Car dealership welcomes Chinese brands onto forecourts as annual figures dip
Car dealership group, Peoples, says its latest financial results reflect a transformational year, as the company expands beyond its 42-year legacy of Ford exclusivity and welcomes Chinese brands onto its forecourts.
Chairman, Brian Gilda, reported a 7.6% drop in turnover to £283.449m and pre-tax profits fell from £7.255m in 2023, to £4.604m as the company marked a huge material change in its make-up and period of significant strategic investments.
The dividend remains static at 1042.60p per share.
The group comprises six Ford main dealerships – three in Liverpool (Bootle, Prescot and Speke) and three in central Scotland (Edinburgh, Livingston and Falkirk).
Five out of six of the bases will now have representation from cutting-edge Chinese brands BYD and OMODA/JAECOO alongside Ford.
Brian Gilda said: “This is an exciting new era for Peoples as we introduce new global brands.
“Change, or becoming different, is fundamental to our wellbeing and long term success, and we are excited by the growth opportunities our new Chinese partnerships will bring.
“These brands are industry leaders and it speaks volumes that they chose us to represent them.”
He added: “While it’s disappointing to see our figures down, it’s certainly not surprising – a similar pattern is being seen across the industry. Ford passenger vehicle results were down partly due to reductions across the Ford passenger car line-up, while used car sales were badly affected by a rollercoaster ride of values.
“However, our commercial vehicle (CV) results were outstanding and our aftersales results were record breaking.”
Highlights from Peoples’ Ford PV range include Puma (Britain’s top selling car) as well as the all-electric Ford Explorer (introduced in Q3) and all-electric Ford Capri (introduced in Q4).
With CVs, Transit Custom (named the 2024 International Van of the Year) rules the market, with the Ranger being the UK’s bestselling pickup.
Introduction of the new Chinese brands is already well under way – Peoples began introducing BYD in January this year and says there has already been considerable success to date with Atto 3 and Seal.
OMODA/JAECOO followed in September, and customer interest has quickly developed in its electric vehicle and petrol engine offerings.
Brian Gilda said: “We are bringing in the new brands in phases across our six dealerships in central Scotland and Liverpool and we expect this to be completed in early 2025.
“We have already earned the highest customer satisfaction score in the UK for BYD which is testament to our commitment to outstanding service as we bring our new offering to our valued customers.”
Peoples outlined the roll-out plans across its six dealerships.
In Scotland, Edinburgh will offer Ford cars and CVs as well as OMODA/JAECOO and there are plans to invest in a dedicated, flagship showroom to showcase the brand in the capital city.
Livingston will remain with Ford, while Falkirk will be solely OMODA/JAECOO.
In North West England, Bootle will offer Ford cars and CVs as well as BYD, Speke will have Ford cars and CVs, plus OMODA/JAECOO, and Prescott will have Ford cars and BYD.
