Auto Trader Group PLC (AUTO) 2024年年度報告「LSE」.pdf

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1、Driving Change Together.Responsibly.Auto Trader Group plcAnnual Report and Financial Statements 2024Auto Traders purpose is Driving Change Together.Responsibly.Auto Trader is committed to creating a diverse and inclusive culture,to build stronger partnerships with customers and use its influence to

2、drive more environmentally friendly vehicle choices.With the largest number of car buyers and the largest choice of trusted stock,Auto Traders marketplace sits at the heart of the UK car buying process.That marketplace is built on an industry-leading technology and data platform,which is increasingl

3、y used across the automotive industry.Auto Trader is continuing to bring more of the car buying journey online,creating an improved buying experience,whilst enabling all its retailer partners to sell vehicles online.Auto Trader Group plc is the UKs largest automotive marketplace VIEW MORE ONLINE REA

4、D MORE IN THIS REPORTHow to use this report The following symbols indicate that further supporting information can be found elsewhere in this report or on our PLC website:plc.autotrader.co.uk01 Strategic report01 At a glance02 Chairs statement03 CEOs statement 06 Market overview09 How we create valu

5、e10 Strategic progress14 Section 172(1)statement18 Key performance indicators21 Non-financial and sustainability information statement22 Financial review25 Working responsibly50 How we manage risk53 Principal risks and uncertainties61 Governance 61 Governance overview63 Board of Directors66 Corporat

6、e governance statement 70 Report of the Nomination Committee 73 Report of the Audit Committee78 Report of the Corporate Responsibility Committee81 Directors remuneration report100 Directors report104 Financial statements104 Independent auditors report to the members of Auto Trader Group plc116 Conso

7、lidated income statement117 Consolidated statement of comprehensive income118 Consolidated balance sheet119 Consolidated statement of changes in equity120 Consolidated statement of cash flows121 Notes to the consolidated financial statements155 Company balance sheet156 Company statement of changes i

8、n equity157 Notes to the Company financial statements161 Unaudited five-year record162 Shareholder information01 At a glance03 CEOs statement06 Market overview09 How we create value14 Section 172(1)statement25 Working responsibly18 Key performance indicators50 How we manage risk53 Principal risks an

9、d uncertainties22 Financial review01 6002 Chairs statement10 Strategic progress21 Non-financial and sustainability information statementOur company purpose explains why we exist,our strategy is what we do,and we have clear ways of working,with a strong values-led culture.The pillars below are strong

10、ly interconnected and together they influence whether were successful in the execution of our strategy.Over the past 12 months our marketplace has continued to strengthen,with growing numbers of both buyers and sellers.We are supporting more of the industry using our platform and data to power their

11、 businesses,at the same time as bringing more of the new and used car buying experience online,on Auto Trader.Weve introduced an all-employee share scheme,underpinning the sense of ownership that already exists amongst our employees,and have evolved our company values.OUR PURPOSE-DRIVEN STRATEGY P10

12、 WORKING RESPONSIBLY P25WHY WE EXISTDriving Change Together.Responsibly.Our purpose of“Driving Change Together.Responsibly”encompasses our strategic approach,ways of working and culture.As an organisation we aim to be purpose driven,principled,and values led.HOW WE WORKWorking responsibly,working to

13、getherWhilst it lacks precision,our culture is often described internally as doing the right thing,which comes through as Responsibly in our purpose:Working as one Auto Trader Working in partnership Thinking as ownersWHO WE AREOur values define who we areOur values are the guiding characteristics th

14、at underpin our culture.They are embedded into our ways of working and core to our success:Community Curious Humble Determined Decisive AdaptableAt a glance OUR VALUES P41WHAT WE DODelivering on our strategic focus areasAlongside working responsibly,we have three strategic focus areas:Marketplace:be

15、 the best place to buy a car Platform:be the industrys data and technology platform Digital retailing:be the enabler for all retailers to sell onlineStrategic reportGovernanceFinancial statements01Auto Trader Group plc Annual Report and Financial Statements 202401 At a glance03 CEOs statement06 Mark

16、et overview09 How we create value14 Section 172(1)statement25 Working responsibly18 Key performance indicators50 How we manage risk53 Principal risks and uncertainties22 Financial review01 6002 Chairs statement10 Strategic progress21 Non-financial and sustainability information statementChairs state

17、ment“Its a privilege to succeed Ed Williams as Chair of Auto Trader.”INTRODUCTIONIts a privilege to succeed Ed Williams as Chair of Auto Trader and I would like to thank him for the support he has provided to me in taking on this role and acknowledge the immense contribution he has made over his ten

18、ure.As Nathan summarises on the subsequent pages,we believe that the drivers of our future performance are likely to be reasonably consistent and I am clear as to the value creation opportunity that lies ahead from pursuing the strategy that is outlined below.RESULTS OVERVIEWThis year marks another

19、strong financial and operational performance for Auto Trader.Whilst parts of the automotive market have seen some softening,the market has generally been robust and more customers than ever have opted to partner with us.We continue to improve our product offering,enabling customers to compete on our

20、 marketplace through greater access to our data-driven insight and enabling more of the buying journey to be completed online,all yielding greater efficiencies for customers.We continue to grow and invest in our people,creating an environment where there is increasing alignment between employees,cus

21、tomers and shareholders.Excluding the pandemic recovery year,the business achieved record revenue growth in the core Auto Trader business,increasing 12%to 529.7m.At a Group level,Autorama revenue was 41.2m(2023:27.2m)and therefore Group revenue was 570.9m(2023:500.2m).Operating profit in the core Au

22、to Trader business was 378.6m(2023:332.9m),up 14%on last year,with an operating profit margin of 71%(2023:70%).Autorama recorded a reduced operating loss of 8.8m(2023:11.2m).Group operating profit increased by 26%to 348.7m(2023:277.6m),reflecting the increase in revenue and the 23.0m reduction in Gr

23、oup central costs to 21.1m(2023:44.1m).Group operating profit margin was 61%(2023:55%).Basic earnings per share increased 13%to 28.15p(2023:25.01p).BOARD CHANGESAn important enabler for our success over the years has been a capable,diligent and supportive Board.Following my appointment as Chair with

24、 effect from the 2023 Annual General Meeting(AGM),much of my focus has been on succession planning.Geeta Gopalan joined the Board on 1 May 2024 and Amanda James will join the Board on 1 July 2024,both as Non-Executive Directors and as members of the Audit,Remuneration,Corporate Responsibility and No

25、mination Committees.With effect from the conclusion of the 2024 AGM on 19 September 2024,Geeta will be appointed as Senior Independent Director and Remuneration Committee Chair,and Amanda will be appointed as Audit Committee Chair,both subject to shareholder approval.These appointments replace David

26、 Keens and Jill Easterbrook who came to the end of their third three-year terms in 2024,and therefore will not stand for re-election at the 2024 AGM.We are deeply grateful for the contribution Ed,David and Jill have made in their time at Auto Trader.Following this AGM,the number of Independent Non-E

27、xecutive Directors will reduce to five and our Board will comply with the recommendation in the FTSE Women Leaders Review and Listing Rules with respect to appointing a woman in one of the roles of Chair,Senior Independent Director,Chief Executive or Chief Financial Officer.CAPITAL STRUCTURE AND DIV

28、IDENDS The Directors are recommending a final dividend of 6.4 pence per share.Subject to shareholders approval at the AGM on 19 September 2024,the final dividend will be paid on 27 September 2024 to shareholders on the register of members at the close of business on 30 August 2024.The total dividend

29、 for the year is therefore 9.6 pence per share(2023:8.4 pence per share).The Groups long-term capital allocation policy remains unchanged:continuing to invest in the business enabling it to grow while returning around one third of net income to shareholders in the form of dividends.Following these a

30、ctivities any surplus cash will be used to continue our share buyback programme and steadily reduce gross indebtedness.ANNUAL GENERAL MEETINGThe AGM will be held in our Manchester office on 19 September 2024 at 11am.Matt Davies Chair 30 May 2024Matt DaviesChairStrategic reportGovernanceFinancial sta

31、tements02Auto Trader Group plc Annual Report and Financial Statements 20240m100m200m300m400m500m600m202420232022202120202019201820172016Revenue(excluding vehicle sales)Operating profit(200)m(100)m0m100m200m300m202420232022202120202019201820172016DividendsShare buybacks/equity raise01 At a glance03 C

32、EOs statement06 Market overview09 How we create value14 Section 172(1)statement25 Working responsibly18 Key performance indicators50 How we manage risk53 Principal risks and uncertainties22 Financial review01 6002 Chairs statement10 Strategic progress21 Non-financial and sustainability information s

33、tatementCEOs statement“This has been another year of strong financial,operational and strategic progress for Auto Trader.”STRATEGIC AND OPERATING REVIEWWith almost 10 years since IPO in March 2015 and two years since our last investor day we thought it worthwhile to look back at our performance over

34、 this longer period.We believe many of the contributing factors are still equally relevant to our future.Historically our results statements have focused solely on what has happened in the previous financial year,which whilst important,does not always highlight the key factors shareholders might con

35、sider when thinking about our longer-term prospects.We will look to supplement the usual full year detail with this forward-looking view each year.Since Auto Traders IPO the business has delivered consistent execution and performance.During the first few years of being a public company,revenue grew

36、steadily whilst much of the focus was on transitioning to a pure digital business and changing the cost base from a model that had remnants of our magazine heritage.This transition yielded cost efficiencies and stronger profit growth,which was largely a one-time opportunity.Since then,our performanc

37、e has been characterised by higher revenue growth,with a focus on our core marketplace and product growth,coupled with investments in our platform and adjacent opportunities.These revenues have driven profit growth that is only slightly lower than the period during which margins expanded significant

38、ly.Our profits have been consistently distributed through a combination of dividends and share buybacks,which is something we expect to continue.During our history as a listed business,1.1bn of surplus cash has been returned to shareholders(net of the equity raise during COVID-19)and we have deliver

39、ed total shareholder returns of 225%versus 60%for the FTSE 350(excluding investment trusts).We dont always expect our performance to be linear,with 2021 being a good example,but we do expect the drivers of our historic and future value creation to remain reasonably consistent.These drivers include:a

40、 growing automotive market;our market leading position;our heritage of innovation;a focused and consistent strategy;and our purpose and culture.Nathan CoeCEO1.A GROWING AUTOMOTIVE MARKET Today,most of our economics are linked to the number of used vehicle retailers who choose to advertise on Auto Tr

41、ader.Used vehicle supply is determined by new vehicle sales(less scrappage)in preceding years,meaning it does not meaningfully change with economic conditions and therefore our business does not see significant cyclicality.When economic conditions or consumer demand do change it is used vehicle pric

42、es that adjust,not supply.Over the past 20 years,the total size of the UK car parc has gradually increased,growing on average by just over 250,000 cars per year.The COVID-19 pandemic broke this consistent trend,as new car production fell to levels below even those of the Financial Crisis in 2007-09.

