, turn it off.

You could even establish a ‘clean fridge’ policy: anything left in there at the end of the day is thrown away. Don’t forget any drinks refrigerators in your showroom, too (and make sure you turn off the coffee machines!).

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Schedule EVs to charge at off-peak times Try to charge electric cars during offpeak hours. Many models allow you to schedule charging: you can plug them in and they’ll only take charge when costs are lowest. As deliveries of new EVs increase, establishing best practice now will pay dividends in the long run.

How Berry BMW saved 20% on energy bills Berry Group BMW started using an energy management solution in 2018.

MD Wayne Berry says cost reductions were achieved almost instantly, with £60,000 of savings within the first 12 months.

Purchase Direct was able to work with BMW’s retail standards and

environmental legislation, which Wayne says was essential.

“The energy management team made regular visits to our sites, conducting audits and delivery a 20% reduction in utility consumption.”

He says weekly energy consumption reporting and regular reviews kept

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staff engaged, informed and supported throughout the process.

After completing the basics, Berry Group is now undertaking larger projects.

It is installing PV arrays at two retailers, which Wayne says will further significantly reduce energy consumption.

SUSTAINABLE RETAILING

4 starter tips on sustainable retailing What Arnold Clark and Lookers executives have learnt while embracing sustainable retailing

The report outlines the value of embracing sustainable retailing in 2022

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Our belief is that it’s the right thing to do. It’s not just a box-tick… it’s the most important conversation going forward

onsumer choices are shifting.

Electric cars have gone from niche to mainstream. However, consumers are not just considering the green credentials of cars, but also the retailers selling them. What’s more, sustainability these days also relates to ESG – the commercial benefits of running your business more efficiently.

In partnership with eBay Motors Group, Auto Retail network has published the Sustainable Retailing Report 2022. To explore it further, Arnold Clark R&D Executive Audrey Little and Lookers Business Development Director Andrew Hall joined the latest Auto Retail Live to discuss sustainable retailing.

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It’s the right thing to do – not just a box-tick “After COP26, there’s a general buzz about sustainable retailing, but little real understanding of it,” said Audrey – who revealed she actually studied at Cambridge University to better appreciate the language of sustainability.

“Our belief is that it’s the right thing to do.

It’s not just a box-tick.” Andrew concurred, calling it “the most important conversation going forward. If you don’t take hold of it, you’re not going to be fit for the future. It’s doing the right thing for staff, society – making sure we are part of the revolution and doing our bit to help people reduce their carbon footprint.”

YOUR ACTION PLAN: Click here to download your free copy of the Sustainable Retailing Report 2022

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Education is vital – both for staff and customers “We’re looking to educate our staff and senior management as well as our customers,” said Audrey.

“There’s a lot to learn – on power and power sources, as well as the cars themselves.

“At first, a lot of BEV visitors were highly educated, but now, people are coming through the door who know nothing. It’s a

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very slow process and we need to break it down into key elements. We’re telling staff to take their time – and underline it may not be done in one visit. Our four pillars are learn, drive, charge, change.”

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It will save you money while alkso saving the planet “ESG is fundamental to a company like ours,” said Andrew. “We intend to be carbon neutral as an estate by 2030 – and an immediate benefit is what we save on electricity.

“We had a big switch-off campaign over Christmas and saved over £30k and 32 tonnes of carbon.

“This told us we need to look at things even harder – you can do the right thing and still benefit the bottom line. Rising energy costs will only accelerate our investment in decarbonising our estate.

“Retail sites with big rooftops lend themselves to going solar; add in second life battery storage and that can quickly pay back the investment.”

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Infrastructure needs common sense Audrey said infrastructure is a challenge.

“We’ve just taken on a specialist to look at our entire 580-building estate. The challenge is the massive cost in getting power upgrades.

“To expect rapid DC chargers across the estate – well, there needs to be more consultation about it.”

Andrew agreed: “Three are a lot of manufacturers who are making extraordinary demands. We recently toured retailers in Norway; the sweet spot is plenty of 11kW chargers – relatively cheap – and maybe two or three 50kW DC chargers for rapid power.

“When you have manufacturers who demand three 150kW chargers, that’s too much: we’re operating dealerships, not charging stations.”

PARTNER FEATURE

Used car inventory tips for a changing economic landscape Best practice advice for dealing with a looming recession

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endragon warns of looming recession’ was the headline in Auto Retail Agenda on 15 May. The headline reflected a speech by Pendragon’s chief marketing officer Kim Costello at the NFDA’s Driving Digital conference, warning of a “multitude of headwinds” coming at the auto retail sector for the second half of 2022.

As Kim noted: “Basic economics tells us we’re staring down the barrel of a recession. It is a view we at Realtime Communications share.

“Indeed, it is one that has become increasingly apparent since the start of March, when used car volumes, which have been so crucial to strong financial results, went into reverse.”

SMMT’s data points to a decline of 6.8% in sales volumes during the month; anecdotally, from our connections across much of the industry’s Top 100 retailers, the situation has not subsequently improved. Gross Profit per Unit has fallen too.

The sheer breadth of live data we hold from across the UK’s largest retailers is a powerful benchmarking tool that we know our clients value. However, in our ongoing efforts to help our retailer clients recognise opportunities and challenges, our Insights data goes beyond benchmarking, overlaying other industry data to pinpoint issues impacting the bottom line.

Used car action points Currently, we see three used vehicle stocking issues where action should be considered:

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Lower quality cars underpriced We base quality on the Auto Trader Rating bands; there are five in total and ‘under 20’ and ’20-39’ are the bottom two.

More cars are now tracking as ‘overpriced’ than under, which is a reversal of the trend seen at the start of the year.

Given the rising cost of living, such a trend might appear counterintuitive, the assumption being that customers might want to trade down to cheaper cars to

reduce their outgoings. In reality though, we see customers moving to a ‘riskaversion’ approach.

Article author: Alistair Jeff Position: Commercial director at REALtime Communications

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Higher quality cars underpriced Higher quality cars bands (‘40-59’, ‘60-79’ and ‘over 80’) remain weighted towards being ‘underpriced.’

Simply put, customers are seeking higher quality used cars, which are likely to be more reliable and have lower operating cost risks.

The same risk aversion levers also suggest that dealers should consider extending warranties in their promotional approaches, and that add-ons such as service plans and smart insurance are likely to appeal. In essence, creating a ‘pseudo subscription’ almost-fixed cost model.

The increase in risk aversion also has implications for older overpriced stock, with the potential risk of a stock sector bubble that could burst.

Our guidance to clients has been to ensure they ‘interrogate’ such inventory vigorously and frequently, and consider adjusting time on stock for such vehicles.

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Average days in stock increasing Days in stock is currently tracking at a 73day average. Just a few months ago, this number was 56.

With reported falling customer demand, this shift is hardly a surprise.

