Mark Raban, CEO of U.K.-based auto marketplace Lookers, has told staff he will step down at the end of this month, Car Dealer Magazine reports.

His departure follows the company’s acquisition by Alpha Auto Group (AAG), which was completed in October. The latter was founded by Kuldeep Billan — its executive chairman — in 2014.

Raban had been with the company for five years. In a memo, he said he was “very excited about the next chapter under Kuldeep’s stewardship, which I know will cement our position as a market leader.”

Mark Raban

AAG’s initial all-cash offer of £1.20 per share ($1.51 U.S. per share) was at first accepted before Constellation Automotive Group — the largest shareholder in Lookers, owning 19.2% of the company — withdrew its support. Constellation Automotive Group owns auto marketplace Cinch, WeBuyAnyCar.com and b-to-b used car marketplace BCA.

A revised bid of 130p per share was subsequently accepted, valuing the company at £504 million.

Revenue at Lookers increased by 6.2% year on year to £4.3 billion in 2022, but its pre-tax profit declined by 8% to £82.7 million.

New car gross profit per unit (GPU) increased by more than 30%, to £1,949, while used car GPU was relatively static at slightly more than £2,100.

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