43、From time to time there will be these anomalies,but over the long term we expect the used car market to grow as a result of population growth and stable trends in car usage.At times there have been concerns about a material consolidation within our customer base,although to date this has not materia

44、lised.We do expect the biggest retailers to get bigger and we have seen consolidation in our very largest customers,but not at a level that materially changes the overall market fragmentation.At the time of our IPO,we had 13,452 retailers and today we have 13,783,despite losing c.550 retailers when

45、we sold our business in the Republic of Ireland.Finally,we expect the value of both new and used cars to increase over the long term.During a short window of time,used car prices will adjust due to supply and demand movements,but over longer time periods we expect used car values to increase gradual

46、ly due to GDP growth,population growth,inflation,improved functionality,longer useful lives and the move towards more expensive electric vehicles.In the period from 2011 to 2024,used car prices have increased by an average of 4%per year.These factors combine to provide an underlying market that is r

47、esilient and likely to grow in both volume and value over the long term.Group revenue and operating profitCash returned to shareholdersStrategic reportGovernanceFinancial statements03Auto Trader Group plc Annual Report and Financial Statements 202401 At a glance03 CEOs statement06 Market overview09

48、How we create value14 Section 172(1)statement25 Working responsibly18 Key performance indicators50 How we manage risk53 Principal risks and uncertainties22 Financial review01 6002 Chairs statement10 Strategic progress21 Non-financial and sustainability information statementCEOs statement continued2.

49、OUR MARKET LEADING POSITIONAs the automotive market increasingly embraces digital channels,technology and data we are uniquely placed to help.In financial year 2016 Auto Trader had visits of 47.9 million per month,last year that number had increased to 77.5 million.This past year we accounted for ov

50、er 75%of all minutes spent on automotive classified sites and were 10 x larger than our nearest classified competitor(2023:7x).Over time we have seen 21 million downloads of our app and currently see 89%prompted brand awareness with UK consumers.In addition to this,third-party data suggests that mor

51、e than 8 in 10 car buyers use Auto Trader during their shopping journey,and two thirds of buyers only use Auto Trader.In order to ensure this position is maintained,we will continue to invest in improving our site experience,maintaining high levels of trust,evolving our brand,building our content an

52、d marketing capabilities,launching new tools and functionality for retailers,and deepening our partnership with customers.Many of the changes we are currently developing are as significant as any in our history in terms of deepening the experience we provide to car buyers.These will improve our mark

53、etplace,enable our customers to power their businesses with our technology and data platform,whilst moving us towards digital retailing.3.OUR HERITAGE OF INNOVATIONAlmost every retail category has been impacted by the growing role of the internet in how we purchase goods,and the car market is no exc

54、eption.New cars are still at a much earlier stage,but researching and shopping for used cars online has been commonplace for many years.Today over 90%of car buyers use the internet for some part of their car buying process.However,the physical part of the shopping experience is and will remain impor

55、tant due to the value and unique characteristics and condition of every used car.Most car buyers will use the internet to find a used car,ensure theyre getting a good deal and to check the reputation of the retailer.This is because the choice available is significant and platforms like Auto Trader m

56、ake navigating the car buying process much simpler than it otherwise would be.Our trusted position and brand heritage in this area is significant,from initially operating as a magazine to the fully digital business we are today,leveraging technology to support more of the buying and selling journey.

57、On Auto Trader buyers are now using retailer reviews,seeing professionally produced video content,benefitting from enriched data about the specification and performance of the car,checking the history of the vehicle and whether it has outstanding finance,seamlessly using artificial intelligence(AI)t

58、o get a market value for the car theyre buying or selling,applying for finance and reserving cars online.This continuous improvement in the way buyers use Auto Trader has underpinned much of our past success and we know there are significant opportunities to further enhance the consumer experience.T

59、he shift to digital has also brought real benefits to retailers.It has meant they can advertise their vehicles as quickly as it takes to photograph and upload an advert.The insight they have on vehicle performance and what they get for their advertising is detailed,real-time,and can be acted upon at

60、 the click of a button.Over time retailers have also accessed our AI models for pricing and demand metrics that use almost one million vehicle observations a day.This helps customers decide which vehicles they should be buying for their local area,what prices they can expect at retail and how long i

61、t is likely to take to sell.These products might otherwise have been unattainable or have required significant investment by our customers,and we have every intention of continuing to use our brand,data and technology to enable any retailer to access the very best tools and achieve their business go

62、als.Over time we will continue improving and building on these areas,strengthening the partnership we have with customers and increasing their use of our software products,and unlocking new revenue streams for the business.All this innovation is delivered through our well-invested technology platfor

63、ms,built by Auto Trader people who have many years of experience enabling infrastructure and products for our customers.This year we delivered 65,000 software releases(2023:51,000)and saw 22.1 million API calls a week(2023:10.2 million).4.A FOCUSED AND CONSISTENT STRATEGYOur strategy as set out at o

64、ur investor day in September 2022 outlined three strategic focus areas:our marketplace;our platform;and digital retailing.These areas are closely interconnected,as our platform and digital retailing capabilities build on the strengths of our marketplace whilst also deepening our relationships with c

65、ustomers and car buyers.These have all been multi-year investments which have progressed over the past 12 months and are covered in more detail in Catherines update on our strategic progress.5.OUR PURPOSE AND CULTUREOur purpose is Driving Change Together.Responsibly,which encompasses our ways of wor

66、king and our culture.Culture has been a fundamental part of the changes weve made and the results weve achieved for at least 10 years.As an organisation we aim to be purpose driven,principled,and values led.Whilst it lacks precision,our culture is often described internally as doing the right thing,

67、described as Responsibly in our purpose.Within this were looking to achieve a balance between investing in the future,performing today and ensuring our customers and other stakeholders see the benefits of working with us.Driving Change runs deep within the organisation.We are restless,self-critical

68、and comfortable embracing new and disruptive technology,which is something the organisation has done for decades.We launched our website Strategic reportGovernanceFinancial statements04Auto Trader Group plc Annual Report and Financial Statements 202401 At a glance03 CEOs statement06 Market overview0

69、9 How we create value14 Section 172(1)statement25 Working responsibly18 Key performance indicators50 How we manage risk53 Principal risks and uncertainties22 Financial review01 6002 Chairs statement10 Strategic progress21 Non-financial and sustainability information statementCEOs statement continued

70、back in 1996,which went on to completely replace the magazines that were the business for much of our 47-year history.When the mobile internet arrived,we were quick to launch mobile sites and apps some 15 years ago.We embraced server virtualisation,then private cloud,then public cloud which we compl

71、eted our full transition to last year.We invested in building out a new data platform and data science capability 10 years ago,making artificial intelligence available to the automotive industry.This history of innovation is a core part of our culture and our results.These initiatives take a long ti

72、me to build at scale,but once operational they enable us to act fast without the constraints of legacy systems and significant technical debt.Together points to three aspects of our culture.The first is being One Auto Trader.This refers to working as a single team,not in silos,with trust and collabo

73、ration over hierarchy and bureaucracy.We are one organisation which means tech is tech for all of Auto Trader,finance is finance for all of Auto Trader,product is product for all of Auto Trader,marketing is marketing for all of Auto Trader.Therefore to progress any piece of work or initiative,our pe

74、ople have to talk,be aligned with our priorities,listen to each other,and collaborate authentically.The second important aspect of Together is the way in which we work with customers,retailers,manufacturers,leasing companies,finance companies and other players in the automotive ecosystem.We aim for

75、partnership.We believe that there is a lot more we can bring to our customers than just the products we sell.With our data,brand,people and technology we can help our customers achieve their business goals,which makes them much more likely to understand and use our products,advice,insight and servic

76、es.We believe this will lead to a much bigger and more influential business,not least because to be successful in areas adjacent to our core we often need the advice and support of customers.The third aspect of Together is an ownership mindset amongst our people which strongly reinforces the two poi

77、nts above.In September 2023 we announced our One Auto Trader all-employee share scheme that provides employees with an extra 10%of their salary in shares each year,vesting over a three-year period.This builds on an already strong ownership culture,aligns our people with our shareholders and can be a

78、ccommodated within our long-term Auto Trader margin target of above 70%.Finally,a big part of our culture and Responsibly is creating an environment that attracts diverse groups of people and enables them to fulfil their potential for both the business and themselves.This requires long-term commitme

79、nt to structural changes that take years to come to fruition,but we are making progress.As an example,like all technology companies we would like more women engineers,but it is a career still under-represented by women.To address this,we have a range of initiatives including outreach programmes with

80、 universities and schools,graduate and apprenticeship schemes(not requiring a computer science degree)and retraining.This is just one example,but we apply the same thinking to other groups such as the neurodivergent,those from ethnically diverse backgrounds,the LGBT+community,those with disabilities

81、 and those that are later in their careers.Our employee-driven networks have been instrumental in supporting these efforts which represent women,ethnicity,LGBT+,early careers,disability and neurodiversity,social mobility,parents and age.This is by no means a complete view of our culture,but hopefull

82、y gives some sense of how we work at Auto Trader and more importantly how it contributes to both execution and the results we have achieved this year,this decade,and that we aspire to in the years ahead.OUTLOOKThe new financial year has started well.We anticipate another good year of average revenue

83、 per retailer(ARPR)growth across all three levers.In FY24 there was some positive ARPR benefit from the Webzone disposal,as on average their retailers were lower yielding,which wont be replicated in FY25.We expect ARPR price growth of 90-100,product growth of 120-130 and stock growth of 20-40,with a

84、verage retailer forecourts likely to be marginally down year-on-year,as market conditions continue to return to normal levels.Consumer Services and Manufacturer and Agency are expected to grow at a rate of mid-to-high single digits.We expect Autorama operating losses to reduce year-on-year,despite t

85、ight supply conditions in the leasing channel for new vehicles continuing.Group central costs,which relate to the amortisation of Autorama acquired intangibles,will be c.13m for the year.As mentioned at our last results,in FY25 we will exceed the threshold for the UKs digital services tax(DST)which

86、will be taken as an operating expense in the core Auto Trader segment.We therefore expect FY25 operating profit margins within this segment to be 69%,or 71%when excluding DST.However,at a Group level we expect to see modest margin expansion.Our capital policy remains unchanged,with most surplus cash

87、 generated by the business being returned to shareholders through dividends and share buybacks.Nathan Coe CEO 30 May 2024Strategic reportGovernanceFinancial statements05Auto Trader Group plc Annual Report and Financial Statements 2024-10%-5%0%5%10%15%20%25%30%35%40%05,00010,00015,00020,000Like-for-l

88、ike pricingMix impactAverage asking priceFY22FY23FY2401 At a glance03 CEOs statement06 Market overview09 How we create value14 Section 172(1)statement25 Working responsibly18 Key performance indicators50 How we manage risk53 Principal risks and uncertainties22 Financial review01 6002 Chairs statemen

89、t10 Strategic progress21 Non-financial and sustainability information statementMarket overviewA changing new and used car marketWe are continually adapting our onsite experience to meet the changing needs of both consumers and customers.This is core to remaining the UKs largest automotive marketplac

90、e.NEW CAR REGISTRATIONS The new car retail market has been challenging and discounting has started to return.We are well placed to support structural changes in this market,which remains a significant opportunity.We now have products in market supporting franchise retailers,manufacturers and leasing

91、 companies selling new cars directly to consumers on Auto Trader.The supply constraints that impacted new car registrations over a number of years following the pandemic have continued to ease over the past 12 months.Total new car registrations for financial year 2024 increased 18%to 2.0 million(202

92、3:1.7 million),with most of the growth coming from the fleet segment which has seen low volumes over much of the previous three years.Despite the Government delaying the ban on the sale of new petrol and diesel vehicles,the penetration of electric vehicles was stable,making up 17%of all registration

93、s(2023:17%).USED CAR TRANSACTIONSThe used car retail market has been robust throughout the financial year,which we expect to continue.Demand is resilient with cars continuing to sell faster than before the pandemic,and used car supply has gradually improved.Trade prices softened in the latter months

94、 of the calendar year,which subsequently impacted retail prices,but monthly pricing movements have since stabilised.There were 7.3 million used car transactions in the 12 months to March 2024,up 6%year on year(2023:6.9 million).Supply has gradually improved through the year as new car registrations

95、have grown through the fleet channel,which has in turn increased the availability of ex-fleet stock for franchise and independent customers.The growth in used car transactions is larger than our increase in live car stock on site as the speed at which cars have been sold has continued to be quicker.

