Latest / Motor Trade Radio / 🎙️ Steve Young, ICDP industry analyst and Auto West London MD, on the latest car retailing headlines and his experiences as a retailer (E43, S12)

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🎙️ Steve Young, ICDP industry analyst and Auto West London MD, on the latest car retailing headlines and his experiences as a retailer (E43, S12) · Motor Trade Radio

• 0:04
  Speaker: Hello and welcome to the Motor Trade Radio podcast powered by
• 0:08
  Speaker: Cazoo, with Philip Northcott and Curtis Hutchinson bringing you
• 0:13
  Speaker: all the chatter that matters across the car retailing sector,
• 0:17
  Speaker: from factory to forecourt.
• 0:25
  Speaker: Hello and welcome to this
• 0:26
  Speaker: weekday Motor Trade Radio
• 0:28
  Speaker: episode.
• 0:29
  Speaker: Today we're delighted to welcome
• 0:30
  Speaker: back friend of the pod, Steve
• 0:32
  Speaker: Young, executive chairman of
• 0:34
  Speaker: Icdp.
• 0:36
  Speaker: The international automotive retailing consultancy.
• 0:39
  Speaker: And as regular listeners will know, Steve is also the managing
• 0:44
  Speaker: director of Auto West London, the Amoda and Jayco business,
• 0:49
  Speaker: which opened in March twenty twenty five and marked the UK
• 0:53
  Speaker: debut of Katash Automotive, Turkey's biggest dealer group.
• 0:59
  Speaker: In the first half of this pod, we'll get Steve's take as an
• 1:02
  Speaker: industry analyst on a couple of car retailing news stories
• 1:06
  Speaker: making the headlines.
• 1:07
  Speaker: Then after the break, we'll get an update from him as a retailer
• 1:11
  Speaker: on Auto West London's operation.
• 1:14
  Speaker: So welcome back to the pod, Steve.
• 1:16
  Speaker: Great to have you back on.
• 1:17
  Speaker: And Philip and I can't quite believe we haven't chatted to
• 1:21
  Speaker: you on the pod since January.
• 1:22
  Speaker: So how's your year going?
• 1:24
  Speaker: Our year is going well, Curtis,
• 1:27
  Speaker: but yes, I knew there was a,
• 1:29
  Speaker: there was a gap in my life and I
• 1:32
  Speaker: had a chance to chat to you for
• 1:34
  Speaker: a while.
• 1:34
  Speaker: Yes.
• 1:35
  Speaker: Us too.
• 1:36
  Speaker: Yeah.
• 1:36
  Speaker: You missed me.
• 1:37
  Speaker: Yes.
• 1:38
  Speaker: You've been missed.
• 1:40
  Speaker: Definitely.
• 1:41
  Speaker: But it's I mean, as always, like you say, I can't believe we now
• 1:44
  Speaker: passed that that halfway point and you and I over the years.
• 1:47
  Speaker: I mean, it's a crucial time of
• 1:49
  Speaker: the year as we finish off that
• 1:51
  Speaker: that you know, the first half of
• 1:52
  Speaker: the year and how positioned you
• 1:54
  Speaker: are for the second half of the
• 1:55
  Speaker: year.
• 1:56
  Speaker: Um, but yeah, it's been a busy year so far, and the
• 2:01
  Speaker: geopolitical, politics and economic climate are not ceasing
• 2:06
  Speaker: to, uh, continue to, uh, challenges us, is it?
• 2:10
  Speaker: Steve?
• 2:10
  Speaker: In many ways.
• 2:12
  Speaker: No, I mean, the geopolitics are, you know, just a complete
• 2:17
  Speaker: disaster at multiple levels, clearly very painful for those
• 2:20
  Speaker: who are directly exposed to it.
• 2:22
  Speaker: But from a business point of
• 2:24
  Speaker: view, trying to trying to plan
• 2:27
  Speaker: in these circumstances is, is
• 2:29
  Speaker: impossible.
• 2:29
  Speaker: There's little point in having a having a strategy.
• 2:33
  Speaker: It's much more about setting a direction and then being
• 2:35
  Speaker: responsive to, um, whatever is thrown at you.
• 2:40
  Speaker: Uh, you know, no one, no one can
• 2:43
  Speaker: honestly put their hand on the
• 2:44
  Speaker: heart and say where interest
• 2:45
  Speaker: rates will be or consumer
• 2:47
  Speaker: sentiment or something in, you
• 2:49
  Speaker: know, three months or six months
• 2:50
  Speaker: time.
• 2:51
  Speaker: Yeah.
• 2:51
  Speaker: It's total madness.
• 2:53
  Speaker: You just rather just have
• 2:54
  Speaker: whatever that outlook looks
• 2:56
  Speaker: like.
• 2:56
  Speaker: You just have it.
• 2:57
  Speaker: You'd rather it just be fixed,
• 2:58
  Speaker: and then you can set your
• 2:59
  Speaker: strategies and your plans around
• 3:00
  Speaker: it.
• 3:00
  Speaker: Can't you?
• 3:01
  Speaker: But at the minute it's not been
• 3:03
  Speaker: like that for for some time, has
• 3:04
  Speaker: it?
• 3:05
  Speaker: Certainly it's it's changing, as you say, whether it's base
• 3:08
  Speaker: rates, the politics changes at number ten, redress keep
• 3:12
  Speaker: presenting itself again and everything else that's going on.
• 3:15
  Speaker: And we talk about the E v, D now cars in challenge.
• 3:19
  Speaker: But anyway we'll get back onto to what's on track.
• 3:22
  Speaker: So as Katie said welcome back on.
• 3:24
  Speaker: Can't believe it's instant.
• 3:26
  Speaker: Last time was was January.
• 3:27
  Speaker: But let's start off with one of the big industry headline
• 3:30
  Speaker: stories that's doing the rounds.
• 3:32
  Speaker: Um, particularly this week regarding the Volkswagen Group.
• 3:36
  Speaker: Now their reporting is saying
• 3:37
  Speaker: its costs were twenty percent
• 3:39
  Speaker: higher compared to, to rival
• 3:42
  Speaker: businesses.
• 3:43
  Speaker: And it would have cut fifty
• 3:45
  Speaker: thousand jobs and half of its
• 3:47
  Speaker: model lineup.
• 3:48
  Speaker: I mean, what's your take on this
• 3:50
  Speaker: from from what you've seen with
• 3:52
  Speaker: these manufacturers over the
• 3:54
  Speaker: years and what you're seeing now
• 3:55
  Speaker: in the, the headlines around the
• 3:57
  Speaker: Volkswagen Group.