Nevertheless, it points to the need for action. In part, my previous observation about lower quality stock is a clear point for action.

However, more broadly, there is then the opportunity to reenergise stock management processes that may have ‘adjusted’ themselves during the used vehicle boom of the last 18 months.

The entire business will benefit as a result.

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Customers are seeking higher quality used cars, which are likely to be more reliable and have lower operating cost risks

Increasingly risk-averse customers mean higher quality cars may actually now be underpriced

BAROMETER

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PARTNER FEATURE

The importance of a robust aftersales strategy for van dealers How Marketing Delivery’s VoiceBox technology can help boost commercial vehicle revenue streams

A well-managed digital contact plan can pay dividends for your van aftersales department

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ata from the SMMT reveals that registrations of light commercial vehicles (LCVs) dipped nearly 30% year-on-year during April 2022 (see more on page 23). This brings into sharp focus the need for aftersales revenue streams for van retailers to offset this.

Although the customer journey for purchasing and running a commercial vehicle differs from that of a private owner, the contact strategy is fundamentally very similar, with engagement being crucial for nurturing leads both for sales and aftersales.

A recent consumer survey conducted

by Marketing Delivery found that 65% of people would make a booking with a dealership that proactively contacted them when their service or MOT is due.

This underlines the importance of timely customer interaction to safeguard aftersales revenues.

Compliance with maintenance schedules is paramount for businesses and sole traders, who must ensure their commercial vehicles meet all legislative and operational requirements. Proactive dealer contact is therefore well received when administered in the right way, at the right time, and to the right customers.

Software to support aftersales Keith Jackman, Head of Marketing and CRM at Sandown Mercedes-Benz, a commercial vehicles dealer, has put such an approach into action: “We needed to ensure our communications were reaching the right people in the most effective way – and, crucially, that customers were taking action as a result of that contact.

“A well-managed digital contact plan using Marketing Delivery’s VoiceBox software paid dividends for our passenger car sales operation, so it felt like a natural step to deploy it for our van aftersales department. Hyper-targeted digital campaigns are now making an invaluable contribution to our van aftersales bookings.

“With the help of VoiceBox, our average click-through rate across all our sites for targeted messages is a substantial 15%.

Using the software to target van aftersales customers, the click-through rate jumped further, to a promising 17%, which shows us those customers are more engaged.”

Intelligent simplification Investment in an automated system, which delivers email and SMS content that is personalised, relevant and GDPRcompliant, allows dealerships to reach out to customers when their MOT, ‘amber’ health checks, follow-up or other necessary maintenance work is needed.

The intelligent VoiceBox software simplifies the booking process for customers by providing the facility to reply directly to the email or SMS, which notifies the aftersales department to follow up.

The other benefits of the software include further communications about accessories, merchandise, recall notices or simply re-engaging with lapsed customers.

“VoiceBox has meant that we can keep customers updated on when their services are due,” added Keith. “Having all our client data in one place has proven invaluable to our staff, who now have time to support the service department and help retain customers.”

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Having all our client data in one place has proven invaluable to our staff, who now have time to support the service department and help retain customers

Article author: Gee Kettle Position: Head of marketing, Marketing Delivery

SUCCESS STORY

Customer first a winning strategy for Beechwood How Beechwood moved from the top rankings to the top step in the Mazda Dealer League

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Instead of cutting back, Beechwood has increased its staff size, in order to deliver “the ultimate Beechwood service”

eechwood Mazda is a family-run retailer based in Derby. It was founded more than half a century ago, by chairman Mike Wood. Today, his sons Robert and John run the business – with consistent success, after finishing in the top 10 Mazda Dealer League rankings for the past few years.

“No other retailer has finished number one as many times monthly as we have,” said Managing Director Rob. “But last year, we felt as a business we needed to step up again.” Those efforts have now been rewarded with Beechwood being named Mazda Dealer of the Year 2022, an award that is based on overall performance, customer loyalty and customer satisfaction.

So how does a retailer already operating at an extremely high level take the next step to achieve such success? Simply, by being clinical, explained Rob. “Those small items that sometimes get overlooked are no longer ignored; everyone works hard to treat every customer that comes through the door as a guest in our own homes. We want them to leave feeling the experience they had is better than they expected, be it purchasing a £1 part or a £30,000 car.”

The ethic from the directors and management team is that the customer always comes first. “Every member of staff is empowered to believe that the business is their business. They look at the dealership both through the eyes of the customer and me as a business owner. If they see anything wouldn’t be acceptable for either of us, they sort the issue, rather than leaving it to someone else.”

Beechwood grows Indeed, instead of contracting in recent

EVs… and sports cars Rob says Beechwood is ahead of the game when it comes to retailing and supporting electric cars. “We already have the facility to charge seven vehicles at any one time, including DC charge for faster speeds.

“We are fully embracing EVs, and feel it is only coming at an ever-faster pace due

to the current global issues around oil and fuel. The development of new EVs is incredibly exciting and, as a business, we are looking forward to future developments in the sector.”

But Beechwood isn’t solely focusing on electric cars – as a longstanding Mazda retailer, it remains very loyal to the firm’s

12 | Auto Retail Profit | June 2022

MX-5 sports car.“In the past, we have been one of Mazda UK’s biggest sellers of MX-5s as a proportion of our new car sales, due to the team really loving the car.

“It is always easier to sell any product that you truly believe in as great value and fun to drive. We certainly need the Mazda MX-5 in our future business plan.”

years, Beechwood has actually increased its staff size, to give what Rob calls the “ultimate Beechwood service”. This is even helping with the unprecedented semiconductor situation, by enabling the business to “constantly update customers with any news that we have, and working to keep every individual happy and limiting any inconvenience.

“Without doubt, this is the most challenging time in the motor trade that I’ve experienced in my lifetime. But this can be overcome by excelling at what we are able to offer. We have become far more professional in our used car operation, and having more staff in the front of the house ensures all customers are quickly booked in for service work when they are due.

“It’s not something we can control with supply issues, but we strive to be the best in the areas that we can control.”

Beechwood now has a team of 35, with an average service length of 12 years. Some of the team have been with the business since it evolved into its current form in 1986. It has held the Mazda franchise in the Derby area since 2013.

Doing online differently Online, says Rob, is an area where Beechwood is different to many other retailers. “During the Covid pandemic, there was a huge clamour to embrace online options, which we of course moved with.

“However, we still feel that the enthusiasm and service we give when customers come into the dealership cannot be replicated by a more sterile online purchase. We actively encourage customers to visit us – and if they can’t, we

offer to take vehicles to their homes of place or work, so they can touch, feel and experience the buzz you get when purchasing a new car.

“We will always use the physical sales process wherever possible, as we think this is the one place in the car retail market that will always be the best option for both customer and retailer.”

Standards to increase further This is why Beechwood will not be resting on its laurels, despite scooping the top dealer award from the brand’s 122-site UK network.

