Lookers - Signs of progress despite challenges
With the new car market still challenging, the appointment of a new CEO does not automatically solve Lookers’ problems but does provide some encouragement. Mark Raban has credentials in the automotive retail sector and already appears to have been setting about resolving issues on the financial front. The better-than-expected year-end net debt position provides a reference. In 2020 we expect more efforts to improve the portfolio as he seeks to reset the strategy, optimise performance and driver Lookers forward.Lookers is a motor retail and aftersales groups in the U.K. Co. is engaged in the sale, hire and maintenance of motor vehicles and motorcycles, including the sale of tyres, oil, parts and accessories. Co. sells new and used cars and light commercial vehicles. Co.'s operations are across the U.K. and Ireland. Co. has one division, motor division. As of Dec 31 2016, the motor division consisted of 160 franchised dealerships representing 33 marques from 102 locations. The business is engaged in the sale of new and used cars, vans and aftersales activities. Aftersales represents the servicing, repair and sale of franchised parts to customers' vehicles.
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