96、2.0m2 new car registrations in the 12 months to March 2024,+16%year on year(2023:1.7m)7.3m3 used car transactions in the 12 months to March 2024,+6%year on year(2023:6.9m)RETAIL PRICE INDEX The Auto Trader Retail Price Index tracks the average retail price of used cars based on c.800,000 daily prici

97、ng observations.Despite strong levels of demand on Auto Trader,like-for-like average retail prices have softened over the past 12 months.This has been due to increasing supply of both new and used vehicles impacting trade prices which have then fed into the retail market,coupled with an increasing l

98、evel of discounts on new 17,8331average price of a used car advertised on Auto Trader for the 12 months ending March 2024,a decline of 1.3%year on year on a like-for-like basis(2023:17,544)1.Auto Trader internal data.2.Society of Motor Manufacturers&Traders(SMMT).3.DVLA transaction data.VIEW THE FUL

99、L INDEX plc.autotrader.co.uk/news-views/retail-price-indexelectric vehicles.The average price of a used car on Auto Trader for the 12 months ending March 2024 was 17,833,a like-for-like decline of 1.3%year on year(2023:17,544).Strategic reportGovernanceFinancial statements06Auto Trader Group plc Ann

100、ual Report and Financial Statements 202401 At a glance03 CEOs statement06 Market overview09 How we create value14 Section 172(1)statement25 Working responsibly18 Key performance indicators50 How we manage risk53 Principal risks and uncertainties22 Financial review01 6002 Chairs statement10 Strategic

101、 progress21 Non-financial and sustainability information statementMarket overview continuedKEY TRENDConsumer appetite to do more of the car buying journey online continues to be strong.Our internal research showed that around 7 in 10 car buyers either have completed or want to complete more of their

102、 car buying jobs online.Its worth noting though that whilst this desire to do more online exists,the forecourt experience remains an important part of the process for buyers and we expect the car buying journey,particularly for used cars,to be omnichannel for a number of years to come.AUTO TRADER PR

103、OGRESSBuilding on both our marketplace and platform strategic focus areas,we are bringing more of the car buying journey online through our digital retailing solutions.Our approach to digital retailing is to be car first and to enable any retailer(including manufacturers and leasing companies)to com

104、bine an exceptional digital journey with a great physical experience.During the last financial year,we have further scaled our Deal Builder trial to end the year with c.1,100 retailers on the product and over 40,000 cars.Consumer feedback continues to be positive and deals are converting at roughly

105、double the rate of any other enquiry type,with many deals being completed outside of retail hours.We also now have a new car leasing journey available on Auto Trader.STAKEHOLDER PERSPECTIVE“Weve started to get reservations coming in after hours,which has made it as if we have a 24-hour forecourt,whi

106、ch has been really good for us.We wake up in the morning and weve sold a couple of cars,which has been absolutely fantastic.Its really given us the confidence to grow our business.”NIAZ KANJIGeneral Manager,SR MotorsFUTURE OPPORTUNITIESLooking ahead,we will continue scaling Deal Builder and building

107、 out the functionality for new vehicle leasing on Auto Trader.For Deal Builder we expect to integrate further with technology partners and increase our penetration with lenders to extend the offering to more customer segments.We have started to monetise a small cohort of customers which we also expe

108、ct to increase over the next 12 months.KEY TRENDChanges in supply dynamics,electric vehicle demand and wholesale trends are driving complexity and volatility in the used car market.In turn,its creating uncertainty for retailers and making forecourt strategies harder to manage.AUTO TRADER PROGRESSUp

109、until the end of financial year 2024,we had launched two modules of our Auto Trader Connect strategy.The first gave customers access to our taxonomy,improving advert quality,and introduced real-time updates between our systems and those of our customers.The second module gave access to our market le

110、ading,specification adjusted valuations,enabling customers to make quicker and more profitable sourcing,advertising and pricing decisions.Both these data sets were made available in our Retailer Portal or via API.STAKEHOLDER PERSPECTIVE“I think Trended Valuations is essential.As retail and trade mar

111、kets dont always move in sync,a point in time trade valuation only tells part of the story when sourcing and puts margin at risk when you hit the retail market.Trended Valuations will provide us with a broader view of retail pricing over time,to chart the trajectory of a vehicles past performance an

112、d,crucially,where its forecast to go.”ANDREW MUFFETTGroup Used Car Buyer,Allen Motor GroupFUTURE OPPORTUNITIESFrom 1 April 2024,we made a further module of Auto Trader Connect available which included Trended Valuations and enhanced Retail Check functionality.Combined,this powerful new layer of inte

113、lligence helps retailers confidently understand the past and present trends in terms of pricing and demand so they can make better decisions when buying or retailing vehicles.More of the buying journey moving onlineThe increasing importance of dataKey trends shaping the future of our industryStrateg

114、ic reportGovernanceFinancial statements07Auto Trader Group plc Annual Report and Financial Statements 202401 At a glance03 CEOs statement06 Market overview09 How we create value14 Section 172(1)statement25 Working responsibly18 Key performance indicators50 How we manage risk53 Principal risks and un

115、certainties22 Financial review01 6002 Chairs statement10 Strategic progress21 Non-financial and sustainability information statementMarket overview continuedKEY TRENDThe new car market has seen increased levels of supply throughout the last 12 months,which has resulted in growing levels of discounti

116、ng and price reductions.These changes in the balance of demand and supply are on top of significant structural changes.These changes are the growth in electric vehicles;new market entrants;a move to more direct and digital sales channels;and the implementation of agency agreements by a number of man

117、ufacturers.AUTO TRADER PROGRESSWithin our marketplace we continue to invest in our new car experience.Franchise customers have been able to advertise physical new cars for a number of years,and we ended the year with c.2,100 paying retailers on this product.Alongside this,we have launched a new car

118、product allowing manufacturers operating an agency model to advertise new cars directly to consumers nationally.STAKEHOLDER PERSPECTIVE“As the availability of new cars improves and the pressure from the manufacturers to drive volume increases,the franchise networks are under increasing pressure to d

119、rive volume.Given the need to drive EV sales as a percentage of all new car sales,it is really important that we maximise our opportunities to showcase our product to as many potential customers as possible.Auto Trader gives us the perfect platform to showcase the Hyundai range to a wider audience a

120、nd to let people know that we are a retailer that can look after them regarding their new car purchase.”PAUL SHARPRetailer Principal of Hyundai StockportFUTURE OPPORTUNITIESWith the level of structural change and volatile market dynamics likely to continue,we believe we can continue to scale the pro

121、ducts we have available to customers.The penetration of franchise customers is currently only 50%,which we expect to increase over the next 12 months,and as a growing number of manufacturers move to a more direct sales channel,we expect to have them advertising on Auto Trader.KEY TRENDThe introducti

122、on of the Governments Zero Emission Vehicle mandate is the defining feature of the electric market in 2024.As pressure from Government targets impacts the market,price and affordability will likely be a key factor in generating consumer demand.This has already been seen with average new car discount

123、 levels increasing on electric cars,which has also weighed on used electric pricing.As certain brands reach price parity in the used market,many buyers are considering switching to electric for their next purchase.AUTO TRADER PROGRESSAuto Traders response to the transition to electric focuses on thr

124、ee key stakeholder groups:our customers,consumers and partners&suppliers,which includes the Government.Actions include leveraging our unique market position by sharing data and insights on the electric transition to assist our customers and Government as well as position Auto Trader as the voice on

125、the industry in the national media.Were also ensuring our products and tools are built to show vital information about electric vehicles so that our consumers and retailers have the information they need when making buying and selling decisions.STAKEHOLDER PERSPECTIVE“Auto Trader is a key stakeholde

126、r for the UK Governments Office for Zero Emission Vehicles(OZEV)and a workstream lead in OZEVs Used EV Market Steering Group.Auto Traders engagement and content is fundamental to OZEVs policy making process and monitoring the health of the market.Their outputs are visual and highly engaging,represen

127、ted by presenters who are clear and very well informed.Auto Trader content is used in monthly dashboards for Department for Transport directors and regularly in ministerial briefings.”ABDUL CHOWDHURY Head of Vehicle Policy,Office for Zero Emission VehiclesFUTURE OPPORTUNITIESAs the electric market m

128、atures and Government actions continue to impact,Auto Trader has a significant opportunity and responsibility to support the development of a successful electric market in the UK.With demand for electric cars stagnating and the second-hand market on the verge of substantial supply growth,Auto Trader

129、 can use its market position and insight to guide and support its partners,the Government and consumers through this once in a lifetime transition.Significant changes within the new car marketSupporting the transition to electricKey trends shaping the future of our industry continuedStrategic report

130、GovernanceFinancial statements08Auto Trader Group plc Annual Report and Financial Statements 2024BRINGING MORE OF THE CAR BUYING JOURNEY ONLINEDIGITAL RETAILINGLARGEST VOLUME OF IN-MARKET CAR BUYERSBEST CAR BUYINGEXPERIENCESALES CHANNELMOST EFFECTIVEEXTENSIVE CHOICE OF TRUSTED STOCKMARKETPLACEPLATFO

131、RM01 At a glance03 CEOs statement06 Market overview09 How we create value14 Section 172(1)statement25 Working responsibly18 Key performance indicators50 How we manage risk53 Principal risks and uncertainties22 Financial review01 6002 Chairs statement10 Strategic progress21 Non-financial and sustaina