“We are determined to ensure our standards are not only maintained, but increased, to ensure our customers remain happy with the service we provide.

“We also want Mazda UK to continue to be proud of Beechwood, so will be constantly evolving our systems, our work ethic – and our desire to remain as the number 1 Mazda dealer in the UK.” Rob insists there’s no secret to Beechwood’s success. “We simply always put the customer first. My advice for other retailers is to ensure they always follow up customers to ensure they are happy, and ensure that directors personally deal with any issues customers may have, to prove that you take their concerns seriously.

“For your team, it’s good to offer a plan for the future of the business, one that’s shared with every member of staff, so everyone knows what your plans are for the future. Be sure to also praise your staff when they have excelled, ensure that all managers are fully empowered to run their own departments, and be sure to always show empathy to customers and staff at all times.”

13 | Auto Retail Profit | June 2022

“

Without doubt, this is the most challenging time in the motor trade that I’ve experienced in my lifetime. But this can be overcome by excelling at what we are able to offer

About the company Location: Siddals Road, Derby Established in: May 1986 Staff numbers: 35 New cars sold in 2021: 203 (261 in pre-Covid 2019) Used cars sold in 2021: 339 Turnover: £12m

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PARTNER FEATURE

How Big Motoring World made added value services count with AutoProtect AutoProtect Group has become a key partner for Big Motoring World in delivering profitable F&I products

B

ig Motoring World’s success story is one of those motor trade classics.

In 1986, Peter Waddell, still the CEO today, took his first step into car sales, trading cars from his home, before buying his first premises, the 20-car Teynham Trade Centre near Sittingbourne in Kent.

Building upon the business’ initial site, self-funded growth saw it evolve into what today is Big Motoring World. The retailer operates from five locations, employs over 650 members of staff and has more than 3,500 vehicles in group stock.

An award-winning early adopter of digital sales channels, the business’ no-haggle fixed-cost sales approach and rigorous focus on the quality of cars and service has earned the firm an ‘Excellent’ Trustpilot rating.

Anton Khan invests In October 2021, as part of plans to expand across the UK, Big Motoring World acquired Peterborough-based used car group SW Car Supermarket. As part of the deal, SW Car Supermarket’s founder Anton Khan joined Big Motoring World’s executive leadership team as an investor and Chief Operating Officer for the group.

Anton is very much a hands-on leader, and that includes F&I, which he sees as a critical part of the business model. Within this, added value services are “pivotal”, as is the support of AutoProtect Group in providing GAP and Smart insurance products, and compliance support.

“Our customer proposition is very straightforward,” explains Anton. “We price our vehicles to sell quickly, and we deliver a world-class service. Underpinning this is an obsession with the quality of cars, products and customer experience.

“When it comes to F&I, a similarly meticulous assessment of suppliers’ products, customer service support and, crucially, how they support and collaborate with us is also in place.”

F&I ‘essential’ “F&I is an essential part of our business model as a service and profit centre. Within this, AutoProtect Group is not only a key

partner for their GAP and Smart products, but their iComply compliance service is also critical to ensuring our team lives the spirit and letter of financial regulation.”

The retailer does not operate with traditional business managers, says Anton. “Instead, we prefer to employ administration and compliance consultants alongside our salespeople, guiding the customer journey. The beauty of our no-haggle approach is that ‘negotiating the deal’ is simply not part of the experience.”

GAP and Smart products are promoted positively at the point of purchase, with the approach tailored to each customer.

“The ‘demands and needs’ compliance requirements are a great support tool to take any friction out of the process. Our GAP and RTI performance has always been strong, and Smart is now mirroring this, proving particularly valuable for PCP transactions.

“The net result is a very encouraging performance from both products, and very high review marks from our customers.

Like our cars, we aim to make added-value services straightforward. It is easy to summarise the output of what we do in added value sales; this doesn’t outline the hard work behind the scenes to create a consistent experience.”

15 | Auto Retail Profit | June 2022

“

It is easy to summarise the output of what we do in added value sales; this doesn’t outline the hard work behind the scenes to create a consistent experience

BRANDS INSIGHT

Peugeot’s Volkswagen-beating RVs give ‘significant’ PCP benefit

T Article author: Richard Aucock Position: Auto Retail Network’s new car expert

he new Peugeot 308 has been awarded a better retained value by Cap Gold Book than the sectorleading Volkswagen Golf. After three years and 36,000 miles, a new 308 1.2T 130 Allure Premium has an RV of 54.9%, compared to 53.6% for a Golf eTSI Style.

No other direct rival can boast a retained value of more than 50%.

“It’s a huge vote of confidence in the car,” Peugeot UK marketing director Steven Wass told Auto Retail Profit, “but it’s also the result of years of hard work that started with the latest 3008 back in 2016. Key to it is working closely on a day-to-day basis with Cap, on lots of different levels, and taking on board any feedback. We make sure we fully focus on the elements that have the greatest impact.”

Steven admits Peugeot now benchmarks against Volkswagen: “They are our key competitor,” he said. It’s all great news for existing 308 customers, who will discover a “significant” benefit in terms of monthly PCP payments; “There’s a huge benefit

when you compare old with new, and the benefits carry across to B2B, too.”

Peugeot expects a 70% fleet sales split with the new 308, which will be launched in the firm’s 183 UK retailers via preview events from 30 May. First customer orders open on 16 May and retail deliveries will begin in early June. This all represents a short delay over the original launch dates, due to the semiconductor crisis, but Peugeot hasn’t been significantly impacted, said Steven.

“Three months is our average lead time, although a few models are considerably longer – especially on vans.”

Managing chip shortages Peugeot is managing semiconductor shortages by dynamically adapting vehicle production. Instead of stopping the line due to the shortage of particular components, the brand adjusts specifications accordingly, communicating any spec changes to customers afterwards. “We can reflect a change in

Alfa Romeo confirms five-year warranty – and NFT Buyers of the new Alfa Romeo Tonale compact SUV will, if they purchase on finance, get a five-year warranty.

The company expects four in five buyers to do so. It is a key part of the brand’s planned rebirth, with CEO JeanPhilippe Imparato promising “a new car or big product event every year until 2030”.

He also insisted quality is now the “obsession” of Alfa Romeo: the Tonale launch was actually delayed by three months to rectify last-minute quality concerns.

Ordering for the Tonale opens in July, with prices likely to start from around £35,000 (a basic Audi Q3 costs from just over £32,000).

First deliveries are due in September.

The launch car is a hybrid, with a 275hp plug-in hybrid arriving in December; Alfa Romeo promises CO2 from 35g/km. Its first full EV is due in 2025 and, by 2027, Alfa Romeo will be a fully electric and carbon-neutral brand.

