LKQ BOSS: INVESTMENTS UNDER REVIEW ‘TO SECURE LIQUIDITY’

Arnd Franz, CEO of LKQ Europe has spoken in an interview about the direction of the group as the region emerges from lockdown. 

Speaking to German weekly, Automobilwoche, Franz explained that investments planned by the company needed to be under close review ‘not only to adjust capacity, but also to secure liquidity’.

READ:  WALKOUT AT EURO CAR PARTS

However, Franz was keen to point out that any review did not affect the large distribution centre, currently under construction in the Netherlands.

“We are providing a medium double-digit million-euro amount for this. Our plan is to complete this project by the end of the year. This will not change at all” he said.

READ: LKQ CONFERENCE FOCUSSES ON CHANGE MANAGEMENT

Also in the interview, Franz explained that independent garages might see some business return soon, though 2020 will understandably be down on 2019. ‘Perhaps we will have a chance of recovery towards the end of the second quarter, but perhaps not until the third quarter’ he said.

Last month he explained in another interview that an ‘integration’ of the systems and processes used by the firm’s many brands over Europe was required.

 

Published by Greg Whitaker

Editor of CAT Magazine and an experienced motoring journalist @GregWhitaker5

Legal hand car washes “outnumbered” by illegal sites as £2.5m in fines handed out

Home Office data revealed that 87 hand car washes across the UK were fined some £2.5 million for ‘right to work’ offences in 2023

Read More

Record visitor numbers at UK Garage & Bodyshop Event

Over the two days, the event welcomed an impressive 5125 industry professionals at the NEC in Birmingham

Read More

IAAF launches “myth-busting” Right to Repair campaign

It will focus particularly on the updated Motor Vehicle Block Exemption Order

Read More

Movers & Shakers: New chairman for VLS

All the latest changes from across the sector, including new roles, promotions, and retirements

Read More

Delphi Academy launches “pioneering” hydrogen training course

The two-day ‘advanced hydrogen’ training course promises a deeper understanding on the principles of hydrogen fuel cell

Read More

Join the debate

1 Comment

Your email address will not be published. Required fields are marked *

  1. History shows that when things get tough the American aftermarket operations sacrifice their overseas interests and retreat to the home market. Especially when there is such a high borrowing level in a market where its tough to make the margins expected by Wall Street.