Used Car DealerLongo Group“closed the first quarter with an increase in turnover of 120% compared to the same period in 2021.
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The company’s revenue from cars sold in January-March 2022 amounted to 8.9 million euros and EBITDA was 0.2 million euros. The company’s gross profit in the specified period amounted to 1.1 million euros, which is 143% more than in the same period in 2021. Also in April of this year, Longo Group set a new sales record, reaching a turnover of 4.4 million euros per month.
“The importance of digital channels in the sale of used cars remains high this year as well. Thanks to Longo Group’s digital channels, more and more customers prefer to start their first communication remotely,” said Edgar Carter, founder and chairman of Longo Group.
The group has ambitious plans for the rest of 2022 – to increase profits and revenues. To achieve this, active efforts will be made to expand brand awareness and the range of cars offered by the used car sales network. “In order to achieve our goals, in 2022 we will continue to work on innovative solutions, develop new used car procurement channels and focus on increasing the capacity of the service center,” says Cērps.
The company’s car sales branches are currently located in Latvia, Lithuania and Estonia. Meanwhile, in the Netherlands, Belgium and Germany, the company has branches specializing in the purchase of vehicles for sale in the Baltics. In May 2019, “Longo” opened a retail space in Riga with a capacity of 450 cars. At the beginning of 2022, a permanent used car sales showroom was opened in a shopping center in Panevėžys, Lithuania.
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