The Tonale is the first car with its own NFT, or ‘non-fungible token’ – a noninterchangeable unit of data stored

The new Alfa Romeo Tonale compact SUV on a blockchain. Alfa says it is the first brand to link an NFT digital certificate to a vehicle. All data, such as new car configuration and ongoing maintenance, is recorded, which the company says will aid its used car credibility and boost its residual value.

16 | Auto Retail Profit | June 2022

The NFT is accessible via the Alfa Connect app, and it will be transferrable between owners.

The challenge will be for retailers to help customers understand exactly what an NFT is – and why it’s a benefit to them.

BRANDS INSIGHT

spec on our website instantly, and then communicate it back to customers via their retailer.

“We already issue weekly product updates, so the systems are in place, and we’ve created templates so retailers can clearly and consistently explain things to customers. We’ve had no kickback from this approach so far: by and large, customers just want the car.”

In terms of fleet channels, Steven said Motability was a sector that’s been particularly affected. “Some of our competitors are removing vehicles or even pulling out of the channel entirely. However, our policy is to stay with them – we still price each version of every model in our range, for example, and then adapt things according to supply.

Motability support “When a model becomes available, we can quickly add it to the scheme, because it is already priced. This stops the rollercoaster and means we can continue supporting Motability – for me, it is an important channel, and a key contributor to our fleet performance.”

The 308 is the first Peugeot to feature the brand’s new ‘Lion’ logo. This is part of Peugeot’s new corporate ID rollout, announced in February 2021. “We were able to quickly reflect it digitally, which is important as it’s our customers’ first contact point with the brand. This coincided with the launch of a new back end for our website, which performs much

better. With retailers, we started off with a pilot, using dealers from our own group: we updated Robins and Day Sale, and our flagship West London site. We learnt a lot from this, on the best ways to execute it: now, we’re in full rollout with all 183 retailers, and it will be complete by late summer.

Cost-effectiveness “We’ve focused on cost-effectiveness.

I’m a former retailer myself so have been on the other side of things: I was determined this should be a phased and cost-effective approach, yet still one that delivers a suitable level of quality for each retailer. We learnt with the pilot that we need to adapt things to reflect things such as the different age of premises and I’m confident we’ve got the balance right. The most important aspects are a new totem and external signage, and there are key updates for the showroom, but they are far from onerous or overly prescriptive.”

Steven says Peugeot has timed the retailer updates with the launch of the new 308, as the first car to carry the new branding. “The other models will follow, with all cars carrying the new logo by 2023.”

17 | Auto Retail Profit | June 2022

Peugeot UK marketing director Steven Wass with the range-topping Peugeot 508

“

It’s a huge vote of confidence in the car, but it’s also the result of years of hard work that started with the latest 3008 back in 2016

USED CARS

Why you must focus on stock turn to manage falls in demand

“

There are exceptions to the current reduction in used car volumes.

Premium brands are least affected as there is still strong demand for these used cars, which is coupled with restricted supply

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: 3V olume brand franchisees need to plan now for a gradual downturn 3N early-new cars are always adversely affected first – watch levels 33 -5 year old sector may assist challenged nearly-new PPU 3R eturn to traditional stock turn disciplines 3P remium brands will be least affected

With used car volumes and prices beginning to soften, it’s time to bring back traditional disciplines

T

here are some early signs that used car volumes are beginning to soften.

The causes of this are clear to see; inflation is rising, and there are increases in both interest rates and the general cost of living. Both CAP and Auto Trader have already reported modest decreases in used car values. Similarly, BCA and Cox have reported a softening of prices and demand in used cars for March and April.

For the last two years, used car stock control and turn has not been a major concern as high demand and turnover has negated the need for excessive management focus.

However, while there will be no sudden downward pressure on used car performance, we need to remind ourselves of the disciplines required to maintain volume and margin levels.

Prestige vs volume brands There are exceptions to the current reduction in used car volumes. Premium brands are least affected as there is still strong demand for these used cars, which is coupled with restricted supply.

The manufacturers of these cars have already stated that semiconductors will firstly go to their higher-end models, as these have the greater profit per unit (PPU). As such, the more mid-range, executive management versions of these cars are in short supply and high demand on the used market.

Volume brands is where depreciation will be felt the most.

Brands that supply the car rental, Motability and other leasing companies are seeing an increasing number of cars for disposal as new stock becomes available. From a used car disposal perspective, these cars are a family car purchase and families are directly adversely

18 | Auto Retail Profit | June 2022

affected by inflationary and cost of living pressures.

Depending on available funding, it may well be worth volume retailers expanding their used car offering by actively sourcing and stocking prestige brand models, while being mindful of the need to remain screen price competitive versus your local prestige brand franchisees.

Avoid the trap of putting too great a margin in a prestige car just because it has a larger wholesale purchase cost. If you can turn a section of prestige stock competitively alongside your volume used cars, this will significantly help your overall profitability.

Stock turn versus PPU As most retailers are aware, a minimum stock turn requirement is a factor of eight.

In other words, 200 cars in stock requires an annual sales figure of 1600 units.

For the last two years, most auto retailers have exceeded this figure comfortably.

However, as we see the market softening, there will be a requirement to address stock turn, which may initially put downward pressure on profit per unit.

But this PPU pressure should not be a huge cause for concern, as you should be able to combat this with increased volumes accompanied by consumer-centric (and largely OEM-backed) finance incentives which are now beginning to surface.

MAKE MORE MONEY

How fast food can help you sell more add-ons Customers respond positively to upsales – but is your team asking the right questions?

W

e’ve all been there. ‘Would you like fries with that?’ The effortless genius of the McDonald’s upsell means they sell more meals than they do burgers. This is a fact that hasn’t been lost on JudgeService founder and MD Neil Addley, who says the same logic can be used to improve your rate of upsales.

And rather than being a drag on customer satisfaction, the statistics show a smart upsales strategy actually helps build customer loyalty. “Service plans are the best example of this. We asked customers if they were made aware of the service plan saving package during the sales process.

“Of the 14% who said no, they were shopping at a retailer with a Net Promoter Score (the key customer loyalty metric) of 55.5%. The 86% who answered yes were using a retailer with a promoter score of 85.3% – that’s a massive 30-point difference.

“To explain this, you need to put yourself in the customer’s position. They are spending, say, £25k on a new car: you as a retailer are giving them the opportunity to look after their new baby, in an affordable and efficient way. Customers appreciate this opportunity, rather than seeing it as a negative.”

who were is a massive 50%. We Brits don’t only love our large alloy wheels, but it seems we also like looking after them.

Symbiotic sales and aftersales “There’s a common saying that sales sell the first car, service sells the second. But we looked at the correlation between the promoter score and servicing.

“We discovered that those with a high promoter score have a 70% chance of customers using the retailer to service their vehicle, and recommend the dealership to their family or friends.

“For those with a low promoter score, it’s just 10%. It is a striking corelation from low to high.

