Lakeside

Lookers Job Losses

Recommended Posts

15 hours ago, Lakeside said:

Interesting reading though I think a lot of the lookers stuff been on the cards before covid as terrible as it i think a lot of companies not just in the motor trade will use covid to down size and pay off and get rid of a lot of the staff they don't need of course many companies on the other hand will see job losses due to covid also.

Share this post


Link to post
Share on other sites
1 hour ago, New year revolutions...... said:

at 1% gross profit  the banks might foreclose the lot of em and sell the land for houses per government wants 

we will find out soon now once the accounts get signed off

rubbish,

current industry average for franchises is 1-2%, the 1% gross profit is irrelevant, its simply a case of big loses across certain franchises wiping out profits from their other winners, which they have a lot of, this isn't uncommon when a group own 100+ outlets.

their  mercedes outlets alone make them the biggest mercedes retailer in the uk,  these are owned outright and are very profitable, and they own rather than lease many other sites, they might be wounded but they still have a high value, just a case of how many sites they will sell or bin, they'l not be getting foreclosed by the bank that's for sure.

Share this post


Link to post
Share on other sites
Posted (edited)
41 minutes ago, awc1000 said:

rubbish,

current industry average for franchises is 1-2%, the 1% gross profit is irrelevant, its simply a case of big loses across certain franchises wiping out profits from their other winners, which they have a lot of, this isn't uncommon when a group own 100+ outlets.

their  mercedes outlets alone make them the biggest mercedes retailer in the uk,  these are owned outright and are very profitable, and they own rather than lease many other sites, they might be wounded but they still have a high value, just a case of how many sites they will sell or bin, they'l not be getting foreclosed by the bank that's for sure.

thanks for that

so basically you have more in depth knowledge than the sunday times business section

modified..... I've just been looking for the article for you but the wife used it for a chicken carcass, anyway blow me  (figuratively speaking) james has done an article today,please go read it

 

Edited by New year revolutions......

Share this post


Link to post
Share on other sites
58 minutes ago, New year revolutions...... said:

james has done an article today

 

Do you have a link to today's article please?

Share this post


Link to post
Share on other sites
49 minutes ago, New year revolutions...... said:

thanks for that

so basically you have more in depth knowledge than the sunday times business section

modified..... I've just been looking for the article for you but the wife used it for a chicken carcass, anyway blow me  (figuratively speaking) james has done an article today,please go read it

 

apreciate its big news, but the sunday times are not in the car trade, there's a lot going on in this trade at the moment that will affect us all, would be nice if folk on here would engage and share to help in the spirit of the forum, the press usually print whats happened not whats happening and they certainly don't print or discuss implications that affect the likes of us on here, we are after all the people on the ground in the job, they arn't.

I'm not claiming i know more than anyone else, but there is plenty to talk about regarding the current crisis that affects us on here which the papers won't have any interest in, ie with the big change around coming how will it affect our various suppliers, whether thats direct out of franchise or out of the block.

for me i need to and want to know the future outcome, and i guess a lot of folk on here do too,

if the topic is of no interest to members thats fine just ignore it, but some of the current sniping and negativity has resulted in some previous good members on here wandering off and losing interest, thats no good for anyone on here whether they be members or even admin.

Share this post


Link to post
Share on other sites
30 minutes ago, Paul C said:

Do you have a link to today's article please?

top of the page click news

26 minutes ago, awc1000 said:

apreciate its big news, but the sunday times are not in the car trade, there's a lot going on in this trade at the moment that will affect us all, would be nice if folk on here would engage and share to help in the spirit of the forum, the press usually print whats happened not whats happening and they certainly don't print or discuss implications that affect the likes of us on here, we are after all the people on the ground in the job, they arn't.