• 3:58
  Speaker: Well, I think Volkswagen's sort
• 4:01
  Speaker: of governance issues are are
• 4:03
  Speaker: well known.
• 4:04
  Speaker: Uh, in terms of the, um,
• 4:07
  Speaker: influence of the family
• 4:09
  Speaker: shareholders and, uh, and also
• 4:12
  Speaker: then the role of the, the state
• 4:14
  Speaker: of Lower Saxony and the, um, you
• 4:17
  Speaker: know, worker representatives on
• 4:19
  Speaker: the board and how that affects
• 4:20
  Speaker: decision making.
• 4:21
  Speaker: So I'm not sure that anyone
• 4:23
  Speaker: actually takes on the CEO
• 4:25
  Speaker: position with any expectation of
• 4:27
  Speaker: lasting more than, uh, two or
• 4:30
  Speaker: three years, because eventually
• 4:31
  Speaker: you come up against this
• 4:32
  Speaker: obstacle of, uh, a board that
• 4:35
  Speaker: completely fails to recognize
• 4:37
  Speaker: reality.
• 4:38
  Speaker: You know, the head firmly stuck in the sand.
• 4:40
  Speaker: So, um, you know, that's not not new news.
• 4:44
  Speaker: Uh, you know, but Volkswagen,
• 4:47
  Speaker: um, uh, in addition to that
• 4:51
  Speaker: were, you know, probably, I
• 4:54
  Speaker: would guess maybe after JLR, but
• 4:57
  Speaker: certainly right up there in
• 4:59
  Speaker: terms of their dependency on
• 5:00
  Speaker: China for profits in the pre
• 5:03
  Speaker: pandemic period.
• 5:04
  Speaker: So something like seventy
• 5:06
  Speaker: percent of their profits came
• 5:07
  Speaker: from the joint venture, from
• 5:10
  Speaker: selling components from
• 5:12
  Speaker: intellectual property, uh, and
• 5:14
  Speaker: so on, uh, to the Chinese
• 5:16
  Speaker: market.
• 5:18
  Speaker: And that's now substantially gone.
• 5:20
  Speaker: And then there are efforts to reset with, um, you know, made
• 5:26
  Speaker: in China for China.
• 5:27
  Speaker: Um, that seems to have gone their software strategy to pivot
• 5:32
  Speaker: towards, uh, you know, a distinct offers for, uh, for
• 5:38
  Speaker: China and the rest of the world that appears to have gone from
• 5:41
  Speaker: another report that I've seen.
• 5:43
  Speaker: Uh, so it really does seem to,
• 5:47
  Speaker: you know, we talked about the
• 5:48
  Speaker: geopolitics making life
• 5:50
  Speaker: difficult.
• 5:51
  Speaker: Um, you know, in Volkswagen, They've got their own internal
• 5:55
  Speaker: set of problems, which seem to be creating almost, I would say
• 5:59
  Speaker: at least as much pressure.
• 6:02
  Speaker: And, you know, their their cost
• 6:04
  Speaker: disadvantage again, has always
• 6:06
  Speaker: been well recognized, but they
• 6:07
  Speaker: also in the past had a price
• 6:09
  Speaker: premium.
• 6:10
  Speaker: Uh, you know, something like a
• 6:12
  Speaker: golf compared to an astro or a
• 6:13
  Speaker: focus.
• 6:14
  Speaker: Then there was a price premium there, which helped to, uh, to
• 6:18
  Speaker: cover that up.
• 6:19
  Speaker: And, uh, that is, is probably being eroded by the general
• 6:24
  Speaker: higher level of competitiveness in the market.
• 6:27
  Speaker: But the, the, uh, the issues with, with governance, with the
• 6:32
  Speaker: board being unwilling to actually take tough decisions,
• 6:37
  Speaker: uh, I think has been a long, long standing problem.
• 6:43
  Speaker: Um, and I don't know what it takes to get them to change.
• 6:46
  Speaker: I think there has to be
• 6:47
  Speaker: something very dramatic, uh,
• 6:50
  Speaker: happen within the Volkswagen
• 6:51
  Speaker: world and particularly the
• 6:53
  Speaker: Volkswagen world in Germany, um,
• 6:56
  Speaker: before they're going to sit up
• 6:57
  Speaker: and realize that they can't just
• 6:59
  Speaker: keep on saying, no, you can't
• 7:01
  Speaker: cut jobs.
• 7:02
  Speaker: No, you can't close plants.
• 7:04
  Speaker: Um, you know, that is, that is just, uh, digging an even bigger
• 7:09
  Speaker: hole the whole time.
• 7:10
  Speaker: I mean, without trying to
• 7:12
  Speaker: speculate too much, I've got to
• 7:14
  Speaker: be careful.
• 7:15
  Speaker: But do you do you envisage them,
• 7:17
  Speaker: you know, hiving off some of
• 7:18
  Speaker: their brands.
• 7:19
  Speaker: Do you think, you know, we've seen, you know, the challenges
• 7:23
  Speaker: with it, particularly their EV product lineup and how that's
• 7:26
  Speaker: changed in terms of that brand.
• 7:28
  Speaker: Do you think that might be a bit
• 7:30
  Speaker: of a shake up within the
• 7:31
  Speaker: Volkswagen Group?
• 7:32
  Speaker: Or again, do you think this will
• 7:35
  Speaker: present challenges when it comes
• 7:37
  Speaker: to that?
• 7:38
  Speaker: As to being able to instigate anything like that?
• 7:42
  Speaker: Well, they've done a little bit
• 7:43
  Speaker: around the fringes with, um, you
• 7:45
  Speaker: know, with Bugatti, for example,
• 7:47
  Speaker: and, um, uh, marine engine
• 7:50
  Speaker: business, for example, was sold
• 7:52
  Speaker: recently for a handsome sum of
• 7:54
  Speaker: money.
• 7:55
  Speaker: So they've done a little bit on that.
• 7:57
  Speaker: But if you look at the at the
• 7:59
  Speaker: car brands that we all tend to
• 8:00
  Speaker: focus on more than I think to
• 8:05
  Speaker: give credit to Volkswagen,
• 8:06
  Speaker: they've done a pretty good job
• 8:07
  Speaker: over the years of, of
• 8:09
  Speaker: differentiating, you know, the
• 8:12
  Speaker: brands.
