iMarket Watch

Welcome to the second issue of AMi Market Watch, aquarterly update of the major events in the car retail market,providing insight and analysis, together with a look at theattitudes and confidence of dealers and manufacturers.

The primary source of data is AM’s information portal AMi(www.am-online.com/ami) together with insight from theSMMT and AM’s research and insight business Sewell’s.

AMi Market Watch contents• H1 new car registration performance

• Sales per franchised outlet data andbrand comparison for 2013 andhistoric

• Sales per franchised outletsegmented into brand type (volume,premium etc)

• Dealer group financial status reporton 2012

• AM100 spring 2013 analysis

• New car launch activity this year

• Dealer group acquisition activity

• News summary

• New car pricing and finance offertrends

Price £250

August 2013

i Market Watch

www.am-online.com/ami 2

Winners and losersin the June market

Winners:Suzuki: volume growth

of 38.14% in June

Renault: + 34.27%

Ford: + 31.89%

Vauxhall: + 16.57%

Maserati: + 66.67%

Aston Martin: + 61.67%

VW: + 14.43%

Lotus: + 466.67%

Losers:Chrysler: down 32.26%

Alfa Romeo: - 29.14%

Porsche: - 29.14%

Mini: - 16.71%

Infiniti: - 57.14%

New carregistrations– Q2 2013

Year-to-date top-selling models

Volumes in Q2 rose 13% this year, posting thestrongest quarterly rise since Q3 2011. UK new car registrations continued to rise across private, fleet and business sales types, although privatedemand has secured the most significant growth.

Registrations in June grew 13.4% securing a 16th successive month of growth and pushing half yearvolumes through the one million mark.

The UK continues to buck new car market trends in some EU27 countries, with buyers returning to themarket after a sustained hold-off from purchasing new vehicles, enticing finance deals and desire to switchto more fuel-efficient models driving market growth.

Private new car registrations grew 17.1% during the first half of 2013, 24.4% in Q2 and 21.3% in June.

Strong private demand has supported volume growth in the supermini and mini segments, although MPVsshowed the largest growth in June, up by over a quarter.

The Ford Fiesta remains the best-selling model in both the month and year-to-date.

The growth in the supermini and mini segments has contributed to the rise in petrol-powered carregistrations, although in June alternatively-fuelled cars recorded a 26.2% rise.

Growth in jobssupports buyerconfidence• UK employment levels andhousing market havesupported buyer confidence.

• Attractive finance packageshave encouraged motoriststo buy new cars.

Industry sources suggestconsumers have been enabledto buy through low interestrates and manufacturersupport on finance packages.

Source: SMMT

1 Ford Fiesta2 Ford Focus3 Vauxhall Corsa4 Vauxhall Astra5 Volkswagen Golf6 Nissan Qashqai7 Volkswagen Polo8 BMW 3 Series9 Peugeot 20810 BMW 1 Series

www.am-online.com/ami 3

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www.am-online.com/ami 4

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Sales per franchised outlet by segmented brand

i Market Watch

www.am-online.com/ami 5

Dealer financialperformance – 2012

Top performing byturnover 1. Pendragon:

£3,635,100,000

2. Arnold ClarkAutomobiles: £2,484,080,000

3. Lookers: £2,056,600,000

4. Mercedes-Benz RetailGroup: £1,494,891

5. Jardine Motors Group: £1,327,692,000

Top performing byprofit before tax 1. Arnold Clark

Automobiles: £60,505,000

2. Lookers: £36,500,000

3. Pendragon: £36,400,000

4. Mercedes-Benz RetailGroup: £13,648,000

5. CEM Day: £6,308,000

Return in capitalemployed (ROCE) 1. Now Motor Retailing:

32.86%

2. Mitchell Group: 31.2%

3. Rybrook Holdings: 27.53%

4. Hatfields: 24.97%

5. Brayleys Cars:22.36%

Gearing1. S Jennings:

97.57%

2. Mercedes-BenzRetail Group: 93.14%

3. Marsh Wall: 91.63%

4. Motorline: 88.11%

5. HeritageAutomotive: 86.6%

Return on sale 1. Mitchell Group:

3.94%

2. CEM Day: 3.39%

3. Fairfield: 2.99%

4. Busseys: 2.94%

5. WestoverGroup: 2.88%

i Market Watch

www.am-online.com/ami 6

AM100 spring 2013 analysis AM’s look at the financial performance of the retailmarket, focussing on the top 100 groups byturnover.

Total turnover:

� 2013: £40.6 billion (7% rise on 2012)

� 2012: £38bn (1.3% rise on 2011)

� 2011: £37.4bn (11% rise on 2010)

A new record has been achieved in the turnover ofthe franchised dealer groups in the UK. Based on2012 financial returns, the total turnover for theAM100 has reached £40.6 billion, exceeding theall-time high since AM’s records began in 1993 of£38.6bn achieved in 2008.

What it means is that total turnover has returnedto the growth path it was on from 2001 until theimpact of the recession was felt with the slump intotal turnover the sector experienced between2008 and 2010, before rallying dramatically in 2011with an 11% rise. Between 2008 and 2010 turnoverfell from £38.6bn to £33.8bn.

From 2011 to 2012, turnover grew a modest 1.3%and while positive there was much to be cautiousabout. There was still an air of austerity, a mood ofeconomic uncertainty and reluctance among thebanks to use the tax-payers money theGovernment had given them to resume lendingactivity and therefore boost confidence and kickstart the market.