“We believe it shows that sales actually sell the first service, because customers are more willing to go back to the retailer for routine maintenance. It also demonstrates that by upselling, you are looking after the customer, which is received positively: it’s genuinely virtuous.”

It turns out meal deals are the real deal after all; time to bring some of that fast food focus into your own retailer.

All upsells are good sales Neil’s research didn’t just look at service plans. There’s a positive 13% difference in promoter score for those offered GAP insurance. 25% of customers were not offered cosmetic repair insurance – with those retailers suffering a promoter score deficit of over 13%.

As for extended warranties, there is 12% uplift in promoter score for those who were offered an extended warranty – surprisingly, almost 24% of customers say were not offered the chance to take one up.

There’s a 30% difference in promoter score satisfaction between those who were offered paint protection, and those who weren’t.

Complete wheel protection is perhaps the most striking stat: around 11% of customers were not offered it, but the difference in promoter score from those

19 | Auto Retail Profit | June 2022

“

Customers are spending, say, £25k on a new car: you as a retailer are giving them the opportunity to look after their new baby

DEALS MANUFACTURER PROMOTED RETAIL FINANCE OFFERS Make and model

Offer OTR

Offer

Deposit

Term

ALFA ROMEO Stelvio, 2.2 Turbo Diesel Sprint Stelvio, 2.9 Bi-Turbo Quadrifoglio AUDI A5, Sportback Sport A5, Coupe S line Q2, Sport Q5, S line Q5, Sportback S line CITROEN C3, You! PureTech C3 Aircross, C Series PureTech E-C4, 50kWh, Shine Edition C5 Aircoss, Sense Plus PureTech DACIA Sandero, Comfort TCe Bi-Fuel Stepway, Prestige TCe Duster, Comfort TCe FIAT Panda, 1.0 Mild Hybrid City Life Tipo, 1.0 City Life 500X, 1.0 Cross 500, Electric 42kWh Icon FORD EcoSport, ST-Line 1.0 EcoBoost Puma, ST-Line 1.0 EBoost Mild Hybrid Kuga, ST-Line Edition 2.5 D’tec Hybrid Mustang, Mach 15.0 V8 Fastback HONDA Jazz, SE HR-V, Elegance Honda e, Advance CR-V, Hybrid SR 2.0 HYUNDAI i10, SE 1.0 i20, SE Connect Bayon, SE Connect i30 Tourer, SE Connect JAGUAR E-PACE, 2.0 R-Dynamic SE F-PACE, 2.0 R-Dynamic SE F-TYPE COUPE, R-Dynamic I-PACE, EV400 SE KIA Picanto, GT-Line S 1.0 Ceed, GT-Line 1.5 Xceed 3, 1.5 Sportage, GT-Line S 1.6 LAND ROVER Range Rover Velar, R-Dyn SE Auto Range Rover Sport, Dynamic LEXUS UX, 300e ES, Premium Edition NX, Premium RX MAZDA 2, SKYACTIV-G SE-L 3, SKYACTIV-G SE-L MX-30, Prime-Line Auto CX-5, SE-L MERCEDES-BENZ B 200 Sport Executive Edition

Monthly payment

Final payment

APR

Offer ends

0% finance on Stelvio on HP

£45,999 PCP, £1,000 dealer contrib £12,000 48 £455 £16,344 4.9% 06/30/22 £78,719 HP, £3,500 dealer contrib £28,149 30 £1,569 n/a 0.0% 06/30/22 £4k dealer contributions on A5 models £40,720 PCP, £4,000 dealer contrib £3,791 48 £539 £13,922 6.9% 06/30/22 £42,720 PCP, £4,000 dealer contrib £4,414 48 £539 £15,717 6.9% 06/30/22 £28,155 PCP, £1,150 dealer contrib £3,415 48 £339 £12,357 6.7% 06/30/22 £49,200 PCP, £2,500 dealer contrib £6,153 48 £559 £22,697 6.8% 06/30/22 £51,650 PCP, £2,500 dealer contrib £6,867 48 £579 £23,880 6.8% 06/30/22 Interest rate on C3 You PureTech is a whopping 9.9% £12,995 PCP £2,822 48 £149 £6,508 9.9% 05/16/22 £19,375 PCP, £700 off £4,345 48 £209 £8,526 6.9% 05/16/22 £30,495 PCP, £1,500 off £3,941 48 £349 £14,963 5.9% 05/16/22 £26,025 PCP, £150 off £5,787 48 £259 £12,635 6.9% 05/16/22 One month’s payment as deposit on Sandero, Stepway and Duster £13,095 PCP £189 48 £189 £6,106 5.9% 06/30/22 £15,395 PCP £224 48 £224 £7,066 5.9% 06/30/22 £16,345 PCP £216 48 £216 £8,736 5.9% 06/30/22 Interest rate on Panda is up for a second month in a row £13,665 PCP £3,490 48 £163 £4,545 6.9% 06/30/22 £20,605 PCP, £1,500 dealer contrib £3,310 48 £235 £6,981 4.9% 06/30/22 £23,845 PCP, £700 dealer contrib £3,305 48 £264 £10,339 4.9% 06/30/22 £28,835 PCP, £100 dealer contrib £1,500 gov’t grant £4,995 36 £299 £14,420 4.9% 06/30/22 0% interest offers over 24 month term £23,385 PCP £5,501 24 £280 £11,164 0.0% 06/30/22 £25,270 PCP £4,221 24 £280 £14,329 0.0% 06/30/22 £38,105 PCP £6,669 24 £425 £21,236 0.0% 06/30/22 £58,475 PCP £16,203 36 £450 £31,466 4.9% 06/30/22 Offers over 36 month term £20,450 PCP £4,749 36 £179 £11,285 5.0% 06/30/22 £28,835 PCP, £500 dealer contrib £6,193 36 £289 £14,499 5.0% 06/30/22 £36,920 PCP, £1,000 dealer contrib £7,462 36 £459 £15,875 5.9% 06/30/22 £35,865 PCP, £1,500 dealer contrib £8,722 36 £309 £17,733 5.0% 06/30/22 0% finance on i20 and Bayon over 24 month term £13,430 PCP, £500 dealer contrib £4,100 24 £135 £6,553 6.2% 06/30/22 £19,035 PCP £5,800 24 £163 £9,319 0.0% 06/30/22 £20,530 PCP £6,200 24 £141 £10,942 0.0% 06/30/22 £22,010 PCP, £1,500 dealer contrib £6,700 24 £228 £9,802 6.2% 06/30/22 Low interest rate on I-Pace EV, but you’ll need £11k for the deposit

