- In its announcement of global results for the first half, Inchcape reported a strong performance in its operations across Latin America and the Caribbean, reaffirming its full-year outlook and demonstrating the strength of its scaled and diversified business, even amidst rapidly changing tariffs and mixed market conditions.
- The Americas region continues to show resilience and growth, contributing 46% of the Group's profit before tax and leading the expansion of new energy vehicles, with a 17% market share.
Inchcape, the world's leading independent automotive distributor, announced its financial results for the first half of 2025 to the London Stock Exchange, reaffirming its full-year projections and recognising the strategic role the Americas region is playing as the main driver of the Group's global growth.
During this period, Inchcape's global revenues reached £4.3 billion, representing a 4% decline in constant currency, in line with a general 2% drop in industry volumes. Nevertheless, the Group recorded an adjusted profit before tax of £200 million and an adjusted operating margin of 5.7%, driven by strong gross margins and strict cost discipline.
Amid a changing tariff environment, Inchcape delivered solid results in the first half of 2025, further diversifying its business geographically and strengthening its partnerships with automotive manufacturers (OEMs).
“Looking at our regions, in the Americas we saw continued improvement and business growth. In Asia-Pacific (APAC), despite challenges in the region — particularly in the premium segment in certain markets — we observed resilience in Australia and a build-up of orders for new products to be launched in key markets during the second half of the year. In Europe and Africa, we continued to outperform market trends,” explained Duncan Tait, Global CEO of Inchcape.
Americas, a key region for the company
In the Americas region, Inchcape demonstrated continued improvement in business dynamism, reflected in greater resilience to challenging market conditions. During the half-year, the region contributed 46% of the Group's adjusted profit before tax. Additionally, nine new distribution contracts were signed, reinforcing the company's leadership position and expanding its presence with new brands and segments, including the introduction of smart in Ecuador, Colombia, and Uruguay.
The Americas currently represent 35% of the Group's revenues and 36% of its adjusted operating margin. Market volumes grew by 5% during the half-year, and organic revenues increased by 3%, supported by disciplined inventory management and the late-2024 sale of non-strategic assets for approximately £40 million.
In Chile, the market remained stable, with a sustained market share of 24%. Meanwhile, Inchcape's portfolio maintained its competitive position, offering a robust range in key segments and achieving high acceptance of NEV models, particularly electric vehicles.
In Peru, performance was particularly strong, with accelerated sales growth driven by recent launches, competitive financing campaigns, and significant expansion of the distribution network.
Colombia stood out as one of the fastest-growing markets during the half-year, with a favourable demand environment and outstanding commercial performance. The portfolio includes brands such as Suzuki, Mercedes-Benz, Subaru, and GWM. The company also made significant progress in digitalising the commercial process and expanding the aftersales channel.
“We have a clear ambition: to double the size of our business by 2030. That is why every step we take today is focused on building that future. Our Accelerate+ strategy drives us to continue growing with purpose, betting on diversification, digitalisation, and sustainable mobility. We are convinced that the path to leadership in Latin America lies in constant innovation and the commitment of our teams,” commented Mike Bowers, CEO of Inchcape Americas.
Sustainable mobility as a strategic pillar
Aligned with its sustainability strategy, Inchcape Americas maintained its leadership in the New Energy Vehicles (NEV) market. In the first half, the company achieved a cumulative regional market share of 17% in this segment, with more than 100 models available from various portfolio brands. In countries such as Chile and Peru, it significantly exceeded the regional average, with 44% and 27% market share respectively, reflecting the company's commitment to accelerating the transition to cleaner mobility.
Outlook for the second half
Looking ahead to the second half of the year, Inchcape anticipates strengthening regional performance, driven by key launches, new partnerships with OEMs, and positive dynamics in the demand for hybrid and electric vehicles.
“Our Accelerate+ strategy will help us achieve another year of growth in 2025, and our confidence in the second half of the year continues to grow. We remain focused on achieving a compound annual growth rate in earnings per share (EPS) of over 10% in the medium term, supported by our capital allocation policy, our market leadership position, our diversified, scalable, and cash-generative business model, our constant focus on cost discipline and inventory management, and our differentiated technology platform,” stated Duncan Tait, CEO of Inchcape.