I'm not claiming i know more than anyone else, but there is plenty to talk about regarding the current crisis that affects us on here which the papers won't have any interest in, ie with the big change around coming how will it affect our various suppliers, whether thats direct out of franchise or out of the block.

for me i need to and want to know the future outcome, and i guess a lot of folk on here do too,

if the topic is of no interest to members thats fine just ignore it, but some of the current sniping and negativity has resulted in some previous good members on here wandering off and losing interest, thats no good for anyone on here whether they be members or even admin.

this bulletin board lives by new threads being started and getting replies,I really dont know if you accusing me of sniping and negativity but I will add you always seem to want to disagree with whatever I say,this can be good or bad but shouldn't be taken as whoever's is right or wrong because everyone should have an opinion,I know I do

finally can I ask how many new threads you have started to get members to post and is it not the case that members new or old leave most bulletin  posts boards in life once the novelty wears off as natural wastage

theres a private sector by the way if you feel strongly about something,its not a place that interests me I like things to be in the public domain

  • Like 2

Share this post


Link to post
Share on other sites
Posted (edited)
13 minutes ago, New year revolutions...... said:

top of the page click news

 

Thanks, I thought there was a further article I'd missed. That one was published yesterday, but I think if/when its added to, its date shows as when it was last modified (today), not when it was first created.

Edited by Paul C

Share this post


Link to post
Share on other sites
1 minute ago, Paul C said:

Thanks, I thought there was a further article I'd missed. That one was published yesterday, but I think it/when its added to, its date shows as when it was last modified (today), not when it was first created.

oh thanks

Share this post


Link to post
Share on other sites
18 minutes ago, New year revolutions...... said:

top of the page click news

this bulletin board lives by new threads being started and getting replies,I really dont know if you accusing me of sniping and negativity but I will add you always seem to want to disagree with whatever I say,this can be good or bad but shouldn't be taken as whoever's is right or wrong because everyone should have an opinion,I know I do

finally can I ask how many new threads you have started to get members to post and is it not the case that members new or old leave most bulletin  posts boards in life once the novelty wears off as natural wastage

theres a private sector by the way if you feel strongly about something,its not a place that interests me I like things to be in the public domain

I'm not the type to loosely accuse, iv'e got an opinion too, and it's my opinion that in recent posts you have patronised and antaganized other users on this forum and then you seem happy to go on to directly insult said users, witness your recent snipe at boycie after he pulled you on your generalisation that too many idiots were buying auction cars, it was a simple ask the result being a snide remark about him needing mental help or words to that effect, totally underhand and certainly not banter, you even told me i was a gofer, whatever that is? 

regards thread content, it would be fare to say you are currently contributing little on here in the way of facts, help, or industry news,  

it matters not who starts a thread, its a forum not bingo, do i want to have confrontation on here? - of course not, am i likely to take shite on the chin? - no fooking chance, am i bothered about any outcome whether that be insults or even a ban off here? - not at all.

of course people come and go on here being a forum, my point was members are leaving because of current negativity, that's a fact.

Share this post


Link to post
Share on other sites
17 minutes ago, awc1000 said:

I'm not the type to loosely accuse, iv'e got an opinion too, and it's my opinion that in recent posts you have patronised and antaganized other users on this forum and then you seem happy to go on to directly insult said users, witness your recent snipe at boycie after he pulled you on your generalisation that too many idiots were buying auction cars, it was a simple ask the result being a snide remark about him needing mental help or words to that effect, totally underhand and certainly not banter, you even told me i was a gofer, whatever that is? 

regards thread content, it would be fare to say you are currently contributing little on here in the way of facts, help, or industry news,  

it matters not who starts a thread, its a forum not bingo, do i want to have confrontation on here? - of course not, am i likely to take shite on the chin? - no fooking chance, am i bothered about any outcome whether that be insults or even a ban off here? - not at all.

of course people come and go on here being a forum, my point was members are leaving because of current negativity, that's a fact.

you surprise me

you are obviously happy that idiots are giving too much money for too few cars

I can only presume you are gaining from this over glutony to the detriment of the trade as a whole