£43,310 PCP, £1,000 dealer contrib £9,389 48 £399 £20,028 5.9% 06/30/22 £51,400 PCP, £1,000 dealer contrib £10,725 48 £499 £23,154 5.9% 06/30/22 £71,975 PCP, £5,500 dealer contrib £10,698 48 £799 £27,281 5.9% 06/30/22 £70,220 PCP, £3,000 dealer contrib £10,954 48 £649 £28,382 1.9% 06/30/22 Zero deposit on Picanto, Ceed and Xceed £17,155 PCP, £750 dealer contrib £0 36 £333 £6,832 6.9% 06/30/22 £25,565 PCP, £2,250 dealer contrib £0 36 £440 £11,041 6.9% 06/30/22 £25,335 PCP, £2,500 dealer contrib £0 36 £435 £10,633 6.9% 06/30/22 £38,645 PCP, £500 dealer contrib £9,700 36 £346 £19,526 4.9% 06/30/22 Huge deposit requirement on Range Rover Sport £57,205 PCP, £1,000 dealer contrib £12,031 48 £549 £26,922 6.4% 06/30/22 £73,655 PCP £17,194 48 £699 £34,559 6.4% 06/30/22 Low interest rate on RX £43,215 PCP, £1,000 dealer contrib £8,145 48 £429 £19,035 4.9% 06/30/22 £39,935 PCP, £2,000 hybrid allowance £10,206 48 £329 £16,537 4.9% 06/30/22 £42,430 PCP £11,988 48 £329 £19,822 4.9% 06/30/22 £56,215 PCP, £2,000 hybrid allowance £12,700 42 £499 £24,367 2.9% 06/30/22 New offers over 48 month term £18,005 PCP, £500 dealer contrib £2,702 48 £229 £6,088 5.4% 06/30/22 £24,075 PCP, £1,000 dealer contrib £3,476 48 £289 £8,820 5.4% 06/30/22 £29,100 PCP, £1,500 Plug-in Grant, £750 dealer contrib £4,762 48 £319 £12,159 5.4% 06/30/22 £30,065 PCP, £500 dealer contrib £5,040 48 £329 £12,784 5.4% 06/30/22 Interest rates rise to 7% on B Class and C Class models £30,867 PCP, £500 off £5,401 48 £373 £12,775 7.0% 06/30/22

20 | Auto Retail Profit | June 2022

DEALS MANUFACTURER PROMOTED RETAIL FINANCE OFFERS Make and model

Offer OTR

Offer

Deposit

Term

Monthly payment

Final payment

APR

Offer ends

C 200 Sport Saloon £40,574 PCP £7,100 48 £480 £17,425 7.0% 06/30/22 C 300d AMG Line Edition Cabriolet £51,035 PCP £8,931 48 £661 £18,775 6.9% 06/30/22 E 220d AMG Line Coupe £49,700 PCP £8,697 48 £603 £20,500 6.9% 06/30/22 MG New offers on electic models

3, Excite 1.5 VTI-tech £12,995 PCP £1,755 48 £159 £4,584 3.9% 06/30/22 5, EV Excite Long Range 61 kWh £29,695 PCP, £1,500 Plug-in grant £4,966 48 £299 £11,623 3.9% 06/30/22 ZS EV, SE 51kWh £29,245 PCP, £1,500 Plug-in grant £5,585 48 £299 £11,835 5.9% 06/30/22 MINI Interest rates standardised at 9.9% on new offers

3-dr Hatch Cooper Classic £20,515 PCP £2,000 48 £464 £464 9.9% 06/30/22 Convertible, Cooper Classic £24,140 PCP £2,000 48 £406 £9,105 9.9% 06/30/22 Countryman, Cooper ALL4 Classic £31,565 PCP £2,000 48 £535 £12,564 9.9% 06/30/22 NISSAN Offers over 36 month term Micra, IG-T Acenta £16,685 PCP, £1,500 dealer contrib £2,300 36 £199 £7,404 5.5% 06/30/22 Qashqai, 1.3 DIG-T £28,105 PCP, £750 dealer contrib £4,842 36 £292 £15,117 5.5% 06/30/22 Leaf, Acenta 39kWh £26,995 PCP, £500 dealer contrib £7,033 36 £219 £14,377 5.5% 06/30/22 PEUGEOT Interest rates are up a percentage point 208, Active Premium 1.2 PureTech £19,080 PCP, £900 dealer contrib £4,114 48 £209 £7,268 6.9% 07/04/22 308, SW Active, Premium PureTech £26,590 PCP, £900 dealer contrib £3,683 48 £299 £12,634 6.9% 07/04/22 508, GT 1.2 PureTech £32,355 PCP, £2,450 dealer contrib £4,786 48 £399 £11,311 6.9% 07/04/22 RENAULT 0% finance over 24 month term Zoe, GT Line Rapid Charge £30,495 PCP £9,360 24 £199 £16,360 0.0% 06/30/22 Clio, Techno £19,895 PCP £4,544 24 £219 £10,095 0.0% 06/30/22 Captur, Evolution £23,695 PCP £5,752 24 £199 £13,168 0.0% 06/30/22 SEAT Modest dealer contributions

