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 clients, with entry to vehicles and vans underneath a single month-to-month cost, and no long-term dedication.
AM understands workers have been knowledgeable of the doable 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 equivalent 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 clients, with entry to vehicles and vans underneath a single month-to-month cost, and no long-term dedication.
AM understands workers have been knowledgeable of the doable 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 equivalent 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 modifications together with the closure of its Carz used automobile 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, based on 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 important funding in FY 2024 as we put together for exponential development over the following 5 years. We additionally see sturdy potential for abroad franchising on this enterprise,” mentioned chief government 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.