132、bility information statementHow we create valueOur unique network effectThe drivers that set us apartThe core activities we undertake to create valueThe value created for our stakeholdersWORKING RESPONSIBLYOur ESG ethos runs through all elements of value creation and everything we do as a business.B

133、RAND&AUDIENCE Auto Trader has been trusted for over 45 years by UK car buyers and sellers,giving it the largest UK car buying audience.TECHNOLOGYWe have a scaleable,cloud-based technology platform which enables many iterative changes to be made.DATAOur proprietary data is increasingly embedded acros

134、s the automotive value chain.PEOPLE&CULTURE Our values-led culture underpins a fast-moving,collaborative and community-minded environment.INVESTMENTWe have a high return,capital light business model,which enables us to invest in the business.LONG-TERM FOCUSThe strength of our business model enables

135、us to take a long-term approach to our products and technology.FOR CONSUMERSOur marketplace offers consumers the widest choice of vehicles in the UK,with tools that increase trust and transparency in the buying process.FOR CUSTOMERSWe offer the most effective sales channel for retailers,and are the

136、industry leading technology and data platform for our wider pool of partners.FOR OUR PEOPLEWe continue to evolve our unique culture to ensure everyone can develop and achieve their career aspirations.FOR PARTNERS&SUPPLIERSWe work collaboratively in partnership,increasing revenue from shared opportun

137、ities whilst ensuring we have fair trading and robust terms and conditions.FOR THE COMMUNITY&THE ENVIRONMENTEvery employee is provided up to two volunteering days each year,within local communities.The environment is a key consideration for our business.We have a clear plan for net zero and helping

138、consumers shift to electric vehicles.FOR INVESTORSGiven our strong cash generation,a high proportion of our profit is returned to shareholders in the form of dividends and share buybacks.Strategic reportGovernanceFinancial statements09Auto Trader Group plc Annual Report and Financial Statements 2024

139、WORKING RESPONSIBLY01 At a glance03 CEOs statement06 Market overview09 How we create value14 Section 172(1)statement25 Working responsibly18 Key performance indicators50 How we manage risk53 Principal risks and uncertainties22 Financial review01 6002 Chairs statement10 Strategic progress21 Non-finan

140、cial and sustainability information statement READ MORE P25A key part of our purpose is responsibly.Whilst it lacks precision,our culture is often described internally as doing the right thing.This ensures we strive to make a positive difference to our people,the automotive industry,our communities

141、and the wider environment.MarketplaceBe the best place to buy a carPlatformBe the industrys data and technology platformDigital retailingBe the enabler for all retailers to sell online Working responsiblyDriving Change Together.Responsibly.Our purpose continues to be Driving Change Together.Responsi

142、bly.We deliver on this through our three strategic focus areas,alongside our commitment to working responsibly.INTRODUCTIONOur strategy as set out at our investor day in September 2022 outlined three strategic focus areas:our marketplace;our platform;and digital retailing.These areas are closely int

143、erconnected,as our platform and digital retailing capabilities build on the strengths of our marketplace whilst also deepening our relationships with customers and car buyers.Our marketplace has grown in the number of both buyers and sellers using Auto Trader.Weve continued to develop our technology

144、 platform which has allowed us to launch further modules of Auto Trader Connect.On digital retailing,we have scaled our Deal Builder proposition which continues to receive positive feedback.“Weve made significant progress this year across all three of our strategic focus areas.”Strategic progressCat

145、herine FaiersChief Operating OfficerDIGITAL RETAILINGPLATFORMMARKETPLACEStrategic reportGovernanceFinancial statements10Auto Trader Group plc Annual Report and Financial Statements 202401 At a glance03 CEOs statement06 Market overview09 How we create value14 Section 172(1)statement25 Working respons

146、ibly18 Key performance indicators50 How we manage risk53 Principal risks and uncertainties22 Financial review01 6002 Chairs statement10 Strategic progress21 Non-financial and sustainability information statementMarketplace KPIS P18 RISKS P532024 PROGRESSOur marketplace saw strong revenue and operati

147、ng profit growth in the year,with double digit growth across all three revenue segments for the first time since our IPO in 2015.The largest area of revenue comes from retailer customers,where forecourt numbers were broadly consistent and we increased average revenue per retailer(ARPR)by 12%.This gr

148、owth came from all three levers:price,stock and product.Our annual pricing and product event,which took effect in April,included a further module of Auto Trader Connect as we look to embed our data and insight into customers businesses to enable them to make better,faster decisions.Our advertising p

149、ackages continue to perform well with penetration above our standard package averaging 35%of retailer stock over the year(2023:32%,March 2024:34%).Within our marketplace we remain committed to building our new car experience.Franchise customers have been able to advertise physical new cars for a num

150、ber of years,and we ended the year with c.2,100 paying retailers on this product(March 2023:c.1,900).Alongside this,we have launched a product allowing manufacturers operating an agency model to advertise new cars directly to consumers nationally.This revenue is included in the Manufacturer and Agen

151、cy line.Critical to having the best new car buying experience is ensuring we are the research destination for electric vehicles(EVs).To support this,we have added new EV content,tools and evolved search.We have also actively started to incorporate EVs into our marketing campaigns,launched new media

152、partnerships to promote EVs,hosted live events,and continued our successful monthly EV giveaway.We have continued to share our data and insight with retailers,the industry and Government to help inform public policy and regulation to support the mass adoption of EVs.During the period we continued ou

153、r programme of political engagement,which included giving evidence to a House of Lords Committee,presenting our data to key ministers,and supporting Transport for Londons Ultra Low Emission Zone (ULEZ)expansion and the associated scrappage scheme.FUTURE OPPORTUNITIESWe continue to consider ways in w

154、hich we can build consumer trust in our core marketplace.We also see an opportunity to improve our search experience,particularly in the ways we use data to create a more personalised search experience for consumers.Whilst we have made good progress on new cars in the year,there is still much work t

155、o do.The penetration of franchise customers is currently only 50%,which we expect to increase over the next 12 months,and as a growing number of manufacturers move to a more direct sales channel,we expect to have them advertising on Auto Trader.HOW WE MEASURE PROGRESS Revenue Average revenue per ret

156、ailer(ARPR)Operating profit(and margin)Basic EPS Cash generated from operations Cross platform visits Cross platform minutes Number of retailer forecourts Live car stock Employee engagementASSOCIATED RISKS Automotive economy,market and business environment Climate change Employees Reliance on third

157、parties and partners IT systems and cyber security Failure to innovate:disruptive technologies and changing consumer behaviours Legal and regulatory compliance Competition Brand and reputationStrategic progress continued12%ARPR growth in the year,with positive contribution from all 3 levers(2023:10%

158、)35%of retailer stock above our standard package level(2023:32%)Strategic reportGovernanceFinancial statements11Auto Trader Group plc Annual Report and Financial Statements 202401 At a glance03 CEOs statement06 Market overview09 How we create value14 Section 172(1)statement25 Working responsibly18 K

159、ey performance indicators50 How we manage risk53 Principal risks and uncertainties22 Financial review01 6002 Chairs statement10 Strategic progress21 Non-financial and sustainability information statementPlatformFUTURE OPPORTUNITIESWe plan to further embed our data and usage of Auto Trader Connect wi

160、th retailers.We will also continue to deepen relationships with third-party software providers,OEMs and lenders to further develop our proposition.Strategic progress continued65,000 software releases over the year(2023:51,000)75%of retailers benefitting from our Auto Trader Connect modules:Retail Es

161、sentials and Valuations KPIS P18 RISKS P532024 PROGRESSIn April 2023 we made our second module of Auto Trader Connect,Valuations,available to customers as part of our annual pricing and product event.This provides specification and condition adjusted valuations within our Retailer Portal and via our

162、 Auto Trader Connect APIs,enabling third parties and retailers to directly integrate these into their core systems.In April 2024 we launched a further module of Auto Trader Connect providing retailers with Trended Valuations and enhanced Retail Check functionality.Combined,these tools help retailers

163、 confidently understand the past and present trends in terms of pricing and demand so they can make better decisions when buying or retailing vehicles.Making our platform accessible also enables our customers to benefit from the multi-year investment we have made in our data platform and data scienc

164、e capability.Over many years we have improved the quality of our data,most of which is proprietary.We acquired Kee Resources for vehicle taxonomy,have integrated build-level data from manufacturers,collated many observations on our platform and more recently have sourced granular vehicle data to pro

165、vide our own provenance checks.As part of our platform strategy,we continue to integrate with lenders to enable a full digital automotive finance journey on Auto Trader.While we are not directly impacted by the current FCA investigation into discretionary commission arrangements,we believe it should

166、 lead to a more consistent and transparent car buying journey for consumers,which we are well placed to provide on Auto Trader.HOW WE MEASURE PROGRESS Auto Trader Connect integrations Number of lender integrations Number of product releasesASSOCIATED RISKS Reliance on third parties and partners IT s

167、ystems and cyber security Failure to innovate:disruptive technologies and changing consumer behavioursStrategic reportGovernanceFinancial statements12Auto Trader Group plc Annual Report and Financial Statements 202401 At a glance03 CEOs statement06 Market overview09 How we create value14 Section 172

168、(1)statement25 Working responsibly18 Key performance indicators50 How we manage risk53 Principal risks and uncertainties22 Financial review01 6002 Chairs statement10 Strategic progress21 Non-financial and sustainability information statementStrategic progress continuedFUTURE OPPORTUNITIESLooking ahe

169、ad,we will continue scaling Deal Builder and building out the functionality for new vehicle leasing on Auto Trader.For Deal Builder we expect to integrate further with technology partners and increase our penetration with lenders to extend the offering to more customer segments.We have started to mo

170、netise a small cohort of customers which we also expect to increase over the next 12 months.c.1,100 Deal Builder customers live in March 2024(March 2023:c.50)Digital retailingc.16,000deals in the period(2023:c.200)KPIS P18 RISKS P532024 PROGRESSTo strengthen our marketplace,we are looking to provide

171、 a deeper car buying and selling experience on Auto Trader,allowing car buyers and retailers to extend beyond some of the constraints of a physical forecourt and sales process.Our main focus has been to develop and scale our Deal Builder product for used cars,where car buyers can carry out as much o

172、f the journey as they want on Auto Trader,completing the rest of the transaction on the forecourt,over the phone or through a combination of channels.We launched Deal Builder last year,which uses Auto Trader technology to enable car buyers to get a part-exchange valuation,apply for finance and reser

173、ve a car online.Launched as a trial,we have increased the volume of customers to c.1,100 retailers(March 2023:c.50)with over 40,000 cars live at the end of March 2024.Over the past 12 months,we have continued to improve the onsite experience and generated 16,000 deals with a reservation in the perio

174、d(2023:c.200).Consumer feedback continues to be positive and deals are converting at roughly double the rate of any other enquiry type,with many deals being completed outside of retail hours.In January 2024,we trialled monetisation with a small cohort of customers paying a transaction fee(0.25%)link

