UK Automotive Retail The Showroom – speed of sale holds stable YoY at 27 days, while the supply gap squeezes

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UK Automotive Retail The Showroom – speed of sale holds stable YoY at 27 days, while the supply gap squeezes

J P M O R G A N Europe Equity Research

13 May 2026

UK Automotive Retail

The Showroom – speed of sale holds stable YoY at 27

days, while the supply gap squeezes

We publish the latest edition of The Showroom, a monthly publication for key European Internet

ACindicators on the UK automotive retail market. In this edition, we spotlight the Lara Simpson

speed of sale, which remains steady at 27 days in April with demand holding firm (44-20) 7134-3637

while supply tightens as the expected COVID-19 supply gap filters into 5-10 year old lara.simpson@jpmorgan.com

vehicles. From a dealer perspective, used car pricing improved +1.8% MoM - the J.P. Morgan Securities plc

fastest monthly increase since November 2021, and marking a strong start to Q2. For Marcus Diebel

Auto Trader, we maintain our cautious call into earnings (here), arguing for an (44-20) 7742-4447

marcus.diebel@jpmorgan.com

ongoing disconnect to valuation & earnings, while the AI overhang and operational J.P. Morgan Securities plc

headwinds remain. Operationally, the bar for FY27 remains high with company-

Thyagarajan J

consensus ARPR growth +6.1% (vs JPMe +5.0%) and pressure to forecourts, the (91-22) 6157-5005

combination of which leaves us 3% below consensus on group operating profit and thyagarajan.j@jpmchase.com

earnings. Near term, a more aggressive buyback will likely lend support, though we J.P. Morgan India Private Limited

await signs of improved operational delivery and greater assurance on navigating an Carmen Graves

AI‑driven landscape before turning more constructive. (44-20) 3493 0506

carmen.graves@jpmorgan.com

• April 2026 - Talking Points: 1) Used car retail prices were flat YoY through J.P.