6:41 am, December 1, 2023
Profit before tax at Steven Eagell – the largest Toyota and Lexus dealership group in Europe – soared to £29.2m last year, new accounts reveal.
Only one third of its profits were attributed to sale of new cars with the rest generated from used cars and aftersales.
Revenue increased to a record level of £840m in 2022, up from £702m the year before.
Directors declared a dividend of £12.7m for 2022 following an £8.7m dividend in 2021.
The board described the results as ‘resilient’ in accounts for Steven Eagell Holdings Ltd just filed at Companies House.
The firm added that it had also ‘successfully integrated’ the 12 Toyota and Lexus dealerships it acquired from Marshall Motor Group this summer as well as the Toyota Oxford site picked up from Inchcape in July 2022. The group now has 44 sites.
The company said it expects revenue to top £1bn for the first time in 2023 following the Marshall sites integration to the business.
The purchases cemented Steven Eagell’s place as the largest Toyota and Lexus dealership group in Europe.
In 2022, car sales made up the lion’s share of revenue bringing in £795m, serving added £43m while commissions accounted for £1.9m.
As of the end of the 2022 financial year the group employed 1,181 staff members with the highest paid director receiving £248,000.
Steven Eagell was the 22nd most profitable car dealer group in the recent Car Dealer Top 100 list.
Steven Eagell recently appeared on the Car Dealer Inspiring Leaders Podcast where he explained how he built the business from a sponsored Toyota site in Milton Keynes in 2002, to the giant it is today.
He told the podcast that launching the business was the ‘best thing’ he ever did.
Eagell started his career as a trainee car sales executive and worked his way up through the ranks to become a general manager.
He worked for HR Owen earlier in his career as a multi-site general manager selling Nissan, Citroen, Lotus and Chryslers. He also worked for Nissan GB as operations manager for its retail group and was later managing director of Allen Ford.
You can watch the full podcast in the YouTube video below or find it on all good Podcast platforms by searching for the ‘Car Dealer Inspiring Leaders Podcast’.
