Section 172 Statement
The Directors of the Company, as those of all UK companies, must act in accordance with a set of general duties. These duties are detailed in section 172(1) of the Companies Act 2006 and are given below:
A director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to;
(a) the likely consequences of any decision in the long term,
(b) the interests of the company's employees,
(c) the need to foster the company's business relationships with suppliers, customers and others,
(d) the impact of the company's operations on the community and the environment,
(e) the desirability of the company maintaining a reputation for high standards of business conduct, and
(f) the need to act fairly as between members of the company.
The Company and its subsidiaries (the Company and all subsidiaries to be referred to as “the Group”) hold the same aim which is to be “famous for delighting our colleagues, customers, manufacturers and shareholders”. The Group operate under the same corporate governance structure, the Group being managed as a whole at board level. The Directors review key risk factors faced by the Group and these are discussed above. The Directors delegate day to day decision making to key employees of the Group through a prescribed operating framework and monitor performance continually through regular meetings and performance review. The Directors are able to access professional advice on any part of their duties should they need further guidance.
The Directors understand that exceptional customer service can only be consistently delivered by attracting, motivating, training and retaining the very best team members, our Delighting Colleagues ethos "developing talent, building careers" supporting this. The Group are keen to ensure employees reach their potential and have designed development programmes and courses to support this.
The Group strives to deliver an exceptional customer experience. Every member of the team is expected to contribute to the delivery of outstanding customer experiences and to earn repeat and referral business. This approach is supported by our framework in delighting Customers – “Getting it right, making it special”. The Group collects and analyses feedback from its customers in order to ensure best practise is being applied at each location and should a customer not be satisfied or have any concerns there is a robust system in place to manage that process. The Group also monitors its performance on online feedback forums including Trustpilot and Google.
The Group operates franchised motor car dealerships and used car supermarkets. Without franchises, the Group would not be able to source new car stock or perform service warranty repairs. Maintaining an excellent working relationship with our franchise partners is critical to the success of the Group, and is fostered by both the Directors and employees within the Company.
In their decision making the Directors have regard to the impact of the Company operations in the local community and the environment. As well as making the Group a great place to work for our colleagues, the Directors want to ensure that we are making a difference in our local communities and all companies within the Group are challenged to make a commitment to local charities and community initiatives.
The Company's ultimate parent company Penske Automotive Group Inc., is listed on the NYSE and is subject to controls as prescribed by the Sarbanes-Oxley Act of 2002. Each dealership is subject to regular internal audits the results of which are reported to the Penske Automotive Group Audit Committee.