175、ed to the price of the vehicle which is charged on submission of a deal.In parallel to Deal Builder,we are working to enable a digital retailing journey for new cars.Throughout the year we have further integrated leasing deals for cars,vans and pickups into the core Auto Trader search experience.Our

176、 car leasing tab consolidates all available deals and provides a full checkout journey on Auto Trader.The personal leasing market has been constrained by tight supply throughout the year,but in time we expect supply through this channel to improve.Autorama delivered 7,847 vehicles across the period(

177、2023,from 22 June acquisition date:6,895),with average commission and ancillary revenue per vehicle delivered of 1,631(2023:1,624).HOW WE MEASURE PROGRESS Number of Deal Builder customers Number of Deal Builder live stock Number of submitted deals Number of leasing vehicles deliveredASSOCIATED RISKS

178、 Reliance on third parties and partners IT systems and cyber security Failure to innovate:disruptive technologies and changing consumer behaviours Legal and regulatory complianceCatherine Faiers COO 30 May 2024Strategic reportGovernanceFinancial statements13Auto Trader Group plc Annual Report and Fi

179、nancial Statements 202401 At a glance03 CEOs statement06 Market overview09 How we create value14 Section 172(1)statement25 Working responsibly18 Key performance indicators50 How we manage risk53 Principal risks and uncertainties22 Financial review01 6002 Chairs statement10 Strategic progress21 Non-f

180、inancial and sustainability information statementSection 172(1)statementConsidering our stakeholders WORKING RESPONSIBLY P25 HOW WE CREATE VALUE P09 MARKET OVERVIEW P06The Directors of the Company have acted in the way that they consider,in good faith,would be most likely to promote the success of t

181、he Company for the benefit of its members as a whole,having due regard in doing so for the matters set out in section 172(1)(a)to(f)of the Companies Act 2006.In order to achieve our purpose and to continue to deliver long-term success,we understand the importance of building and maintaining meaningf

182、ul and mutually beneficial relationships with our stakeholders,identifying what is important to them and understanding the long-term impact of our business on the industry and the environment.The Board and Operational Leadership Team lead the business in maintaining our high standards of business co

183、nduct.A well established stakeholder framework is applied to all papers submitted to the Board and is at the centre of discussions in the boardroom.This enables the decision-makers to do the right thing whilst considering the balance of interests of affected stakeholders.The Board acknowledges that

184、not every decision it makes will necessarily result in a positive outcome for all of our stakeholders.But by understanding our stakeholders,and by considering their diverse needs,the Board factors into boardroom discussions the potential impact of our decisions on each stakeholder group,and of the o

185、ther matters required by S172(1).We are driving change in an industry that needs to evolve to adapt to changing consumer needs,and the impact of electric vehicles.Our business model results in bringing together a diverse set of stakeholders consumers,customers(including retailers,manufacturers and o

186、ther customers),suppliers and partners underpinned by our collaborative,people-led culture.We are committed to act responsibly through our focus on diversity and inclusion,environmental sustainability and maintaining high levels of ethical conduct,trust and transparency.SECTION 172 MATTERSOur purpos

187、e is Driving Change Together.Responsibly.CONSIDERING THE LONG-TERM CONSEQUENCES OF OUR DECISIONSMaterial decisions made P15How we create value P09Strategic progress P10CONSIDERING THE INTERESTS OF OUR EMPLOYEESOur people&communities P40How we create value P09Our stakeholders P16THE NEED TO FOSTER GO

188、OD RELATIONSHIPS WITH OUR STAKEHOLDERSHow we create value P09Our stakeholders P16CONSIDERING OUR IMPACT ON THE ENVIRONMENT AND OUR COMMUNITYTCFD disclosures P29Report of the Corporate Responsibility Committee P78Our ESG strategy P25MAINTAINING HIGH STANDARDS OF CONDUCTOur governance&compliance P46Go

189、vernance P61How we manage risk P50ACTING FAIRLY BETWEEN STAKEHOLDERSHow we create value P09Our stakeholders P16Strategic reportGovernanceFinancial statements14Auto Trader Group plc Annual Report and Financial Statements 202401 At a glance03 CEOs statement06 Market overview09 How we create value14 Se

190、ction 172(1)statement25 Working responsibly18 Key performance indicators50 How we manage risk53 Principal risks and uncertainties22 Financial review01 6002 Chairs statement10 Strategic progress21 Non-financial and sustainability information statementSection 172(1)statement continued OUR PURPOSE-DRIV

191、EN STRATEGY P10CONTEXT Our people are one of our most valuable assets and we continuously work towards enhancing the overall employee experience.We take a holistic approach towards employee remuneration,to ensure that it remains fair,competitive and transparent.We have made improvements over recent

192、years around pension arrangements,salary benchmarking and ensuring the application of a Real Living Wage,as set by the Real Living Wage Foundation,is our minimum salary level across the business.Over a number of years,the Board has considered how best to enable our people to participate in the succe

193、ss of their efforts and encourage a culture of shared ownership,to align employees interests with that of shareholders,to enhance attraction and retention,and to improve the overall total reward package for employees.During 2023,the Board considered and approved a new all-employee scheme which we be

194、lieve will achieve these aims.BOARD CONSIDERATIONSAs outlined above,the Board considered the impact on employees,and concluded that a new share scheme which aimed to increase a culture of ownership would benefit employees,as an enhancement of the current employee remuneration package.Given the signi

195、ficant financial commitment,the Board devoted considerable time to reviewing the financial impact on the business.The awards are to be granted annually to employees,based on a value of 10%of base salary,vesting over a three-year period,and therefore the cost would increase in each subsequent year be

196、fore reaching a stable ongoing cost.The Board considered that the scheme would have a positive impact on employee engagement,retention and attraction,and would strengthen our overall proposition in a competitive market.From an investor perspective,although the awards do carry a financial cost and wi

197、ll be dilutive,this is within the limits prescribed by the Investment Association.The awards are intended to further align employees interest with that of shareholders.OUTCOME Overall,the Board agreed that the all-employee share award was in the best long-term interests of the business,and would pro

198、vide a fair,transparent and inclusive way to enable our people to benefit from the business success they have helped to create,and a cost-effective way of providing long-term reward.RELEVANT STAKEHOLDERS Our people InvestorsCONTEXT Over the past 24 months the new car market has seen increased struct

199、ural changes.These include the growth in electric vehicles;new market entrants;a move to more direct and digital sales channels;and the implementation of agency agreements by a number of manufacturers.Part of our strategy is to ensure Auto Trader is as relevant to new car buyers as it is for used ca

200、rs.BOARD CONSIDERATIONSIn light of these ongoing structural changes the Board has had to consider a number of new product launches and their impact on different stakeholder groups.When buying an electric car for the first time,the considerations are different to when buying a combustion engine.It be

201、came clear that the content and search experience available on Auto Trader to purchase an electric car needed further investment to support consumers making more environmentally friendly vehicle choices.With changing distribution models,the Board had to consider the competing nature of franchise cus

202、tomers,manufacturers selling direct and personal leasing as different methods by which new cars can potentially be sold.As well as the sellers,the Board also had to consider car buyers and ensuring that Auto Trader continues to offer the best range of choice.OUTCOME Whilst further work is still requ

203、ired,we have added new EV content,tools and evolved search.We have also actively started to incorporate EVs into our marketing campaigns,launched new media partnerships to promote EVs,hosted live events,and continued our successful monthly EV giveaway.The number of franchise customers advertising ne

204、w cars on Auto Trader grew in the year,despite a change to our commercial model.We have launched a new car product allowing manufacturers operating an agency model to advertise new cars directly to consumers nationally.Importantly,this product is not available to manufacturers operating a franchise

205、model.Throughout the year we have further integrated leasing deals for cars,vans and pickups into the core Auto Trader search experience.Our car leasing tab consolidates all available deals and provides a full checkout journey on Auto Trader.RELEVANT STAKEHOLDERS Customers Consumers The community&th

206、e environmentALL-EMPLOYEE SHARE AWARD RELEVANT STRATEGIC PRIORITIES:NEW CAR PRODUCTS ON AUTO TRADER RELEVANT STRATEGIC PRIORITIES:Material decisions taken by the BoardWe set out below two examples of material decisions made during the financial year with an explanation of how we considered the needs

207、 of our stakeholders in each.An extra10%of salary awarded in shares each yearc.2,100paying new car retailers in March 2024(March 2023:c.1,900)MarketplaceOUR STRATEGIC PRIORITIESDigital retailingPlatformWorking responsiblyStrategic reportGovernanceFinancial statements15Auto Trader Group plc Annual Re

208、port and Financial Statements 202401 At a glance03 CEOs statement06 Market overview09 How we create value14 Section 172(1)statement25 Working responsibly18 Key performance indicators50 How we manage risk53 Principal risks and uncertainties22 Financial review01 6002 Chairs statement10 Strategic progr

209、ess21 Non-financial and sustainability information statementSection 172(1)statement continuedMaintaining stakeholder relationships OUR MATERIALITY ASSESSMENT P26We highlight below some of our key stakeholders,and we discuss why they are important to us,what matters to them and,crucially,the ways in

210、which we as an organisation,and the Board,effectively engage with them and what actions we take as a result.Our environmentMATERIAL ISSUESOur people&communitiesOur governance&complianceCONSUMERSWHY ARE OUR CONSUMERS IMPORTANT TO US?Maintaining a large,engaged consumer base of in-market car buyers,se

211、llers and researchers who have high levels of trust and confidence in Auto Trader,underpins the success of our business model.WHAT MATTERS TO OUR CONSUMERS?Comprehensive choice of vehicles.Ease of buying or selling a vehicle.Clear and transparent information about the vehicle,seller and payment opti

212、ons.Ever present service,offering good levels of consumer support and responsive communication.HOW DO WE ENGAGE WITH THEM?Speaking to consumers regularly for research and insight.Continual feedback on our user experience through on and offsite surveys.Regular consumer user testing of new products,se

213、rvices and brand designs of our website.Consumer facing teams operating seven days a week.Social media and marketing channels.WHAT ACTIONS DID WE TAKE?Holding workshops with people who are neurodiverse and potentially vulnerable consumers,which feeds into our consumer facing products(for example,the

214、ir thoughts on how we display finance).Outputs of consumer research shared with Operational Leadership Team(OLT)and Board to factor into decision-making.MATERIAL ISSUES 2 Data privacy and security4 Product innovation5 Customer satisfaction 11 Driving transparencyCUSTOMERS(retailers,manufacturers and

215、 other customers)WHY ARE OUR CUSTOMERS IMPORTANT TO US?Our partnerships with almost 14,000 vehicle retailers,with manufacturers and other customers(such as leasing companies)mean that we continue to have the greatest choice of vehicles for consumers.The majority of our revenue is generated from our

216、customers.WHAT MATTERS TO OUR CUSTOMERS?High-quality access to a large volume of car buyers.Making the car selling process more efficient.Sourcing vehicles.Access to trusted data to make informed sourcing and disposing decisions.Receiving value for money from Auto Trader,product quality and cost.Bui