Ibiza, FR 1.0 TSI £21,000 PCP, £500 dealer contrib £3,497 48 £251 £7,785 5.4% 06/30/22 Leon, FR 1.0 TSI £25,555 PCP, £500 dealer contrib £4,567 48 £304 £9,322 5.4% 06/30/22 Ateca, Xperience 1.5 TSI £30,165 PCP, £750 dealer contrib £5,148 48 £339 £11,318 4.3% 06/30/22 SKODA Offers over 48 month term Fabia, Colour Edition 1.0 TSI £21,060 PCP, £500 dealer contrib £3,709 48 £255 £7,690 5.9% 06/30/22 Kamiq, SE Drive 1.0 TSI £25,335 PCP, £1,000 dealer contrib £4,171 48 £275 £10,791 5.9% 06/30/22 Enyaq Coupe, iV, 82kWh £52,305 PCP £10,350 48 £549 £23,706 5.9% 06/30/22 SMART Discounting on key models, but interest rates on the high side EQ fortwo coupe, premium £19,500 PCP, £1,250 off £3,412 48 £244 £7,625 7.0% 06/30/22 EQ forfour, premium £19,245 PCP, £1,550 off £3,367 48 £239 £7,600 7.0% 06/30/22 SSANGYONG Interest rates trending upwards Tivoli, Ventura 1.2 £18,125 PCP, £750 dealer contrib £3,403 48 £199 £6,710 5.5% 06/30/22 Korando, ELX 1.5 £21,095 PCP, £1,500 dealer contrib £5,140 48 £199 £7,310 5.5% 06/30/22 SUBARU Offers over 36 month term at low interest rate XV, e-Boxer 2.0i SE Lineartronic £31,730 PCP £8,747 36 £269 £15,582 3.9% 06/30/22 Forester e-Boxer, 2.0i XE Lineartronic £36,410 PCP £9,888 36 £329 £17,272 3.9% 06/30/22 SUZUKI 0% finance offers have gone, new rate is high Swift, SZ-T £16,999 PCP £3,279 48 £299 £5,601 7.4% 06/30/22 Ignis, 1.2 Dualjet Hybrid SZ3 £14,749 PCP £2,806 48 £189 £5,454 7.4% 06/30/22 Swift Sport, 1.4 Boosterjet Hybrid £22,570 PCP, £2,000 dealer contrib £4,150 48 £249 £8,102 7.4% 06/30/22 TOYOTA Low interest rates on Yaris and Corolla Aygo, X Edge £16,505 PCP £3,338 42 £159 £8,077 3.9% 06/30/22 Yaris, Design 1.5 £22,140 PCP £5,056 42 £189 £10,237 1.9% 06/30/22 Yaris Cross, 1.5 Hybrid £28,015 PCP £7,026 42 £249 £13,072 3.9% 06/30/22 Corolla, Design 2.0 Hybrid £31,230 PCP, £1,250 dealer contrib £8,257 42 £239 £13,072 1.9% 06/30/22 VAUXHALL New offer on electric Corsa Corsa -e, GS Line 11kW Electric £27,055 PCP, £750 dealer contrib £4,000 48 £309 £12,483 6.9% 07/05/22 Mokka, Design 1.2 £22,865 PCP, £500 dealer contrib £3,283 48 £279 £9,891 6.9% 07/05/22 Astra Sports Tourer, 1.2 Turbo Des £26,715 PCP, £500 dealer contrib £4,515 48 £319 £11,155 6.9% 07/05/22 VOLKSWAGEN Offers over 48 month term up! 1.0 £13,930 PCP, £500 dealer contrib £2,320 48 £179 £4,343 5.6% 06/30/22 Polo, Life 1.0 £19,795 PCP, £750 dealer contrib £3,255 48 £215 £8,327 5.6% 06/30/22 T-Cross, SE 1.0 TSI £22,905 PCP, £1,500 dealer contrib £3,144 48 £239 £10,138 5.6% 06/30/22 Golf Estate, 8 Life 1.5 TSI £25,950 PCP, £800 dealer contrib £4,315 48 £289 £10,710 5.6% 06/30/22 VOLVO Discounting and huge dealer contribution on XC90 V60, B3 Plus £42,010 PCP, £500 dealer contrib £10,327 48 £459 £15,205 6.5% 06/30/22 S60, B5 PLUS £45,265 PCP, £500 dealer contrib £13,004 48 £499 £13,764 6.5% 06/30/22 S90, T8 PLUS Hybrid £63,790 PCP, £4,000 dealer contrib £14,318 48 £659 £22,738 6.5% 06/30/22 XC90, B5 CORE £59,718 PCP, £2,986 off, £5,000 dealer contrib £8,761 48 £659 £22,366 6.5% 06/30/22

21 | Auto Retail Profit | June 2022

NEW VEHICLE SALES

New car registrations, April 2022

Top 10 best sellers

April 2022 Marque

Ford

2022

2021

Change

Share

Year-to-date 2022

2021

Change

Share

10,060

12,959

-22.37

8.44

39,798

49,031

-18.83

7.41

Kia

7,588

7,529

0.78

6.37

39,707

27,894

42.35

7.40

Audi

9,860

11,154

-11.60

8.27

37,059

40,557

-8.62

6.90

BMW

7,491

8,757

-14.46

6.29

35,404

40,701

-13.01

6.60

Toyota

6,098

7,892

-22.73

5.12

33,915

31,675

7.07

6.32

7,315

13,323

-45.09

6.14

33,732

49,542

-31.91

6.28

Mercedes-Benz 6,543

8,668

-24.52

5.49

31,436

40,368

-22.13

5.86

Vauxhall

8,972

-32.66

5.07

29,940

33,798

-11.41

5.58

Volkswagen

6,042

Hyundai

6,518

3,958

64.68

5.47

26,257

17,380

51.08

4.89

Nissan

5,770

5,036

14.58

4.84

21,811

26,122

-16.50

4.06

Peugeot

4,989

6,756

-26.15

4.19

21,524

22,461

-4.17

4.01

MG

2,714

2,146

26.47

2.28

16,552

8,307

99.25

3.08

Land Rover

4,523

6,374

-29.04

3.80

15,124

26,925

-43.83

2.82

Mini

3,997

3,116

28.27

3.35

15,096

13,910

8.53

2.81

Skoda

3,828

5,834

-34.38

3.21

14,380

20,076

-28.37

2.68

Volvo

3,006

4,321

-30.43

2.52

14,165

18,285

-22.53

2.64

Renault

2,345

2,361

-0.68

1.97

10,947

10,427

4.99

2.04

Citroen

2,451

2,641

-7.19

2.06

9,978

11,246

-11.28

1.86

Honda

2,860

2,231

28.19

2.40

9,825

6,751

45.53

1.83

Mazda

2,254

2,243

0.49

1.89

8,968

7,545

18.86

1.67

Seat

1,916

4,144

-53.76

1.61

8,743

15,604

-43.97

1.63

Fiat

1,782

1,271

40.20

1.50

7,826

4,484

74.53

1.46

Dacia

2,155

1,136

89.70

1.81

7,502

4,412

70.04

1.40

Suzuki

1,383

1,315

5.17

1.16

6,761

5,218

29.57

1.26

Porsche

1,074

1,212

-11.39

0.90

5,354

4,143

29.23

1.00

Jaguar

1,119

1,993

-43.85

0.94

4,430

7,121

-37.79

0.83

Lexus

514

975

-47.28

0.43

3,655

4,368

-16.32

0.68

Cupra

960

528

81.82

0.81

2,855

1,452

96.63

0.53

Polestar

409

318

28.62

0.34

1,847

1,240

48.95

0.34

DS

124

47

163.83

0.10

828

462

79.22

0.15

Jeep

180

264

-31.82

0.15

773

1,116

-30.73

0.14

Ssangyong

173

105

64.76

0.15

568

344

65.12

0.11

Bentley

127

118

7.63

0.11

565

424

33.25

0.11

Smart

116

127

-8.66

0.10

561

534

5.06

0.10

Alfa Romeo

101

99

2.02

0.08

496

415

19.52

0.09

Abarth

127

159

-20.13

0.11

408

700

-41.71

0.08

Subaru

72

128

-43.75

0.06

385

438

-12.10

0.07

Maserati

62

53

16.98

0.05

256

210

21.90

0.05

Genesis

59

0

0.00

0.05

149

0

0.00

0.03

Alpine

23

16

43.75

0.02

101

58

74.14

0.02

0

716

0.00

0.00

0

2,544

0.00

0.00

Other British

178

214

-16.82

0.15

817

822

-0.61

0.15

Other Imports

261

374

-30.21

0.22

16,229

7,998

102.91

3.02

119,167

141,583

-15.83

536,727

567,108

-5.36

Mitsubishi

Total

22 | Auto Retail Profit | June 2022

March 2022 Units Share (%) Nissan Qashqai 3,804 3.2 Ford Puma 3,318 2.8 Mini 3,088 2.6 Vauxhall Corsa 3,002 2.5 Kia Sportage 2,407 2.0 Peugeot 208 2,327 2.0 Hyundai Tucson 2,231 1.9 Audi A3 2,190 1.8 Volkswagen Polo 2,123 1.8 Ford Kuga 1,867 1.6 Total market 119,167