• 8:12
  Speaker: Um, you know, even if objectively you say, actually
• 8:17
  Speaker: there's not much difference between a good and an Audi, so
• 8:20
  Speaker: why pay the extra money?
• 8:22
  Speaker: The obvious one, which has been, uh, pointed to a few times is,
• 8:27
  Speaker: um, you know, where does it go?
• 8:29
  Speaker: I deserve a place.
• 8:31
  Speaker: Um, to be honest, I'm not sure how important or how influential
• 8:38
  Speaker: that would be on cutting the cost base because the, you know,
• 8:43
  Speaker: it's a long time since the only product coming off the line at
• 8:46
  Speaker: Martorell were seats.
• 8:48
  Speaker: You know, you've got a variety of product coming off.
• 8:51
  Speaker: You've got your seat and Cupra being made in plants outside of
• 8:55
  Speaker: Spain and so on.
• 8:56
  Speaker: So, uh, there's a the only advantage would be that you'd.
• 9:03
  Speaker: You would save something in
• 9:05
  Speaker: terms of the maintaining the
• 9:07
  Speaker: brand in the market, you know,
• 9:09
  Speaker: the, uh, the promotion, the
• 9:13
  Speaker: advertising, um, the related
• 9:17
  Speaker: headcount.
• 9:18
  Speaker: Uh, but I think that's, that's sort of small beer and, you
• 9:22
  Speaker: know, the axing, you know, half the product line, uh, as, as you
• 9:27
  Speaker: mentioned, um, yes, you know, you can do that as well.
• 9:32
  Speaker: Um, you know, take out some of the, um, we had a Volkswagen,
• 9:37
  Speaker: you know, Tegal in his part exchange that never even heard
• 9:40
  Speaker: of Otsego and no one goes to search for it.
• 9:42
  Speaker: So, so you know, it won't surprise you to know that it
• 9:45
  Speaker: stuck around for quite a while.
• 9:47
  Speaker: So there's, you know, there are some.
• 9:50
  Speaker: um, some opportunities to cut
• 9:52
  Speaker: back on the, the product
• 9:54
  Speaker: complexity.
• 9:54
  Speaker: I think a lot of the complexity
• 9:56
  Speaker: in this goes back to my previous
• 9:57
  Speaker: consulting days, is not so much
• 10:00
  Speaker: in terms of model lineup, but in
• 10:02
  Speaker: terms of the, um, the options
• 10:05
  Speaker: and the build complexity that
• 10:08
  Speaker: when you look at something like
• 10:09
  Speaker: a golf or a BMW three series or
• 10:12
  Speaker: something, and then compare that
• 10:13
  Speaker: with a Toyota or a Kia or a or
• 10:16
  Speaker: a, a J, Q, then, you know,
• 10:19
  Speaker: there's a massive amount of
• 10:20
  Speaker: complexity, all of which has to
• 10:22
  Speaker: be engineered.
• 10:24
  Speaker: All of the supply chains need to
• 10:25
  Speaker: be in place, and you'll build
• 10:27
  Speaker: one, one particular combination
• 10:31
  Speaker: once in the odd few thousand
• 10:34
  Speaker: years.
• 10:35
  Speaker: So, so that's probably where the opportunity is.
• 10:38
  Speaker: I don't think that you need that
• 10:39
  Speaker: complexity, um, to satisfy
• 10:42
  Speaker: modern customers.
• 10:43
  Speaker: And Steve, moving closer to, to
• 10:46
  Speaker: home last weekend on the pod, we
• 10:49
  Speaker: reported that Skywhales importer
• 10:52
  Speaker: Innovation Automotive had pulled
• 10:54
  Speaker: out of the UK with the Chinese
• 10:56
  Speaker: car brand, which has sixteen
• 10:58
  Speaker: dealers now looking for a new
• 11:01
  Speaker: importer.
• 11:02
  Speaker: Now, you wrote a blog on this
• 11:04
  Speaker: last week and identified some of
• 11:06
  Speaker: the pitfalls facing new entrants
• 11:09
  Speaker: and the dealers who sign up with
• 11:11
  Speaker: them.
• 11:12
  Speaker: What do you think are some of
• 11:13
  Speaker: the lessons that can be learned
• 11:14
  Speaker: from this?
• 11:17
  Speaker: Well, I think Skywhale is a is quite a useful case because, um,
• 11:23
  Speaker: as you said, there were only sixteen dealers and those
• 11:25
  Speaker: sixteen dealers were mainly sort of used car traders, you know,
• 11:29
  Speaker: putting their toe in the water and, and the, their real
• 11:33
  Speaker: exposure was relatively small.
• 11:35
  Speaker: And my main concern would be
• 11:37
  Speaker: that the tabloid press will pick
• 11:39
  Speaker: up on it and say Chinese, you
• 11:41
  Speaker: know, Chinese dealer brand goes
• 11:43
  Speaker: bust.
• 11:43
  Speaker: Yeah.
• 11:44
  Speaker: Um, without referencing the scale or anything else.
• 11:47
  Speaker: And it and then has a ripple effect through the whole.
• 11:50
  Speaker: Whole industry.
• 11:51
  Speaker: But um, the, it was fairly clear to me from the beginning that
• 11:58
  Speaker: Skylar wasn't going to work, uh, in the UK.
• 12:02
  Speaker: And, you know, I think there's
• 12:03
  Speaker: some, there's some fairly
• 12:04
  Speaker: straightforward tests that you
• 12:06
  Speaker: should apply as a dealer or as
• 12:09
  Speaker: a, you know, software provider
• 12:10
  Speaker: or a logistics partner or anyone
• 12:12
  Speaker: who's going to be doing business
• 12:14
  Speaker: with a, with a new entrant
• 12:16
  Speaker: brand.
• 12:17
  Speaker: And, um, you know, that's things
• 12:20
  Speaker: like, you know, how much skin in
• 12:21
  Speaker: the game is the OEM got, you
• 12:24
  Speaker: know, not, not, not the
• 12:24
  Speaker: distributor, um, but the, the
• 12:27
  Speaker: actual OEM.
• 12:28
  Speaker: So how committed are they to the market?
• 12:30
  Speaker: Um, you know, how strong are they at home because you can't
• 12:33
  Speaker: build a house on sand.