217、lding strong partnerships.HOW DO WE ENGAGE WITH THEM?Retailer sentiment surveys,evaluating product improvements and value.OLT engages in a business partnering programme.Sales teams,both telesales and field sales,are in constant dialogue with all our customers.Customers attend select Board meetings.R

218、egular thought leadership and insight-driven reports,such as the Road to 2030 Report.Hosting regular forums with CEOs of big and mid-tier retailers,OEMs,car supermarkets and automotive finance companies to share latest data and insight.WHAT ACTIONS DID WE TAKE?Hosting industry insight events,masterc

219、lasses and webinars to support our retailers on topical issues.Beta testing product launches such as Deal Builder to optimise performance.Expanding the provision of data to retailers with products such as ATConnect.MATERIAL ISSUES 2 Data privacy and security4 Product innovation5 Customer satisfactio

220、n 6 Pricing fairness 8 Advocacy OUR PEOPLEWHY ARE OUR PEOPLE IMPORTANT TO US?Our people are fundamental to our continued success.This requires us to attract new talent and to nurture,motivate and inspire a highly skilled workforce.We commit to ensuring that we continue to build a diverse and inclusi

221、ve culture where everyone feels valued and able to achieve their full potential.WHAT MATTERS TO OUR PEOPLE?Fair reward,recognition and benefits.Training,career development and progression.Working conditions,environment and wellbeing.An inclusive values-led culture.HOW DO WE ENGAGE WITH THEM?Board En

222、gagement Guild engages directly with the Board(without management present)on matters which are important to our people or topics which are current and relevant.Regular employee check-in surveys.Health and safety assessments.Wellbeing forums.Independent whistleblowing service.Hosting biannual all-emp

223、loyee conferences,and regular CEO and OLT virtual business updates.WHAT ACTIONS DID WE TAKE?Inclusive Leadership Programme and Diverse Talent Accelerator,which focuses on developing diverse talent across the business.Continual review and refresh of annual employee benefits.Regular benchmarking of sa

224、lary and benefits in line with the market.Launch of new all-employee share award and continuing with annual Save As You Earn share scheme.Refreshed values and embedded through workshops.MATERIAL ISSUES 2 Data privacy and security3 Employee wellbeing,engagement and safety7 Investment in talent 10 Div

225、ersity and inclusion 16 Ethics and integrity17 RemunerationStrategic reportGovernanceFinancial statements16Auto Trader Group plc Annual Report and Financial Statements 202401 At a glance03 CEOs statement06 Market overview09 How we create value14 Section 172(1)statement25 Working responsibly18 Key pe

226、rformance indicators50 How we manage risk53 Principal risks and uncertainties22 Financial review01 6002 Chairs statement10 Strategic progress21 Non-financial and sustainability information statementSection 172(1)statement continuedWhere engagement doesnt take place directly with the Board,the output

227、 of this engagement is fed back to the Board and/or a Board Committee via comprehensive reports throughout the year detailing stakeholder views,which informs their decisions.A deeper understanding of our stakeholders and their diverse areas of interest enables us to factor into boardroom discussions

228、 the potential impact and long-term consequences of our decisions on each stakeholder group.PARTNERS&SUPPLIERSWHY ARE OUR PARTNERS AND SUPPLIERS IMPORTANT TO US?We rely on our suppliers and partners to provide technology infrastructure,supply of data about vehicles and their financing,and in the ful

229、filment of some of our revenue generating products.Building trusted partnerships helps us to work better together and continue to provide the highest quality products and services.WHAT MATTERS TO OUR PARTNERS AND SUPPLIERS?Working collaboratively on innovations.Increasing revenue from shared opportu

230、nities.Fair trading and terms and conditions.Building long-term relationships.HOW DO WE ENGAGE WITH THEM?Maintaining regular engagement with suppliers and partners at senior level.Procurement processes in place to onboard new suppliers into our business,as well as arranging regular check-ins for ong

231、oing relationships.Agreeing ways of working with new suppliers or partners and providing feedback during ongoing projects.Encouraging an open dialogue to ensure we work collaboratively and share learnings.WHAT ACTIONS DID WE TAKE?Regular monitoring and review of financial and operating resilience.An

232、alyse the time taken to pay suppliers via regular reporting.Applying our Ethical Procurement Policy which helps us to take a holistic view based on cultural alignment when deciding which suppliers and partners we should work with.MATERIAL ISSUES 4 Product innovation13 Responsible supply chain16 Ethi

233、cs and integrityTHE COMMUNITY&THE ENVIRONMENTWHY OUR COMMUNITY AND OUR ENVIRONMENT ARE IMPORTANT TO US?We aim to give back more to the planet than we take out and protect our business from the impact of climate change.We also strive to create stronger communities and have a positive social and envir

234、onmental impact.WHAT MATTERS TO OUR COMMUNITY AND OUR ENVIRONMENT?Energy usage and carbon emissions.The transition to electric vehicles.Supporting and working with,and in,the local communities in which we operate.Environmental,Social and Governance(ESG)factors.HOW DO WE ENGAGE WITH THEM?Employee net

235、works managing our charitable support including our Auto Trader Community Fund and our sustainability strategy.Supporting organisations such as Manchester Digital and the Automotive 30%Club,and local schools and colleges through our STEM ambassadors.Sharing data and insight with industry bodies and

236、Government departments to support policy required to enable the mass adoption of electric vehicles.WHAT ACTIONS DID WE TAKE?Corporate Responsibility Committee holds the business to account on its cultural KPIs.Carbon Literacy training for all employees and funding an automotive toolkit for industry

237、use.Environmental Strategy working group,responsible for leading our carbon reduction plans and reporting in line with the TCFD framework.Conduct regular consumer research and user testing to understand what information is most helpful when buying an electric vehicle.Charitable donations of 621k.719

238、 volunteering days.MATERIAL ISSUES 1 Climate9 Making a difference to our local communities and industries10 Diversity and inclusionINVESTORSWHY ARE OUR INVESTORS IMPORTANT TO US?Maintaining a continuous transparent dialogue with current and potential investors promotes confidence,resulting in contin

239、ued access to capital to enable us to invest in the long-term success of the business.WHAT MATTERS TO OUR INVESTORS?Financial performance including a balanced and fair representation of financial results and future prospects.Share price performance and return.Reasonable Executive and workforce remun

240、eration practices.High governance standards.A continued focus on environmental and social issues.HOW DO WE ENGAGE WITH THEM?Open,honest and balanced communication available to all shareholders.Private shareholders encouraged to communicate with the Board through irautotrader.co.uk.Comprehensive inve

241、stor relations programme.Annual Report,AGM,corporate website and regulatory news announcements.Dialogue with proxy advisors and other agencies.The Chair and the Chair of the Remuneration Committee made contact and corresponded with investors throughout the year.Governance-related meetings attended b

242、y the Chair or another Non-Executive Director.Feedback regularly provided to the Board.Relevant industry-related data and internally produced market reports shared with analysts.WHAT ACTIONS DID WE TAKE?Continuing our capital policy and share buyback programme.Presenting a Remuneration Policy that i

243、s aligned with investors interests following a successful consultation.Extended our debt facility.Implementing succession planning to maintain independence on the Board.Continued focus on enhancing transparency and usefulness of information.MATERIAL ISSUES 4 Product innovation12 Digital infrastructu

244、re14 Responsible tax strategy and total tax contribution15 Corporate governance16 Ethics and integrity17 Remuneration OUR MATERIALITY ASSESSMENT P26Our environmentMATERIAL ISSUESOur people&communitiesOur governance&complianceStrategic reportGovernanceFinancial statements17Auto Trader Group plc Annua

245、l Report and Financial Statements 2024202420232022570.9500.2432.72024202320222,7212,4372,210202420232022348.7277.6Margin 61%Margin 55%303.6Margin 70%20242023202228.1525.0125.61202420232022379.0327.4328.101 At a glance03 CEOs statement06 Market overview09 How we create value14 Section 172(1)statement

246、25 Working responsibly18 Key performance indicators50 How we manage risk53 Principal risks and uncertainties22 Financial review01 6002 Chairs statement10 Strategic progress21 Non-financial and sustainability information statementKey performance indicatorsWe measure our performance through a defined

247、set of financial,operational and cultural KPIs.Measuring our performanceOUR STRATEGIC PRIORITIESOUR PRINCIPAL RISKS AND UNCERTAINTIES1.Automotive economy,market and business environment2.Climate change3.Employees4.Reliance on third parties and partners5.IT systems and cyber security6.Failure to inno

248、vate:disruptive technologies and changing consumer behaviours7.Legal and regulatory compliance8.Competition9.Brand and reputation10.External catastrophic and geo-political events1-10.All principal risks could impact this KPIFINANCIALDEFINITIONThe Group generates revenue from Auto Trader and Autorama

249、.There are three streams within Auto Trader:Trade,Consumer Services and Manufacturer and Agency.Trade revenue is broken down into three categories:Retailer,Home Trader and Other,with Consumer Services similarly split into Private and Motoring Services.Autorama revenue is split into Vehicle and Acces

250、sory Sales,and Commission and Ancillary.PROGRESSGroup revenue increased 14%year on year,with the main driver of growth being Retailer revenue,supported by all other revenue lines.RevenuemDEFINITIONAverage revenue per retailer(ARPR)is calculated by taking the average monthly revenue generated from re

251、tailer customers and dividing by the average monthly number of retailer forecourts who subscribe to an Auto Trader advertising package.PROGRESSARPR grew 284 in the year to 2,721,largely driven by our product lever,with over half of this growth coming from our Auto Trader Connect:Valuations product.P

252、rominence packages also contributed to this growth.Overall ARPR growth was further supported by a price increase and smaller growth in the stock lever.Average revenue per retailer(ARPR)per monthDEFINITIONOperating profit is as reported in the Consolidated income statement on page 116.This is defined

253、 as revenue less operating costs,plus share of profit from joint ventures.Operating profit margin is operating profit as a percentage of revenue.PROGRESSGroup operating profit increased by 26%to 348.7m(2023:277.6m),reflecting the increase in revenue and the 23.0m reduction in Group central costs.Ope

254、rating profit in the core Auto Trader business was 378.6m,up 14%on last year and Autorama had an operating loss of 8.8m.Group operating profit margin increased to 61%(2023:55%).Linked to remuneration?YesLinked to remuneration?YesLinked to remuneration?NoLinked to remuneration?NoLinked to remuneratio

255、n?NoOperating profitmDEFINITIONBasic earnings per share is defined as profit for the year attributable to equity holders of the parent divided by the weighted average number of shares in issue during the year.PROGRESSBasic EPS increased by 13%,which was slightly better than net income which increase

256、d 10%,because of fewer shares in issue following our share buyback programme.The weighted average number of shares in issue decreased by 2%as we purchased and cancelled 25.2 million shares.Basic EPS Pence per shareDEFINITIONCash generated from operations is as reported in the Consolidated statement