Share this post


Link to post
Share on other sites
On 6/4/2020 at 8:45 AM, Lakeside said:

interesting reading, always thought Lookers were a decent set up, worrying times for all but think particularly people employed in the larger groups, a neighbour of mine is a business manger for a large well known group on a 6 figure salary, he's still furloughed along with half his team and some other big wages. The group is now considering making all these positions redundant, not because they're in trouble but the fact they found out they can still sell as many cars with half as many expensive sales people. it'll force many to make efficiencies that they should have done years ago. big winners here I think will be us smaller guys that don't have the big wage bills, or the expensive gin palaces

  • Like 2

Share this post


Link to post
Share on other sites
26 minutes ago, RH Trading said:

interesting reading, always thought Lookers were a decent set up, worrying times for all but think particularly people employed in the larger groups, a neighbour of mine is a business manger for a large well known group on a 6 figure salary, he's still furloughed along with half his team and some other big wages. The group is now considering making all these positions redundant, not because they're in trouble but the fact they found out they can still sell as many cars with half as many expensive sales people. it'll force many to make efficiencies that they should have done years ago. big winners here I think will be us smaller guys that don't have the big wage bills, or the expensive gin palaces

Lookers have 7000 furloughed.The share price has moved back up to 32p from a low of 11p which suggests there may be good news forthcoming.However their annual results are months overdue and keep getting put back because of their fraud investigation.They are also facing a heavy fine by the FCA after owning up for wrongdoing ( to help reduce the fine).There previous CEO appointed from within resigned after only a month.They are a huge company with £5 billion T/O and huge liabilities and they must be in a lot of trouble.Its such a shame they are a 100 year old company.I hope they survive but don’t be surprised if they put themselves into administration after their results are declared and then the good parts will get sold off and their leaseholds might be renegotiated.

  • Like 1

Share this post


Link to post
Share on other sites
1 hour ago, awc1000 said:

I'm not the type to loosely accuse, iv'e got an opinion too, and it's my opinion that in recent posts you have patronised and antaganized other users on this forum and then you seem happy to go on to directly insult said users, witness your recent snipe at boycie after he pulled you on your generalisation that too many idiots were buying auction cars, it was a simple ask the result being a snide remark about him needing mental help or words to that effect, totally underhand and certainly not banter, you even told me i was a gofer, whatever that is? 

regards thread content, it would be fare to say you are currently contributing little on here in the way of facts, help, or industry news,  

it matters not who starts a thread, its a forum not bingo, do i want to have confrontation on here? - of course not, am i likely to take shite on the chin? - no fooking chance, am i bothered about any outcome whether that be insults or even a ban off here? - not at all.

of course people come and go on here being a forum, my point was members are leaving because of current negativity, that's a fact.

Well said.

  • Like 1

Share this post


Link to post
Share on other sites

I haven’t read the rest of this because I’ve had a couple of beers. But from when I worked for them a few years back and the support they gave me when I highlighted back handers from part exchanges and a fronted finance deal they can go f themselves, 

  • Like 1

Share this post


Link to post
Share on other sites

TBH Its hard to tell until the accounts come out and in particular what the fraud investigation report actually says.

Its pretty obvious that if 1) there's a recession, 2) there is a big shift online, then the big posh showrooms are going to look very expensive for what they are and do.

The CV19 health emergency is for sure going to cause an economic recession but it will be unusual and not like anything before (there's debate amongst the economists if it will be V shaped, U shaped or L shaped), this will accelerate what would have happened anyway. Some companies are in good shape and obviously the world will need cars and dealers. Probably less of them though.

Share this post


Link to post
Share on other sites
6 minutes ago, DCS01 said:

I haven’t read the rest of this because I’ve had a couple of beers. But from when I worked for them a few years back and the support they gave me when I highlighted back handers from part exchanges and a fronted finance deal they can go f themselves, 

Bungs have been around forever and now that auction buyers fees are extortionate they might be on the way back.Fronted finance deal ?,what are those .