• 12:35
  Speaker: Um, you know, do they have a solid pipeline of product that's
• 12:39
  Speaker: coming through to actually give you good market coverage to get
• 12:42
  Speaker: your dealership full, you know, and are they working with
• 12:45
  Speaker: credible local partners or they're recruiting people that
• 12:47
  Speaker: you might know from one of the major brands and, you know,
• 12:51
  Speaker: Skywhale fails on, you know, on all of those tests.
• 12:56
  Speaker: And, you know, I'm reminded of
• 12:58
  Speaker: the, uh, you know, the analogy
• 13:01
  Speaker: that people draw between, um,
• 13:04
  Speaker: you know, about, uh, you know,
• 13:06
  Speaker: in a full English breakfast, you
• 13:08
  Speaker: know, the pig in the hen who's
• 13:10
  Speaker: committed, who's involved, you
• 13:12
  Speaker: know, and you want to work with
• 13:14
  Speaker: the pigs, you want to work with
• 13:15
  Speaker: the ones who've got skin in the
• 13:16
  Speaker: game.
• 13:17
  Speaker: Not, not not with, not with someone who can disappear off or
• 13:21
  Speaker: has never really been here in the first place.
• 13:24
  Speaker: You know, it's a big venture to bring a new brand to market.
• 13:27
  Speaker: You know, the, um, many people will either have been to
• 13:30
  Speaker: Goodwood at the weekend or seen the images of BYD's presence,
• 13:34
  Speaker: and that stand apparently cost over five million pounds.
• 13:38
  Speaker: Yeah.
• 13:38
  Speaker: Um, and, you know, you also saw BYD's, you know, huge
• 13:44
  Speaker: expenditure on the euros a couple of years ago, which got,
• 13:46
  Speaker: you know, significantly higher brand awareness than any of the
• 13:49
  Speaker: other new entrants at the time.
• 13:51
  Speaker: And that's what you're looking
• 13:53
  Speaker: for before you're going to put
• 13:54
  Speaker: your own money and your own
• 13:56
  Speaker: time, your own management
• 13:57
  Speaker: resources behind behind a new
• 14:00
  Speaker: brand.
• 14:01
  Speaker: Yeah, definitely.
• 14:02
  Speaker: So. We'll be back with more from Steve after the break.
• 14:07
  Speaker: You're listening to all the Chatter that Matters on the
• 14:11
  Speaker: Motor Trade Radio podcast powered by Cazoo.
• 14:16
  Speaker: I mean, Steve, we couldn't have you on without sort of talking
• 14:21
  Speaker: about your other job.
• 14:23
  Speaker: Um, I don't know how big a, you know, part of this share is now
• 14:26
  Speaker: between your role and your job as MD of Auto West London.
• 14:32
  Speaker: But, you know, the Armada and GQ
• 14:35
  Speaker: business in Chiswick, which
• 14:37
  Speaker: opened, as Curtis said at the
• 14:38
  Speaker: start of March twenty twenty
• 14:39
  Speaker: five, which I suspect seems a
• 14:41
  Speaker: very, very long time ago
• 14:42
  Speaker: currently.
• 14:44
  Speaker: But the Smmt.
• 14:45
  Speaker: Latest registration figures for Jacob and Mulder showed.
• 14:48
  Speaker: You know, let's call it remarkable growth in both June
• 14:51
  Speaker: and the first half of the year, as well as the J Q seven.
• 14:57
  Speaker: You know, it's now the third
• 14:58
  Speaker: best selling car so far this
• 15:01
  Speaker: year.
• 15:01
  Speaker: You know it's now ahead of the cash guy the golf and the mini.
• 15:05
  Speaker: You know, what was this all
• 15:08
  Speaker: reflected in what you saw in
• 15:10
  Speaker: your business.
• 15:11
  Speaker: Or are you seeing slightly different things of where you
• 15:13
  Speaker: are and where you operate?
• 15:16
  Speaker: No, not at all.
• 15:17
  Speaker: Um, the, I mean, it has been
• 15:21
  Speaker: quite remarkable and there's no
• 15:24
  Speaker: question.
• 15:25
  Speaker: Um, and this is no disrespect to any other brands, but we could
• 15:29
  Speaker: not have done what we've done at Otto West London if we'd not
• 15:33
  Speaker: been partnered with Jacob.
• 15:35
  Speaker: Um, it's, you know, we've just been able to ride, um, ride that
• 15:39
  Speaker: particular dragon and, uh.
• 15:44
  Speaker: push the business forward much, much more aggressively than we
• 15:48
  Speaker: would have been able to do with, um, with any other brand.
• 15:51
  Speaker: So that's, uh, you know, we've got a great team here, but it's
• 15:57
  Speaker: a great team that's working with a, with a brand that's just
• 16:01
  Speaker: caught the moment.
• 16:02
  Speaker: And so, you know, if I look at,
• 16:04
  Speaker: you know, you talked about June,
• 16:06
  Speaker: um, our June numbers were up,
• 16:09
  Speaker: you know, by, by two thirds, uh,
• 16:13
  Speaker: in volume terms compared to last
• 16:16
  Speaker: year.
• 16:17
  Speaker: Um, last year, June, we probably
• 16:20
  Speaker: had a sales team of four or
• 16:23
  Speaker: five.
• 16:23
  Speaker: We've now got eight excluding the management.
• 16:26
  Speaker: And they're all, they're all
• 16:28
  Speaker: busy, you know, from early till
• 16:30
  Speaker: late.
• 16:31
  Speaker: Uh, we've got a two month order bank.
• 16:33
  Speaker: Um, if customers are specific on, on colors, then that can
• 16:39
  Speaker: extend to three, four month waiting time for cars that start
• 16:42
  Speaker: at twenty four thousand pounds.
• 16:44
  Speaker: I mean, it's just I've never seen anything like it.
• 16:48
  Speaker: No.
• 16:48
  Speaker: No. You know, like you say, all
• 16:51
  Speaker: the banks on that sort of price
• 16:52
  Speaker: price, product, they're normally
• 16:54
  Speaker: starting compounds just ready to
• 16:55
  Speaker: go within the same day, if not
• 16:58
  Speaker: twenty four hours of that that
• 16:59
  Speaker: day.
• 16:59
  Speaker: Aren't they at that sort of level?
• 17:01
  Speaker: But as you say, that's that's phenomenal that I mean, two
• 17:04
  Speaker: month order bank.
• 17:04
  Speaker: I mean, that sets you up
• 17:05
  Speaker: extremely well as we head
• 17:07
  Speaker: towards September.
• 17:08
  Speaker: Yeah.