257、of cash flows on page 120.It comprises net cash generated from operating activities,before income taxes paid.PROGRESSCash generated from operations increased to 379.0m in the year due to the increase in Group operating profit.The majority of cash was returned to shareholders through our share buybac

258、k programme of 169.9m and dividends of 80.4m.30.0m of debt was also repaid.Cash generated from operationsmLink to risks:1-10Link to risks:1-10Link to risks:1-10Link to risks:1-10Link to risks:1-10MarketplaceDigital retailingPlatformWorking responsiblyStrategic reportGovernanceFinancial statements18A

259、uto Trader Group plc Annual Report and Financial Statements 202420242023202277.5m69.6m68.9m202420232022553m514m556m20242023202213,78313,91313,9642024202320221,2331,160960202420232022445,000437,000430,00001 At a glance03 CEOs statement06 Market overview09 How we create value14 Section 172(1)statement

260、25 Working responsibly18 Key performance indicators50 How we manage risk53 Principal risks and uncertainties22 Financial review01 6002 Chairs statement10 Strategic progress21 Non-financial and sustainability information statementKey performance indicators continuedOUR STRATEGIC PRIORITIESOUR PRINCIP

261、AL RISKS AND UNCERTAINTIES1.Automotive economy,market and business environment2.Climate change3.Employees4.Reliance on third parties and partners5.IT systems and cyber security6.Failure to innovate:disruptive technologies and changing consumer behaviours7.Legal and regulatory compliance8.Competition

262、9.Brand and reputation10.External catastrophic and geo-political events1-10.All principal risks could impact this KPIDEFINITIONMonthly average visits across all our platforms,as measured internally by Snowplow.2022 has been restated as visits were previously measured by Google Analytics.PROGRESSOur

263、average monthly cross platform visits increased by 11%to 77.5 million per month(2023:69.6 million).Continued strong demand from car buyers,despite economic uncertainty and higher cost of living,underpinned good visit numbers across the year.Cross platform visits Monthly average visits spent across a

264、ll platformsDEFINITIONMonthly average minutes spent across all our platforms,as measured internally by Snowplow.2022 has been restated as minutes were previously measured by Google Analytics.PROGRESSEngagement,measured by total minutes spent onsite,increased by 8%to an average of 553 million minutes

265、 per month(2023:514 million minutes).We continue to use Comscore for a comparison to competitors and our share of minutes remained at over 75%across our competitor set.Cross platform minutes Monthly average minutes spent across all platformsDEFINITIONThe average number of retailer forecourts per mon

266、th that subscribe to an Auto Trader advertising package during the financial year.PROGRESSThe average number of retailer forecourts advertising on our platform slightly declined to 13,783(2023:13,913).However,excluding the Webzone Limited disposal in the prior year(negative impact of 305 retailers o

267、ver the period),like-for-like retailer numbers grew by 1%year on year.Number of retailer forecourts Average number per monthDEFINITIONFull-time equivalent employees(FTEs),which includes contractors,are measured on the basis of the number of hours worked by full-time employees,with part-time employee

268、s included on a pro-rata basis.Number of FTEs is reported internally each calendar month;the full-year number is the average of those 12 periods.PROGRESSFTEs have increased by 6%year on year to 1,233(2023:1,160),as we continue to invest in people to support the growth of the business.Number of full-

269、time equivalent employees(FTEs)Average number(including contractors)DEFINITIONThe average number of physical cars(either new or used)that are advertised on autotrader.co.uk per month.Live stock is an important component of our network effect business model.For used cars,we charge our retailer custom

270、ers on a cost per advertised slot basis for their advertising package,meaning the stock on our website has some correlation to our Retailer revenue.PROGRESSTotal live stock on site increased by 2%to an average of 445,000 cars(2023:437,000).New car stock declined to an average of 20,000(2023:25,000)a

271、s we evolved our new car product.Used car live stock increased 3%on average across the year,however we continued to see some supply shortages from our franchise customers.Live car stockAverage number per monthLinked to remuneration?NoLinked to remuneration?NoLinked to remuneration?NoLinked to remune

272、ration?NoLinked to remuneration?NoLink to risks:1,6,8,9Link to risks:3Link to risks:1,6,8,9Link to risks:1,6,8,9Link to risks:1,6,8,9OPERATIONALMarketplaceDigital retailingPlatformWorking responsiblyStrategic reportGovernanceFinancial statements19Auto Trader Group plc Annual Report and Financial Sta

273、tements 202420242023202297919520242023202244434020242023202242403820242023202217151420242023202268620242023202298,94179,540129,41901 At a glance03 CEOs statement06 Market overview09 How we create value14 Section 172(1)statement25 Working responsibly18 Key performance indicators50 How we manage risk5

274、3 Principal risks and uncertainties22 Financial review01 6002 Chairs statement10 Strategic progress21 Non-financial and sustainability information statementKey performance indicators continuedOUR STRATEGIC PRIORITIESMarketplaceDigital retailingPlatformWorking responsiblyOUR PRINCIPAL RISKS AND UNCER

275、TAINTIES1.Automotive economy,market and business environment2.Climate change3.Employees4.Reliance on third parties and partners5.IT systems and cyber security6.Failure to innovate:disruptive technologies and changing consumer behaviours7.Legal and regulatory compliance8.Competition9.Brand and reputa

276、tion10.External catastrophic and geo-political events1-10.All principal risks could impact this KPICULTURALDEFINITIONWe define employee engagement by measuring the percentage of people who say they are proud to work for Auto Trader.Based on a survey to all employees in April 2024 asking our people t

277、o rate the statement“I am proud to work for Auto Trader”.Answers were given on a five-point scale from strongly disagree to strongly agree.PROGRESSWe are pleased that we have been able to maintain high levels of engagement from employees,with 97%of employees saying they are proud to work for Auto Tr

278、ader.We continue to survey employees regularly and seek to improve the employee experience.Employee engagement%of employees who are proud to work at Auto TraderDEFINITION1Based on the percentage of employees who are women(both cis and trans)at the end of March.In calculating this percentage we inclu

279、de all gender identities,including non-binary.PROGRESSWe are committed to having a representative workforce across all levels of our business and recognise the importance of gender diversity.Over the past 12 months,the percentage of our employees who are women increased to 44%(2023:43%).We remain co

280、mmitted to improving gender diversity across our organisation.Women as a%of total staff%as at March each yearDEFINITION2Based on the percentage of those in leadership positions who are women(both cis and trans)at the end of March.In calculating this percentage we include all gender identities,includ

281、ing non-binary.PROGRESSThe percentage of employees who are women in leadership roles increased to 42%(2023:40%).Of the 81 people in leadership positions who define their gender when asked,34 are women.Our Diverse Talent Accelerator and Continuous Leadership Development programmes are aimed at suppor

282、ting and developing employees into leadership roles.Women as a%of leadership%as at March each yearDEFINITION1Based on the percentage of our headcount that define themselves as ethnically diverse as at the end of March.In calculating this percentage we include those who have chosen not to specify the

283、ir ethnicity in our headcount.PROGRESSOver the past 12 months we have increased the percentage of our employees who define themselves as ethnically diverse to 17%(2023:15%).Of the 1,125 people who disclose their ethnicity when asked,216 are ethnically diverse.There were 130 employees(10%)who have no

284、t disclosed their ethnicity or opted not to do so.Ethnically diverse representation as a%of total staff(%as at March each year)DEFINITION2Based on the percentage of those in leadership positions that define themselves as ethnically diverse at the end of March.PROGRESSThe percentage of ethnically div

285、erse employees in leadership roles decreased in the year to 6%.Of the 81 people in leadership positions who define their ethnicity when asked,5 are ethnically diverse.We recognise there is a lot to do in this area.Our Diverse Talent Accelerator and Continuous Leadership Development programmes are ai

286、med at supporting and developing employees into leadership roles.Ethnically diverse representation as a%of leadership(%as at March each year)1.We calculate our diversity percentages using total Group headcount,and since 2023 this has included Autorama(2024:1,255,2023:1,226,2022:1,002).2.We define le

287、aders as those who are on our Operational Leadership Team(OLT)and their direct reports.3.Emissions include Autorama.The base year has been restated to include Autorama.This KPI has been subject to limited assurance see plc.autotrader.co.uk/esg/policies-reports for a copy of the report and methodolog

288、y.DEFINITIONThe total amount of CO2 emissions includes Scope 1,2 and 3 across all relevant categories.PROGRESSGHG emissions during the year total 98.9k tonnes of CO2 across Scopes 1,2 and 3(March 2023:79.5k tonnes).Most of our CO2 emissions are Scope 3,attributable to both our suppliers and the emis

289、sions related to the small number of vehicles sold by Autorama that pass through the balance sheet.This was the main driver for the year-on-year increase with a higher volume of these vehicles being sold.Total CO2 emissions3Tonnes of carbon dioxide equivalentLinked to remuneration?NoLinked to remune

290、ration?YesLinked to remuneration?YesLinked to remuneration?YesLinked to remuneration?YesLinked to remuneration?YesLink to risks:3,9Link to risks:3,9Link to risks:3,9Link to risks:3,9Link to risks:2,4,7Link to risks:3,9Strategic reportGovernanceFinancial statements20Auto Trader Group plc Annual Repor

291、t and Financial Statements 202401 At a glance03 CEOs statement06 Market overview09 How we create value14 Section 172(1)statement25 Working responsibly18 Key performance indicators50 How we manage risk53 Principal risks and uncertainties22 Financial review01 6002 Chairs statement10 Strategic progress

292、21 Non-financial and sustainability information statementNon-financial and sustainability information statementWe aim to comply with all areas of the UKs Non-Financial Reporting Directive.The table below sets out where stakeholders can find further information for each area.NON-FINANCIAL RISKPOLICIE

293、S AND PROCEDURESWHERE TO READ MORE WITHIN THIS ANNUAL REPORTEMPLOYEE GUILDS,NETWORKS AND WORKING GROUPSENVIRONMENTAL Environmental PolicyMore information on our impact on the environment can be found in the Environmental sustainability section,pages 29 to 39,which also sets out our statutory carbon

294、emissions and energy data(page 35).Environmental Strategy working group Sustainability NetworkOUR PEOPLE Whistleblowing Policy Equality&Diversity Policy Inclusive Recruitment Disability Confident leader Health&safety HR policies including adoption leave,parental leave,flexible working Gender Pay Gap

295、 reports Diversity and inclusion:pages 41 to 45 Section 172(1)statement:pages 14 to 17 Stakeholder engagement Board Engagement Guild Ethnicity Network Womens Network LGBT+Network Age Network Parents Network Disability&Neurodiversity Network Social Mobility Network Career Kickstart Network Wellbeing

296、GuildSOCIAL AND COMMUNITY Ethical Procurement Policy Customer Charter Volunteering days Environmental Policy Diversity and inclusion:pages 41 to 45 Environmental sustainability:pages 29 to 39 Make a Difference Guild Age Network Parents Network Disability&Neurodiversity Network Social Mobility Networ