Jan-Apr 2022 Units Share (%) Vauxhall Corsa 12,799 2.4 Ford Puma 11,846 2.2 Nissan Qashqai 11,335 2.1 Kia Sportage 11,104 2.1 Mini 10,948 2.0 Hyundai Tucson 10,120 1.9 Kia Niro 8,969 1.7 Vauxhall Mokka 8,351 1.6 Ford Kuga 8,189 1.5 Mercedes A-Class 7,962 1.5 Total market 536,727 Top 15, retail sales April 2022 Ford 6,030 -6.6 Audi 5,435 27.7 Volkswagen 4,727 -13.3 BMW 4,001 12.5 Mercedes-Benz 3,430 -14.3 Toyota 3,424 -14.7 Land Rover 3,379 1.

Hyundai 3,320 94.3 Mini 3,058 43.9 Kia 2,662 5.1 Nissan 2,589 31.0 Vauxhall 2,138 -32.3 Peugeot 2,066 -7.8 Skoda 2,062 -2.3 Volvo 1,543 -17.3 Total retail 64,886 4.8

Top 15, fleet/business sales April 2022 Ford 4,030 -38.0 Kia 4,926 -1.4 Audi 4,425 -35.9 Vauxhall 3,904 -32.9 BMW 3,490 -32.9 Hyundai 3,198 42.2 Nissan 3,181 4.0 Mercedes-Benz 3,113 -33.3 Peugeot 2,923 -35.3 Toyota 2,674 -31.1 Volkswagen 2,588 -67.1 Skoda 1,766 -52.6 Volvo 1,463 -40.4 Land Rover 1,144 -62.3 Mini 939 -5.2 Total fleet/business 54,281 -31.8 Change = compared to same period of previous year Source: SMMT

NEW VEHICLE SALES New van registrations up to 3.5 tonnes

Market Sectors

April 2022 Marque

Ford Vauxhall Citroen Peugeot Volkswagen Mercedes-Benz Toyota Renault Fiat Maxus Iveco Isuzu Nissan Land Rover Renault Trucks MAN Isuzu Truck SsangYong Fuso LEVC Suzuki Dacia LDV Mitsubishi Total light CV

2022

8,507 2,578 2,158 1,327 1,499 1,270 1,178 821 526 245 338 295 278 93 171 114 106 52 11 11 6 13 0 0 21,597

2021

9,968 2,859 2,388 2,327 3,160 2,621 1,194 1,130 934 169 414 451 1,359 520 169 306 63 55 24 16 0 0 15 298 30,440

Change

Share

Year-to-date 2022

-14.66 39.39 36,971 -9.83 11.94 10,450 -9.63 9.99 9,363 -42.97 6.14 8,529 -52.56 6.94 7,698 -51.55 5.88 6,847 -1.34 5.45 4,807 -27.35 3.80 2,167 -43.68 2.44 1,697 44.97 1.13 1,280 -18.36 1.57 1,178 -34.59 1.37 1,133 -79.54 1.29 939 -82.12 0.43 757 1.18 0.79 616 -62.75 0.53 507 68.25 0.49 499 -5.45 0.24 270 -54.17 0.05 78 -31.25 0.05 72 0.00 0.03 68 0.00 0.06 15 0.00 0.00 0 0.00 0.00 0 -29.05

2021

43,904 12,521 9,168 10,670 12,889 10,356 5,450 5,720 3,099 357 1,233 1,038 5,287 1,276 792 1,169 364 152 92 37 0 0 68 2,154 95,941

Change

-15.79 -16.54 2.13 -20.07 -40.27 -33.88 -11.80 -62.12 -45.24 258.54 -4.46 9.15 -82.24 -40.67 -22.22 -56.63 37.09 77.63 -15.22 94.59 0.00 0.00 0.00 0.00 127,796

Share

38.54 10.89 9.76 8.89 8.02 7.14 5.01 2.26 1.77 1.33 1.23 1.18 0.98 0.79 0.64 0.53 0.52 0.28 0.08 0.08 0.07 0.02 0.00 0.00 -24.93

Data source: SMMT

April 2022

Units Change (%)

Pickups

2,315

-44

122

-77.8

4x4s Vans under 2.0t

826

-48.2

Vans 2.0-2.5t

2122

-48.6

Vans 2.5-3.5t

16,212

-19.1

Total

21,597

-29.1

Jan-Apr 2022

Units

Pickups

9,976

-41.4

920

-32.5

Vans under 2.0t

2,625

-60.3

Vans 2.0-2.5t

14,756

-19.9

Vans 2.5-3.5t

67,664

-19.8

Total

95,941

-24.9

4x4s

Rolling year Pickups

Change (%)

Units Change (%) 35,431

-17.6

3656

53.7

Vans under 2.0t 13,808

-26

4x4s Vans 2.0-2.5t

43,451

-17.5

Vans 2.5-3.5t

227,179

-2.3

323,525

-7.3

Total

Change = compared to same period of previous year.

SMMT

Limited volumes still channelled into retail

A

pril provided further evidence that OEMs are continuing to channel their still-limited production output into the retail channel, with private registrations of new cars up a further 4.8% in April, and up almost 18% year-to-date. That put 64,886 private new vehicles on the roads in April, some 2,949 more than in April 2021.

The focus on the retail market, though, meant April was a month when fleet sales were hit hard, down 33.3% on last year, with just 51,505 new vehicles on the roads.

Year-to-date, the fleet market is now 25% down on 2021, and the market share figures have seen a complete reversal compared with last year.

Business registrations up Along with the private sales, business registrations were also up, rising 15.4% in April, and these are now up 28.9% for the year-to-date. This was not enough to balance the swing away from the fleet market however, which means that overall registrations were down 15.8% in April and are now down 5.4% for the year-to-date.

The powertrain mix continues to swing away from diesel towards electrified technologies.

In April registrations just five years ago,

diesel represented 45% of all new vehicles; this year it accounted for just over 10%. AFV registrations in contrast have grown froma 4.1% in 2017 to almost 28%.

The SMMT has again revised its market outlook for 2022 downwards, now expecting

23 | Auto Retail Profit | June 2022

1.72 million new cars to be registered during the year. While this still represents a 4.5% rise on 2021, the SMMT says it highlights the effect the semiconductor shortage is still having on supply as well as anticipated impacts from rising living costs.

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