The consolidated turnover of the used car dealer “Longo Group” in 2022 was 44.7 million euros (50.4 million euros, including VAT), which is 48% more than in the same period a year earlier. On the other hand, the EBITA profit increased by 89% – from 820 thousand euros in 2021 to 1.55 million euros last year, the company reports.
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“Last year, “Longo Group” continued to improve and streamline all processes of the company’s departments, and special attention was paid to increasing the capacity of the service center,” says JSC “Longo Group” founder and chairman of the board Edgars Cērps, emphasizing that people increasingly choose to buy their vehicles from a reliable dealer .
As one of the most significant circumstances of 2022 that has influenced the company’s development, Cērps mentions the opening of new branches, including a new branch opened last year in Poland. Last year, “Longo Group” also opened two new branches in Lithuania – Panevezys and Klaipėda. Currently, the company covers four countries with seven branches, including two in the mall. Another important milestone that ensured the growth of “Longo Group” in 2022 is the listing of its bonds on the “Nasdaq Baltic First North” stock exchange. As the third circumstance, Cērps mentions the importance of digital channels in the retail trade of used cars.
The group has been operating since 2018 and provides a full cycle of used car procurement and sales processes. Cars are purchased through branches in the Netherlands, Belgium and Germany, while vehicle inspection, quality assurance, face-to-face or online sales and after-sales warranty take place in the Baltics and Poland. More than 12 thousand cars have been sold since the beginning of the company’s operation. The total offer of cars in the Baltics exceeds 1000 cars. All machines have a warranty of two months or 3000 km.