Share this post


Link to post
Share on other sites
35 minutes ago, DCS01 said:

I haven’t read the rest of this because I’ve had a couple of beers. But from when I worked for them a few years back and the support they gave me when I highlighted back handers from part exchanges and a fronted finance deal they can go f themselves, 

Haha, little charity there!

Share this post


Link to post
Share on other sites
15 hours ago, trade vet said:

Bungs have been around forever and now that auction buyers fees are extortionate they might be on the way back.Fronted finance deal ?,what are those .

This was blatant though. Taking the part exchange off of the order form and then getting the trader to pay the amount due. 
I never have taken back handers and when you are brought into it by the sales manager altering your order forms it pretty rubbish. 
 

Also there are fronted deals and then there are fronted deals where the son signs the docs of a mother that was in Spain at the time 

Share this post


Link to post
Share on other sites
1 hour ago, DCS01 said:

This was blatant though. Taking the part exchange off of the order form and then getting the trader to pay the amount due. 
I never have taken back handers and when you are brought into it by the sales manager altering your order forms it pretty rubbish. 
 

Also there are fronted deals and then there are fronted deals where the son signs the docs of a mother that was in Spain at the time 

I see,missing the swapper from the invoice and flogging it to a trader for cash out of the back door.I contend that any car dealer who only buys from franchised dealers these days and never uses auctions is probably using bungs or some illegal inducement to corrupt sales managers.You should have reminded them that if HMRC uncovered that there could be serious consequences for the company.As for accommodation deals or  ‘ fronted deals’ as you call them,that is one for the FCA.With proof like that,if you had been playing your cards right,you should have been promoted or given a pay rise.I just wonder what may have been going on with PCP proposals regarding mileage estimates to reduce monthly instalments.

Several years ago at a local auction a guy was witnessed using a code reader on Lookers entries prior to sale day.The auction subsequently denied any wrong doing by their vendor regarding the putting out of engine manage lights !

  • Like 2
  • Thanks 1

Share this post


Link to post
Share on other sites
19 minutes ago, trade vet said:

Several years ago at a local auction a guy was witnessed using a code reader on Lookers entries prior to sale day.The auction subsequently denied any wrong doing by their vendor regarding the putting out of engine manage lights !

Doesn’t Manheim do it on their vendors’ behalf?

Share this post


Link to post
Share on other sites

Is that really as surprise? When I occasionally visit these places they always APPEAR to be over staffed & half of what they employ looks like deadwood to me. 

The staff merry-go-round twirls as fast as ever, these places are generally fuelled on bullshit & the whole new car industry is selling a product that about 90% of the populate can’t/won’t pay for. I may be incorrect but I also get the impression certain new cars only get a private bum on a seat if it’s via Motability.

I’d of thought serious change is long overdue.

  • Like 2

Share this post


Link to post
Share on other sites
1 hour ago, New year revolutions...... said:

×××××××UK car dealers prepare to slash quarter of staff as pandemic bites××××××××

 

but this comes from today's financial times so obviously it can be ignored by the few

more like 30-35%, my thoughts based on conversations with lookers managers and other group managers and franchise owners over the last week, havn't seen any of these boys talking to the press this week, strange that isn't it.......

on my rounds next week i'll check the press before i enter any franchise's, just in case they are unaware of their own specific situation.

21 hours ago, New year revolutions...... said:

you surprise me

you are obviously happy that idiots are giving too much money for too few cars

I can only presume you are gaining from this over glutony to the detriment of the trade as a whole

not at all,  no buyer is happy with auction prices.

it affects what what sales managers expect me to pay for cars, the days of talking advantage of inexperienced sales managers are long gone, cars are dear full stop, the only advantage i have over an auction buyer these days is i don't pay indemnity's out of franchises.

no glutony hear, as a trade buyer these days its crumbs, expensive ones.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.