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Auto Trader takes a hit to help dealers

Auto Trader will suffer April losses of up to £7 million in a bid to help motorcycle and car retailers mitigate the impact of coronavirus by axing its fees for next month and deferring March payments for 30 days.

The online automotive classified advertising specialist revealed details of its measures in an unscheduled company update issued via the London Stock Exchange yesterday (19 March), stating that the move would result in an operating loss of between £6 million and £7m next month.

Auto Trader said that, in light of the “unprecedented levels of uncertainty” facing the UK car retailing market, it had “chosen to act in what we believe is a responsible way to protect our customers”, which it described as key stakeholders in its business. 

It said that it would waive its advertising package charges during April and allow our customers to defer payment of their March costs by 30 days, adding: “We have chosen this approach not in response to immediate pressures on our business, but rather to continue to support an industry that we have supported for the past 40 years, and one which has supported us.”

www.autotrader.co.uk

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