Peter Vardy mulls offloading FlexAuto amid wider restructuring
Peter Vardy World is known to be exploring choices for its car leasing division FlexAuto together with a sale, simply weeks after unveiling a £250,000 funding in new IT infrastructure.
FlexAuto, launched in 2022, affords a versatile, month-to-month car leasing mannequin aimed at enterprise prospects, with entry to vehicles and vans underneath a single month-to-month fee, and no long-term dedication.
AM understands workers have been knowledgeable of the attainable divestment of FlexAuto which has been positioned as a part of the group’s ‘Mobility for Everybody’ technique, providing inventory from Peter Vardy’s 15 Scottish dealerships, which included manufacturers akin to BMW, Mini, Jaguar Land Rover, and Porsche.
Peter Vardy World is known to be exploring choices for its car leasing division FlexAuto together with a sale, simply weeks after unveiling a £250,000 funding in new IT infrastructure.
FlexAuto, launched in 2022, affords a versatile, month-to-month car leasing mannequin aimed at enterprise prospects, with entry to vehicles and vans underneath a single month-to-month fee, and no long-term dedication.
AM understands workers have been knowledgeable of the attainable divestment of FlexAuto which has been positioned as a part of the group’s ‘Mobility for Everybody’ technique, providing inventory from Peter Vardy’s 15 Scottish dealerships, which included manufacturers akin to BMW, Mini, Jaguar Land Rover, and Porsche.
The enterprise division was initially led by group operations director Derek Longmuir, with Karl Howkins – former MD of Citroen UK and launch CEO of Sogo – appointed managing director in November.
Turnover fell 6.6% to £551.3m, pushed by strategic adjustments together with the closure of its Carz used automotive grocery store websites and a shift in direction of luxurious manufacturers.
The closure of the Carz websites which was triggered by a provide scarcity of sub-five-year-old used vehicles following pandemic-era manufacturing stoppages value the corporate £15m, in response to its monetary accounts.
In December 2024, it additional streamlined operations by promoting a lot of its franchised dealership enterprise to Park’s Motor Group.
Regardless of this FlexAuto noticed development, with a fleet of 1,000 automobiles servicing round 75 SME companies.
“This represents step one in our plan to create a scalable enterprise, which we anticipate will proceed to require vital funding in FY 2024 as we put together for exponential development over the following 5 years. We additionally see robust potential for abroad franchising on this enterprise,” stated chief govt Peter Vardy.
Login to proceed studying
Or register with AM-online to maintain updated with the most recent UK automotive retail business information and perception.
