The consolidated turnover of the used car dealer in the Baltic States “Longo Group” in the 12 months of last year was 44.7 million euros (50.4 million incl. VAT), which is 48% more than in the same period a year earlier.
On the other hand, EBITA profit increased by 89% – from 820 thousand euros in 2021 to 1.55 million euros last year.
“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 company’s service center,” says Edgars Cērps, founder and chairman of the board of JSC “Longo Group”.
E. Cērps mentions the opening of new branches as one of the most significant circumstances of 2022 that has influenced the company’s development. The expansion took place both in the existing region and by expanding regionally – by opening a new branch outside the Baltic border – in Poland. In addition to that, last year “Longo Group” also opened two new branches in Lithuania – Panevezys and Klaipėda. Currently, the company covers four countries with seven branches, and two of them operate according to a unique concept – as a sales point in a supermarket, or the so-called “showroom”. This type of car sale gives customers the opportunity to communicate with sales representatives face-to-face, allowing them to discuss their needs, take car test drives and immediately buy a car. We will continue to develop this concept, because we see how our customers value it”, emphasizes E. Cērps.
Another important milestone that ensured the growth of “Longo Group” in 2022 is the listing of its bonds on the “Nasdaq Baltic First North” exchange on March 31.
On the other hand, as the third circumstance, E. Cērps mentions that “the importance of digital channels in the retail trade of used cars remained strong last year. Already during the Covid-19 pandemic, consumers had reduced the number of visits to physical car dealerships and instead preferred to buy cars online. Since our core sales channel has been the internet since the company was founded, in 2022 we were well prepared to provide comprehensive customer service by effectively using digital channels, including launching the first fully online reservation system in the Baltics.”
AS “Longo Group” is a used car trading company in the Baltics, whose bonds are included in the list of Nasdaq Riga Baltic First North bonds.
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.
The total offer of cars in the Baltics exceeds 1000 cars. All machines have a warranty of two months or 3000 km.