• 17:09
  Speaker: I mean, the only challenge we
• 17:10
  Speaker: have is just getting the cars
• 17:12
  Speaker: physically, you know, to the
• 17:13
  Speaker: dealership.
• 17:14
  Speaker: Um, because, you know, I was seeing, um, you know, some of
• 17:18
  Speaker: the higher level stats on the growth of Chinese car exports,
• 17:23
  Speaker: you know, from last year to this and their expectations.
• 17:27
  Speaker: And Stella Li wanting to make BYD the bigger than Toyota in.
• 17:33
  Speaker: Well, Stella Lee's boss in four or five years time.
• 17:37
  Speaker: Um, and you think about that.
• 17:39
  Speaker: It's two years to build a rural transport, you know, roll on,
• 17:43
  Speaker: roll off, you know, ship.
• 17:45
  Speaker: Um, and so the ramifications go far beyond.
• 17:50
  Speaker: Shall I hire another salesman or, you know, do you know, do I
• 17:53
  Speaker: need a bigger dealership?
• 17:54
  Speaker: You know, we also need a whole fleet of ships to, um, to get
• 17:58
  Speaker: the cars here and, and the logistics capacity in place to,
• 18:03
  Speaker: to distribute them.
• 18:04
  Speaker: So it's just an absolute breakneck pace.
• 18:09
  Speaker: And, um, because the, because
• 18:12
  Speaker: the routes are different and so
• 18:13
  Speaker: on, then, uh, it's not question
• 18:15
  Speaker: of, you know, being able to take
• 18:17
  Speaker: up spare capacity from
• 18:18
  Speaker: elsewhere, you know, having a
• 18:20
  Speaker: spare, um, you know, train in,
• 18:23
  Speaker: in Germany operated by Deutsche
• 18:25
  Speaker: Bahn doesn't help us to get cars
• 18:27
  Speaker: from China.
• 18:28
  Speaker: Yeah, yeah.
• 18:29
  Speaker: I suppose from your perspective,
• 18:30
  Speaker: I mean, you landed right at the
• 18:32
  Speaker: start of this growth, didn't
• 18:34
  Speaker: you?
• 18:34
  Speaker: I mean, this, this gave you no
• 18:36
  Speaker: time to, to slowly start to, to
• 18:38
  Speaker: develop and This is kind of you
• 18:42
  Speaker: landed and it was, uh, you know,
• 18:44
  Speaker: you on your feet running and it
• 18:46
  Speaker: started know which is, which is
• 18:48
  Speaker: good because obviously, you
• 18:50
  Speaker: know, the implications of having
• 18:51
  Speaker: a nice, slow, comfortable ramp
• 18:53
  Speaker: up is that you're also burning
• 18:55
  Speaker: cash.
• 18:56
  Speaker: And, and, um, you know, we got, we got through the cash burning
• 19:00
  Speaker: stage fairly quickly.
• 19:02
  Speaker: So, um, you know, that's, that's the advantage of, of the
• 19:06
  Speaker: exciting right now, um, Steve a motor and Jake whose sister
• 19:10
  Speaker: brand or I guess it should be, um, parent brand cherry is also
• 19:15
  Speaker: fast growing in the UK, outselling the likes of some of
• 19:18
  Speaker: the established brands such as Citroen, Dacia and sat in June
• 19:24
  Speaker: and also in the year to date.
• 19:25
  Speaker: So, um, bearing in mind how busy
• 19:28
  Speaker: you are at the moment, do you
• 19:30
  Speaker: have any plans to add cherry to
• 19:32
  Speaker: your portfolio and if so, when
• 19:36
  Speaker: and what difference will it make
• 19:38
  Speaker: to, to, to your volumes, I
• 19:42
  Speaker: think.
• 19:42
  Speaker: Yeah.
• 19:43
  Speaker: You know, you said I think maybe there's one area the Chinese
• 19:48
  Speaker: could do slightly better job on is brand management because we
• 19:50
  Speaker: have we have cherry the parent and cherry the brand and Geely
• 19:54
  Speaker: the parent and Geely the brand.
• 19:56
  Speaker: So yes.
• 19:56
  Speaker: Um, but, but setting that small
• 19:59
  Speaker: problem to one side and is a
• 20:01
  Speaker: small problem compared to that,
• 20:02
  Speaker: that, that there was some other
• 20:05
  Speaker: manufacturers face.
• 20:07
  Speaker: Uh, yeah.
• 20:08
  Speaker: Cherry is um, has got off to a great start.
• 20:13
  Speaker: Um, we would like to represent cherry.
• 20:16
  Speaker: Um, clearly the, um, you know,
• 20:20
  Speaker: the secret's out that these are,
• 20:22
  Speaker: are good brands for a retailer
• 20:25
  Speaker: to have that they, um, you know,
• 20:28
  Speaker: you can get, uh, get to
• 20:29
  Speaker: profitability and get return on
• 20:31
  Speaker: investment in relatively short
• 20:34
  Speaker: order.
• 20:35
  Speaker: Uh, the disadvantage then means
• 20:37
  Speaker: that we don't have long period
• 20:39
  Speaker: of time to gradually build up a,
• 20:42
  Speaker: you know, cluster of
• 20:44
  Speaker: dealerships.
• 20:45
  Speaker: Lots of lots of locations have
• 20:48
  Speaker: gone in the area of interest for
• 20:49
  Speaker: us.
• 20:50
  Speaker: Uh, so you then end up looking at other brands.
• 20:54
  Speaker: And I'm not going to suggest
• 20:55
  Speaker: that the charity group has got
• 20:59
  Speaker: the Midas touch in every single
• 21:00
  Speaker: brand that they bring will be a
• 21:02
  Speaker: same success as OJ or, or
• 21:05
  Speaker: cherry.
• 21:05
  Speaker: But, um, you know, we have a, we've got to know them.
• 21:08
  Speaker: It's a good working relationship.
• 21:10
  Speaker: Um, we're, we're talking to other, uh, Chinese brands and
• 21:15
  Speaker: we're talking to some established brands, um, you
• 21:18
  Speaker: know, because, you know, we want to have a degree of risk
• 21:22
  Speaker: management within the portfolio.
• 21:24
  Speaker: Um, so we're looking at, we're looking at cherry.
• 21:28
  Speaker: It's already in the market.
• 21:29
  Speaker: We're looking at other other
• 21:30
  Speaker: brands that are that are still
• 21:32
  Speaker: coming.
• 21:33
  Speaker: Um, again from cherry Group and elsewhere.
