Cinchloss?
►Are we seeing the start of a return to dealer-based car selling, and a switch away from online-only sales? Last month we repor ted how many dealers trading from premises had bumper years in 2021. By contrast, the two bestknown online -only groups both made thumping losses, and in one case have announced a dramatic cutback.
For star ters, online car retailer Cinch – in case you’re confused that ’s the one owned by Constellation Group alongside Webuyanycar, BCA and Marshall Group, and the one with the advertisements fronted by Rylan Clark-Neal – have just posted a pre -tax loss before tax of £149million, or £126.7million after tax, for the year ending April 2022. This is compared to the previous year ’s loss of £22million.
Unsurprisingly, Cinch are putting a brave face on this per formance – the official statement claims that the losses were “consistent with the stage of development of the business
