Income up 65% to £432.7 million (lapping a really weak comparator in 2021 on account of COVID-related reductions), and up 17% on 2020.
Common Income Per Retailer (ARPR) monthly was up £886 to £2,210 on common monthly (2021: £1,324). Excluding COVID-19 reductions within the prior 12 months, underlying ARPR elevated by £247 monthly, with progress throughout Value, Product and Inventory traces.
Working revenue up 88% to £303.6 million (2021: £161.2 million) and up 17% on 2020. Cross platform visits up 9% to 63.8 million monthly on common (2021: 58.3 million).
Charlie Huggins, Head of Equities at Wealth Membership, commented: “Auto Dealer continues to motor, with revenues and earnings growing by 17% on the identical interval two years in the past (a greater comparability than final 12 months which was impacted by COVID-related reductions).
“The group has benefitted from a powerful used automobile market, with wholesome demand from shoppers and provide shortages. Regardless of the more and more aggressive market backdrop, visits to Auto Dealer’s website rose to document ranges, with market share of over 75%. It’s the first-place shoppers go when on the lookout for a used automobile, and that makes it a ‘will need to have’ for any automobile supplier.
“The pandemic has accelerated modifications we have been already seeing in the way in which individuals purchase vehicles. The times of trudging from one forecourt to the following, attempting to keep away from dodgy automobile salesmen, are gone. Extra of the automobile shopping for journey is happening on-line and for Auto Dealer, that is each a menace and a possibility. It’s a menace as a result of it doubtlessly weakens the facility of conventional automobile dealerships, Auto Dealer’s key clients, on the expense of recent on-line entrants like Cazoo and Cinch.
“However the measurement of the pie has additionally received larger. If Auto Dealer can present an end-to-end on-line automobile shopping for journey for its clients, it’s going to grow to be the important thing a part of the transaction, moderately than only a intermediary. That ought to make Auto Dealer much more necessary to its clients and supply scope to cost for brand spanking new providers like financing.
“It’s nonetheless too early to say how all this may play out. Competitors has by no means been extra intense and what the used automobile panorama will appear to be in 5 or 10 years is unclear. Thankfully the power of Auto the Dealer means it has nearly as good an opportunity as any of exploiting the chance on provide.”