• 21:36
  Speaker: Um, and if there's a lesson that we've learned over the last.
• 21:42
  Speaker: Few months, it's been that, you
• 21:45
  Speaker: know, you need to be ahead of
• 21:46
  Speaker: the curve.
• 21:47
  Speaker: You know, you can't wait.
• 21:49
  Speaker: Um, particularly where we are in
• 21:51
  Speaker: west London, uh, and the
• 21:53
  Speaker: surrounding areas.
• 21:54
  Speaker: You can't wait and say, oh, here's an opportunity.
• 21:57
  Speaker: Let's go find a location that's just, you know, it's for the
• 22:01
  Speaker: birds that are, uh, probably only, you know, twenty five
• 22:05
  Speaker: franchise dealers in sort of the, you know, the western half
• 22:09
  Speaker: of London within the M25.
• 22:12
  Speaker: And a chunk of those are owned
• 22:13
  Speaker: by the manufacturers or the
• 22:16
  Speaker: sites are controlled by the
• 22:18
  Speaker: manufacturers.
• 22:19
  Speaker: Um, you know, like trust Ford, Stellantis and you and so on.
• 22:23
  Speaker: So it's all about, it's all about finding property.
• 22:27
  Speaker: It's, you know, I've done an
• 22:28
  Speaker: awful lot of miles on Street
• 22:30
  Speaker: View and I've done an awful lot
• 22:31
  Speaker: of miles by road cruising up and
• 22:34
  Speaker: down the arterial roads, trying
• 22:36
  Speaker: to find suitable opportunities
• 22:38
  Speaker: where we can, you know, create a
• 22:42
  Speaker: dealership and and then propose
• 22:44
  Speaker: that to one of the
• 22:45
  Speaker: manufacturers.
• 22:47
  Speaker: So it's, um, you know, it's tough, you know, dealerships,
• 22:51
  Speaker: dealership sites, you know, don't grow on trees.
• 22:55
  Speaker: Uh, I look back now at, you know, twenty fifteen, twenty
• 22:58
  Speaker: sixteen, when I was saying, you know, dealers are facing a
• 23:01
  Speaker: property time bomb.
• 23:03
  Speaker: Um, not at the moment.
• 23:06
  Speaker: You know, there are so many opportunities.
• 23:08
  Speaker: Another two or three years from now, then maybe someone will
• 23:13
  Speaker: have pulled the pin back out again or started the clock and
• 23:16
  Speaker: it will be running down again.
• 23:18
  Speaker: This is a bit of a
• 23:18
  Speaker: rationalisation of networks
• 23:20
  Speaker: across all of the manufacturers,
• 23:23
  Speaker: but for the moment, property is
• 23:25
  Speaker: key.
• 23:26
  Speaker: Yeah, yeah, I can, uh, it's definitely is.
• 23:28
  Speaker: I think it's like you say, it's the, it's open points and, and
• 23:33
  Speaker: new entrants and switching brands, switching ownership.
• 23:36
  Speaker: But so yeah, I mean, back in January, when we last last
• 23:40
  Speaker: caught up, we, we had a chat about the launch of the OG, a
• 23:45
  Speaker: approved used car programme for, for, for the brands.
• 23:48
  Speaker: And, you know, how is that starting to bed in?
• 23:51
  Speaker: Because obviously all the questions that seem to be
• 23:53
  Speaker: towards some of these manufacturers is there used car
• 23:56
  Speaker: strategy and things like this?
• 23:57
  Speaker: And how is the used approved scheme for a motoring jku
• 24:02
  Speaker: starting to, to support your business as a as a retailer,
• 24:06
  Speaker: it's I mean, we're part of it, but it's relatively small scale.
• 24:12
  Speaker: Um, because, because the volumes
• 24:16
  Speaker: are low, um, the emoji Jake,
• 24:21
  Speaker: who's not, you know, pushed that
• 24:23
  Speaker: hard into the fleet segment
• 24:25
  Speaker: compared to say somebody like
• 24:26
  Speaker: MG, um, you know, which is, is
• 24:30
  Speaker: good for us is good for
• 24:33
  Speaker: residuals.
• 24:34
  Speaker: But there are, you know, there
• 24:36
  Speaker: are some young used cars around
• 24:38
  Speaker: that we're generating from, from
• 24:41
  Speaker: employee cars.
• 24:43
  Speaker: Uh, and, um, those are, you know, those are going into the
• 24:50
  Speaker: OJ approved program.
• 24:51
  Speaker: But, you know, the reality is that, uh, our used car business
• 24:56
  Speaker: either comes from, uh, from auto trader that we all, we all sort
• 25:02
  Speaker: of love and hate at the same time as dealers.
• 25:04
  Speaker: But, uh, you know, they do, they do a great job and there's lots
• 25:09
  Speaker: of useful stuff that comes out from auto trader in terms of
• 25:12
  Speaker: data and insight.
• 25:14
  Speaker: Um, and, and people who come
• 25:16
  Speaker: into the dealership, you know,
• 25:18
  Speaker: potentially looking to buy a new
• 25:20
  Speaker: car, we're telling them it's,
• 25:22
  Speaker: um, you know, the lead time
• 25:24
  Speaker: could be, you know, two months
• 25:25
  Speaker: more perhaps if they want a
• 25:27
  Speaker: specific one.
• 25:28
  Speaker: And so we can, you know, we can put them into a used car instead
• 25:32
  Speaker: in some cases.
• 25:33
  Speaker: And, you know, I think that I
• 25:36
  Speaker: continuously have the problem of
• 25:37
  Speaker: my sales director selling my
• 25:39
  Speaker: company car.
• 25:41
  Speaker: Yeah, it tends to be the way, doesn't it?
• 25:43
  Speaker: Yeah, yeah, yeah.
• 25:44
  Speaker: I think the one that one I'm in at the moment, I've been in for
• 25:46
  Speaker: two weeks and I think he's already sold it.
• 25:48
  Speaker: So I think I think it becomes a I think it becomes a constant um
• 25:52
  Speaker: challenge for them to, to try and sell the, uh, the boss's car
• 25:56
  Speaker: as often as they can.
• 25:58
  Speaker: From my experience back in the
• 25:59
  Speaker: day, I think, I think you might
• 26:01
  Speaker: be right.
• 26:03
  Speaker: They have it in for more than just me.
• 26:05
  Speaker: So, but you know, we sell them through very, you know, very
• 26:09
  Speaker: quickly, very easily.