297、k Wellbeing GuildHUMAN RIGHTS Modern Slavery Policy Data Privacy Policy Data Retention and Destruction Policy Data Handling and Data Quality Policy Governance&compliance:pages 46 to 49ANTI-BRIBERY AND ANTI-CORRUPTION Anti-bribery,Gifts and Hospitality Policy Whistleblowing Policy Governance&complian

298、ce:pages 46 to 49BUSINESS MODEL How we create value:page 09PRINCIPAL RISKS Principal risks and uncertainties:pages 53 to 58NON-FINANCIAL KEY PERFORMANCE INDICATORS Operational and cultural KPIs:pages 19 to 20Please note,certain Group policies are not published externally.Strategic reportGovernanceFi

299、nancial statements21Auto Trader Group plc Annual Report and Financial Statements 202401 At a glance03 CEOs statement06 Market overview09 How we create value14 Section 172(1)statement25 Working responsibly18 Key performance indicators50 How we manage risk53 Principal risks and uncertainties22 Financi

300、al review01 6002 Chairs statement10 Strategic progress21 Non-financial and sustainability information statement“We achieved double digit growth across all three Auto Trader revenue segments for the first time since our IPO in 2015.”GROUP RESULTS2024 m2023 mChange%Revenue570.9500.214%Operating costs(

301、225.0)(225.1)(0%)Share of profit from joint ventures2.82.512%Group operating profit348.7277.626%Group operating profit margin61%55%6%ptsGroup revenue increased by 14%to 570.9m(2023:500.2m),driven by Auto Trader revenue which increased by 12%to 529.7m(2023:473.0m)with Autorama contributing 41.2m(2023

302、:27.2m).Group operating profit grew by 26%to 348.7m(2023:277.6m).Within this,Auto Trader operating profit increased by 14%to 378.6m(2023:332.9m),which included 2.8m share of profit from joint ventures(2023:2.5m).Autorama had an operating loss of 8.8m(2023:11.2m).2024 m2023 mChange%Auto Trader 378.63

303、32.914%Autorama(8.8)(11.2)21%Group central costs relating to Autorama acquisition(21.1)(44.1)52%Group operating profit348.7277.626%571mGroup revenue(2023:500m)349mGroup operating profit(2023:278m)Jamie WarnerChief Financial OfficerFinancial reviewGroup central costs included a charge of 11.1m(2023:3

304、8.8m),which is the final charge of the 49.9m deferred consideration relating to Autorama,which was fully settled in the period,and an amortisation charge of 10.0m(2023:5.3m)relating to the Autorama intangible assets acquired.Having accelerated the integration work between Autorama and Auto Trader,we

305、 have reviewed the useful economic life of the intangible assets and in September 2023 we shortened the life of the Vanarama brand to five years from the date of acquisition,which brings forward the future amortisation charge.2024 m2023 mChange%Operating profit348.7277.626%Add back:Depreciation&amor

306、tisation18.314.130%Share of profit from joint ventures(2.8)(2.5)12%Autorama deferred consideration11.138.8(71%)Adjusted EBITDA375.3328.014%Adjusted earnings before interest,taxation,depreciation and amortisation,share of profit from joint ventures and Autorama deferred consideration increased by 14%

307、to 375.3m(2023:328.0m).This adjusted measure of EBITDA,and a similar adjusted measure of earnings per share,are calculated principally to show the financial measures before the effect of acquisition related expenses and disposal gains.Group profit before tax increased by 18%to 345.2m(2023:293.6m),de

308、spite the prior year including a 19.1m profit on disposal of Webzone Limited(trading as Carzone).Cash generated from operations was 379.0m(2023:327.4m).AUTO TRADER RESULTSRevenue increased to 529.7m(2023:473.0m),up 12%when compared to the prior year.Trade revenue,which comprises revenue from Retaile

309、r,Home Trader and other smaller revenue streams,increased by 11%to 475.7m(2023:427.4m).2024 m2023 mChange%Retailer450.0406.811%Home Trader13.410.133%Other12.310.517%Trade475.7427.411%Consumer Services39.634.515%Manufacturer&Agency14.411.130%Auto Trader revenue529.7473.012%Retailer revenue increased

310、by 11%to 450.0m(2023:406.8m).The average number of retailer forecourts advertising on our platform slightly declined to 13,783(2023:13,913).However,excluding the Webzone Limited disposal in the prior year(a negative impact of 305 retailers),like-for-like retailer numbers grew by 1%year-on-year.Strat

311、egic reportGovernanceFinancial statements22Auto Trader Group plc Annual Report and Financial Statements 202401 At a glance03 CEOs statement06 Market overview09 How we create value14 Section 172(1)statement25 Working responsibly18 Key performance indicators50 How we manage risk53 Principal risks and

312、uncertainties22 Financial review01 6002 Chairs statement10 Strategic progress21 Non-financial and sustainability information statementConsumer Services revenue increased by 15%in the year to 39.6m(2023:34.5m).Private revenue,which is largely generated from individual sellers who pay to advertise the

313、ir vehicle on the Auto Trader marketplace,increased by 16%to 26.0m(2023:22.4m).Motoring Services revenue increased 7%to 13.0m(2023:12.1m).Revenue from Manufacturer and Agency customers increased 30%to 14.4m(2023:11.1m),with much of the increase a result of manufacturers who sell direct to consumers

314、using our recently launched new car market extension product,allowing them to advertise and sell new cars on Auto Trader.Total costs increased 8%to 153.9m(2023:142.6m).2024 m2023 mChange%People costs81.574.010%Marketing22.322.30%Other costs44.239.612%Depreciation&amortisation5.96.7(12%)Auto Trader c

315、osts153.9142.68%People costs increased by 10%to 81.5m(2023:74.0m).The increase in people costs was mainly due to an increase in the average number of full-time equivalent employees(FTEs)to 1,060(2023:996),as we continue to invest in people to support the growth of the business.Underlying salary cost

316、s also contributed to this increase as we continue to attract and retain the best digital talent and supported employees with the higher cost of living.Within people costs,share-based payments was 8.2m(2023:6.6m),increasing 21%largely due to the award of an all-employee share award in November 2023.

317、Marketing spend remained flat at 22.3m(2023:22.3m).Other costs,which include data services,property-related costs and other overheads,increased by 12%to 44.2m(2023:39.6m).The year-on-year increase was primarily due to people-related costs,IT costs,legal&professional costs and general inflationary in

318、creases.Depreciation and amortisation declined by 12%to 5.9m(2023:6.7m).2024 m2023 mChange%Revenue529.7473.012%Operating costs(153.9)(142.6)8%Share of profit from joint ventures2.82.512%Auto Trader operating profit378.6332.914%Auto Trader operating profit margin71%70%1%ptsOur share of profit generat

319、ed by Dealer Auction,the Groups joint venture,increased 12%to 2.8m(2023:2.5m)as auction activity increased following supply constraints in the prior year.AUTORAMA RESULTS2024 m2023 mChange%Vehicle&Accessory Sales28.416.078%Commission&Ancillary12.811.214%Autorama revenue41.227.251%Autorama revenue wa

320、s 41.2m(2023:27.2m),with vehicle and accessory sales contributing 28.4m(2023:16.0m),and commission and ancillary revenue contributing 12.8m(2023:11.2m).The prior period included just over nine months of results from acquisition date,compared to a full year this year.Financial review continuedAverage

321、 revenue per retailer(ARPR)per month increased by 12%to 2,721(2023:2,437),with some positive impact from the Webzone disposal as on average their retailers were lower yielding.The ARPR growth was predominantly driven by the product and price levers,with smaller growth from the stock lever.Price:Our

322、price lever contributed growth of 114(2023:90)to total ARPR as we delivered our annual pricing event for all customers on 1 April 2023,which included additional products alongside a like-for-like price increase.Stock:Our stock lever contributed growth of 34(2023:nil).The average number of live cars

323、advertised on Auto Trader increased by 2%to 445,000(2023:437,000).Despite supply constraints easing,new car stock declined to an average of 20,000(2023:25,000)as we evolved our new car product,moving from an all you can eat to a slot-based model.Underlying used car stock increased by 3%on average ac

324、ross the year to 426,000(2023:412,000),with much of this increase coming from a higher volume of private listings.The stock lever is not impacted by private listings,but by the number of retailer paid stock units which marginally increased.Product:Our product lever contributed growth of 136(2023:137

325、)to total ARPR.Just over half of this product growth was from our Auto Trader Connect Valuations product,which was included in retailer packages as part of our annual pricing and product event in April 2023.Much of the remaining growth was as a result of seeing a continued increase in retailers usin

326、g our higher level packages and market extension products.Despite the reduction in new car stock,the higher number of paying retailers also positively contributed to product lever growth.Home Trader revenue increased by 33%to 13.4m(2023:10.1m).Other revenue increased by 17%to 12.3m(2023:10.5m).Total

327、 deliveries amounted to 7,847 units(2023:6,895),which comprised 2,646 cars(2023:4,295),4,616 vans(2023:2,253)and 585 pickups(2023:347).Average commission and ancillary revenue per unit delivered was 1,631(2023:1,624).2024 m2023 mChange%Cost of goods sold28.215.780%People costs10.910.54%Marketing4.04

328、.7(15%)Other costs4.55.4(17%)Depreciation&amortisation2.42.114%Autorama costs50.038.430%The Autorama business delivered c.1,200(2023:c.700)vehicles which were temporarily taken on balance sheet in the year to 31 March 2024.This represented 15%(2023:10%)of total vehicles delivered in the period.The c

329、ost of these vehicles was taken through cost of goods sold,with the corresponding revenue in vehicle and accessory sales.People costs of 10.9m(2023:10.5m)related to the 173 FTEs(2023:209)employed on average through the year.Marketing in the year was 4.0m(2023:4.7m).Other costs of 4.5m(2023:5.4m)incl

330、ude IT services,property costs,people-related costs and other overheads.Depreciation and amortisation totalled 2.4m(2023:2.1m).2024 m2023 mChange%Revenue41.227.251%Operating costs(50.0)(38.4)30%Autorama operating loss(8.8)(11.2)21%Strategic reportGovernanceFinancial statements23Auto Trader Group plc

331、 Annual Report and Financial Statements 202401 At a glance03 CEOs statement06 Market overview09 How we create value14 Section 172(1)statement25 Working responsibly18 Key performance indicators50 How we manage risk53 Principal risks and uncertainties22 Financial review01 6002 Chairs statement10 Strat

332、egic progress21 Non-financial and sustainability information statementGOING CONCERNThe Group generated significant cash from operations during the year.At 31 March 2024 the Group had drawn 30.0m of its 200.0m unsecured Syndicated RCF and had cash balances of 18.7m.The Group has a strong balance shee

333、t and flexibility in terms of uses of cash to manage increased economic uncertainty and higher interest rates.The 200.0m Syndicated RCF is committed until February 2029.Based on the facilities available and current financial projections for the next 12 months the Directors have concluded that it is appropriate to prepare the financial statements on a going concern basis.Jamie Warner Chief Financia