• 26:10
  Speaker: Um, but the I, from what I gather, speaking to other
• 26:16
  Speaker: dealers, not just.
• 26:19
  Speaker: Dealers, then the, the level of trade ins has, is lower now than
• 26:26
  Speaker: it used to be, say five years ago because of the car buying
• 26:29
  Speaker: platforms and Motorways and intermediaries like that.
• 26:34
  Speaker: And so we don't get a massive volume of trade ins.
• 26:38
  Speaker: What we do get is predominantly premium, which is interesting.
• 26:43
  Speaker: Um, and uh, the, but it's the
• 26:46
  Speaker: franchise cars, it's the cars
• 26:49
  Speaker: make up over half of the, our
• 26:52
  Speaker: total used car volume at the
• 26:53
  Speaker: moment.
• 26:54
  Speaker: And as I say, some of that is
• 26:55
  Speaker: not, it's not because it's a car
• 26:59
  Speaker: from stock.
• 26:59
  Speaker: It's a customer looking for a car.
• 27:01
  Speaker: And then we, we create it by
• 27:03
  Speaker: taking it off me or one of my
• 27:05
  Speaker: colleagues.
• 27:07
  Speaker: I mean, I mean, you touched on
• 27:09
  Speaker: there and we talked about it
• 27:10
  Speaker: previously.
• 27:11
  Speaker: Are you still, you know, seeing that that sort of premium brands
• 27:16
  Speaker: continuing and, you know, you talk about, you know, adding
• 27:20
  Speaker: other brands and, you know, what's what's that like at the
• 27:24
  Speaker: minute in terms of, you know, those parts exchanges coming in,
• 27:29
  Speaker: uh, it's still it's still primarily primarily premium or I
• 27:34
  Speaker: guess what you might call upper upper end volume.
• 27:37
  Speaker: Um, uh, I still don't think
• 27:39
  Speaker: we've taken a forward in, um,
• 27:42
  Speaker: uh, I don't think we've taken
• 27:45
  Speaker: the rhino in, you know, but
• 27:46
  Speaker: we've taken in quite a lot of
• 27:48
  Speaker: varieties, quite a lot of BMW,
• 27:50
  Speaker: uh, Hyundai, uh, a few
• 27:52
  Speaker: Volkswagens.
• 27:53
  Speaker: Um, so that seems to be where
• 27:56
  Speaker: the customer base is, is coming
• 27:58
  Speaker: from.
• 27:59
  Speaker: I think the, uh, at the moment,
• 28:02
  Speaker: you know, our most expensive new
• 28:04
  Speaker: product is still less than fifty
• 28:05
  Speaker: thousand, but that's, you know,
• 28:08
  Speaker: that's got a spec, which is
• 28:09
  Speaker: equivalent to a, um, you know,
• 28:13
  Speaker: seventy, eighty, zero zero zero
• 28:14
  Speaker: pound car from one of the German
• 28:16
  Speaker: premium brands.
• 28:17
  Speaker: I think once you, you move up one step and you're getting into
• 28:21
  Speaker: the, uh, you know, into the sixties and 70s, which is, you
• 28:26
  Speaker: know, where, where, you know, BYD's starting with denser, and
• 28:31
  Speaker: there'll be other premium brands coming from the Chinese that
• 28:36
  Speaker: will be in a similar position.
• 28:38
  Speaker: Then that will be an interesting
• 28:39
  Speaker: question, because that is that
• 28:42
  Speaker: going to be pulling people in
• 28:43
  Speaker: from one hundred thousand
• 28:44
  Speaker: pounds?
• 28:46
  Speaker: Um, you know, German product or is it going to be going more
• 28:50
  Speaker: head to head?
• 28:52
  Speaker: Um, you know, so, so I think
• 28:54
  Speaker: there's a, there's an
• 28:55
  Speaker: interesting question when the,
• 28:57
  Speaker: when the range starts extending
• 28:59
  Speaker: upwards.
• 29:01
  Speaker: And finally, Steve, a nice
• 29:03
  Speaker: topical one for you as a
• 29:05
  Speaker: retailer, what impact have these
• 29:08
  Speaker: back to back heat waves and the
• 29:10
  Speaker: World World Cup had on
• 29:13
  Speaker: customers?
• 29:14
  Speaker: Have they been unwelcome hurdles
• 29:16
  Speaker: in terms of enquiry levels and
• 29:19
  Speaker: buying trends?
• 29:20
  Speaker: What what are you seeing.
• 29:22
  Speaker: Uh, not not really.
• 29:24
  Speaker: I mean the the showrooms air
• 29:27
  Speaker: conditioned offices are air
• 29:29
  Speaker: conditioned.
• 29:29
  Speaker: So, um, you know, we're in a
• 29:32
  Speaker: slightly better situation than
• 29:33
  Speaker: perhaps you were in the
• 29:35
  Speaker: broadcast over the last one or
• 29:36
  Speaker: two weeks.
• 29:37
  Speaker: Um, and so the customers still come in.
• 29:40
  Speaker: I'm not saying they come in for the air con, but it certainly
• 29:42
  Speaker: doesn't seem to deter them.
• 29:44
  Speaker: Um, uh, the World Cup.
• 29:48
  Speaker: Uh, we're, as far as I know, the only dealership in the country
• 29:51
  Speaker: with a cinema.
• 29:52
  Speaker: So as an inheritance from Tesla,
• 29:55
  Speaker: we have a thirty six seat
• 29:56
  Speaker: cinema.
• 29:57
  Speaker: Um, and we have been putting the World Cup on in there.
• 30:01
  Speaker: Uh, when obviously not one o'clock in the morning, but the,
• 30:05
  Speaker: you know, some of these evening fixtures we've had on and we've
• 30:07
  Speaker: had customers who've been downstairs and sort of, you
• 30:11
  Speaker: know, completing a deal at six o'clock or six thirty or
• 30:15
  Speaker: something and, uh, and come up and joined us.
• 30:18
  Speaker: So it's become sort of a little bit of an impromptu, um, piece
• 30:23
  Speaker: of added value for the customers and come and buy the car.
• 30:26
  Speaker: And when it's done, you can
• 30:27
  Speaker: celebrate watching the watching
• 30:28
  Speaker: the football.
• 30:29
  Speaker: So I think we had um France Spain on last night for the uh,
• 30:34
  Speaker: mainly for our team.
• 30:36
  Speaker: Um, and uh, I'm sure they'll be
• 30:38
  Speaker: sat there tonight at seven
• 30:41
  Speaker: o'clock.
• 30:41
  Speaker: There's always, there's always some of the team who's still
• 30:43
  Speaker: around at that time.
• 30:45
  Speaker: They're not rushing to get home when there's a match on in the
• 30:48
  Speaker: in the cinema then.
• 30:49
  Speaker: Well, it's in the cinema, it's
• 30:51
  Speaker: air conditioned and um in London
• 30:54
  Speaker: it could take you an hour to
• 30:55
  Speaker: get, you know, relatively short
• 30:56
  Speaker: distance home.
• 30:57
  Speaker: So you don't, you don't want to miss the first goal do you.
• 30:59
  Speaker: Will you be serving ice creams there, Steve.
• 31:03
  Speaker: Not me personally.
• 31:04
  Speaker: No, but we do.
• 31:05
  Speaker: We are.
• 31:06
  Speaker: We are doing a customer event
• 31:08
  Speaker: next week at the Chiswick Cinema
• 31:11
  Speaker: because, um, who sponsored the
• 31:15
  Speaker: Odyssey?
• 31:16
  Speaker: So we're we're taking over,
• 31:17
  Speaker: we're taking over the local
• 31:18
  Speaker: cinema for an evening as a test
• 31:21
  Speaker: drive promotion.
• 31:21
  Speaker: And so I might have to get the ice creams out for that one.
• 31:26
  Speaker: Definitely.
• 31:27
  Speaker: Well, let's see how we get on this evening, then.
• 31:29
  Speaker: Hey, Steve.
• 31:30
  Speaker: I mean, as always, it's an
• 31:32
  Speaker: absolute pleasure to to to have
• 31:34
  Speaker: you on.
• 31:35
  Speaker: Um, I mean, given that
• 31:37
  Speaker: perspective in terms of the
• 31:39
  Speaker: overall market, particularly in
• 31:40
  Speaker: that distribution OEM sector,
• 31:42
  Speaker: and then obviously now in your,
• 31:44
  Speaker: your role since March of last
• 31:46
  Speaker: year in that sort of front end
• 31:48
  Speaker: operational feeling, the feeling
• 31:51
  Speaker: the pains of, of politics and
• 31:53
  Speaker: the economy and everything else
• 31:55
  Speaker: that, uh, that we talked about
• 31:56
  Speaker: earlier.
• 31:57
  Speaker: So I mean, a huge thank you, uh,
• 31:59
  Speaker: for, for giving up your, your
• 32:01
  Speaker: time today.
• 32:02
  Speaker: And I just want to take this
• 32:02
  Speaker: opportunity just to say thank
• 32:04
  Speaker: you for your continued
• 32:05
  Speaker: contribution into Insight
• 32:07
  Speaker: Quarterly that I'm involved
• 32:08
  Speaker: with.
• 32:08
  Speaker: And that's live today.
• 32:10
  Speaker: So appreciate your, your time
• 32:12
  Speaker: and support on that, that as
• 32:13
  Speaker: well.
• 32:14
  Speaker: Whilst I have that opportunity to give you a shout out on, on
• 32:17
  Speaker: your support with that.
• 32:19
  Speaker: No, it's always a pleasure to help and thank you to both of
• 32:23
  Speaker: you for Welcoming back here.
• 32:26
  Speaker: I love listening to it.
• 32:28
  Speaker: Usually while I'm doing a bit of DIY or getting my car fixed or
• 32:32
  Speaker: something like that.
• 32:33
  Speaker: My classic car, I hasten to add.
• 32:37
  Speaker: So, uh yeah.
• 32:39
  Speaker: So motor trade, sell that on you as well, Steve.
• 32:43
  Speaker: Don't take that into it.
• 32:44
  Speaker: They might be selling that
• 32:45
  Speaker: behind your back if you're not
• 32:46
  Speaker: careful.
• 32:47
  Speaker: Well, only only because I was too busy.
• 32:50
  Speaker: I've not had a chance to bring it into work, but it was my
• 32:52
  Speaker: intention to bring it in and put it through the MLT.
• 32:55
  Speaker: But my MLT tester has told me that he's he's convinced he's
• 32:58
  Speaker: going to fail it.
• 33:00
  Speaker: So he doesn't believe that a
• 33:02
  Speaker: fifty year old car can possibly
• 33:04
  Speaker: pass an MLT, but that's a
• 33:06
  Speaker: challenge if I've ever heard
• 33:07
  Speaker: one.
• 33:08
  Speaker: Steve.
• 33:09
  Speaker: Yeah, well, I'm up your neck of the woods at the weekend.
• 33:11
  Speaker: So doing a doing a rally up in
• 33:13
  Speaker: County Durham and that sort of
• 33:16
  Speaker: area.
• 33:16
  Speaker: So I'll wave to you as I go, as I, as I go past.
• 33:20
  Speaker: May we ask what it is?
• 33:22
  Speaker: Or you might see me at the side
• 33:23
  Speaker: of the road and you can We're
• 33:24
  Speaker: going to say, yeah, we'll watch
• 33:25
  Speaker: the van.
• 33:26
  Speaker: Yeah.
• 33:27
  Speaker: What is it?
• 33:29
  Speaker: Uh, nineteen seventy two Datsun two forty Z. Oh.
• 33:33
  Speaker: Very nice.
• 33:34
  Speaker: Oh, very nice indeed.
• 33:35
  Speaker: And the color red, right?
• 33:38
  Speaker: Okay.
• 33:38
  Speaker: Yeah, yeah, yeah.
• 33:40
  Speaker: Good choice for that.
• 33:41
  Speaker: So it's a proper car?
• 33:43
  Speaker: Yes, yes.
• 33:45
  Speaker: Yeah, I remember that was, um only too well, but.
• 33:48
  Speaker: Yeah.
• 33:48
  Speaker: Fantastic.
• 33:50
  Speaker: Well, good luck with the rally, Steve.
• 33:51
  Speaker: We wish you well.
• 33:52
  Speaker: Um, but that's all for now.
• 33:54
  Speaker: So many thanks for joining us
• 33:55
  Speaker: for this special Motor Trade
• 33:57
  Speaker: radio podcast.
• 33:59
  Speaker: Philip and I are back with the headlines this weekend.
• 34:01
  Speaker: Until then, it's goodbye from me and it's goodbye from him.
• 34:08
  Speaker: Thank you for listening to the Motor Trade Radio podcast
• 34:11
  Speaker: powered by Cazoo.