As a result, beyond turnover, there was little tosmile about. There were slight increases inaverage profit before tax, but return on sale for thebest 20 groups was down, as was profit per outletyear-on-year and profit per staff.

At a certain point in 2012 there were voicessuggesting franchised dealers’ financial healthwould continue in the relative doldrums for sometime yet: statements were made directly to AM, atevents, meetings, in interviews and in polls thathighlighted the growing practise of manufacturerslook-ing to incentivise customers into showroomswith ‘too good to miss’ finance offers at theexpense of dealers’ margins.

Manufacturers’ targets were excessive, a one-size-fits-all approach being applied to networks – beyou a plc or a locally focused group – wasbeginning to show cracks and overhead absorptionwas continuing its downward slide. Allied to thiswas the lack of lender appetite already touched onhere.

A dealer quoted in the AM100 introduction last yearsaid the franchised model was “on the ropes”.

So what happened to reverse the gloom, to senddealer groups racing out of the traps in such anemphatic way?

Month-after-month of continuous growth in newcar registrations – with the retail marketparticularly strong compared to fleet – will haveplayed a considerable element.

In the middle of last year there was much talkaround excessive pre-registration activity: 30% ofall new vehicles said CAP and KPMG put the figureat 5%.

There are no accurate figures to end the debate,but now feedback from dealers and manufacturersAM has spoken to, and latest opinion from KPMG,suggests the extent of pre-registrations has beenoverstated. It is not having a demonstrable impacton registrations they say.

New AM100 research shows that one of the mostnoticeable factors in the latest research is that thebiggest groups have been growing.

In financial terms, six top 10 groups lead thegrowth in turnover, Sytner by £501m, Vertu£371.7m, Arnold Clark £351m, Lookers £264.6m,Marshall £172m and Pendragon £169.3m. All haveincreased their franchised outlets.

Acquisitions played a significant part in this growth– groups were on a spending spree. Looking at theevents of 2012 and 2013 to the end of May (see thenews round up on page 43) there appears to beonly one month without an acquisition orexpansion by an AM100 group.

The examples include:

� Sytner buying Isaac Agnew (in January 2012,but accounts in part for its significant turnovergrowth in the new AM100)

� Marshall acquiring F Cross and Silver StreetAutomotive

� Group 1 buying four Inchcape Ford sites

� Lookers buying Lomond Motors

� Arnold Clark acquiring John R Weir, Vauxhalldealerships from Verve and others sites fromMoorland Motors

� Jemca taking over Octagon Motor Group

� Peter Vardy buying three sites from Town andCounty and Pendragon

� Cambria acquiring County Motor Works

� JCT600 buying £200m turnover Gilder Group.

� And Vertu deserves a specialacknowledgement: it bought Dobies and sitesfrom Walter C Brigg, Holiways Ford Group,Pendragon, Co-op and Springfield Cars. It alsosold its Iveco heavy truck business. Acquisitionactivity helped it to a 33% rise in turnover – thehighest in the AM10 – and a move of threeplaces up the AM100 to number six.

Collectively the top 10 has seen a 10% growth inturnover. It fell 12% last year.

For the group AM11 – 20 (Listers to Renault RetailGroup), traditionally seen as a hotbed of activity,the situation is reversed.

After last year’s growth in turnover of 12%, thisyear it has fallen from £5.57m to £5.47m – down1.8%. Standout performers were Listers, JCT600,Group 1, Benfield, Ridgeway and Perrys. Allexperienced turn-over growth.

Greenhous, Camden, Robins & Day and RenaultRetail Group experienced falls. Note the twomanufacturer-owned groups. AM10 Mercedes-Benz Retail Group suffered the same.

Other financial performance indicators are lookedat later in this supplement, but profit before tax andreturn on sale, profit per staff member figures arepositive.

What of the future?

Since 2010, when the sector began to recover,commentators said there would be a slow climbout of the recession.

But it may come at a faster pace than originallypresumed.

Beyond the incredible surge in performance, carsales forecasts have been reforecast upwards forthe year-end (fuelled by PPI refunds?), shares areat a five-year high, housing demand is at itshighest for about three years, and faster recoveryin the jobs market than all European countriesexcept Germany.

i Market Watch

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5 The number of new entrants

Half as many as last year. Highestplaced is predominantly premiumbrand focused Hatfields (eightJaguar and Land Rover franchisesout of a total of 11) at number 88with turnover of £118.9 million ontotal car sales in 2012 of 3,867 units.

Other new entrants are BowkerBMW (£114.6m), Renrod Holdings(£110m), Meridian Motor Group(Vantage) with £108.9m and HughesGroup (£107.9m). The entry pointfor the AM100 is a little over £100m.Blue Bell BMW has been a backmarker in previous years and isonce more with a slight year-on-year increase in turnover from£101m to £104m.

Previous years:

� 2012: 10

� 2011: 4

2.26% The average return on sale(RoS) for the 20 best groups

Last year’s second highestperformer CEM Day is the best thisyear with a return on sale of 3.4%.In the previous year it achieved3.0%, beaten by Stoneacre whichrecorded an RoS of 3.8%. This timeStoneacre is at 16 with 1.9%.

Just below CEM Day are Westoverwith 2.9% (2012: 2.7%), Yeomanswith 2.9% (2.5%) and Spire with2.6% (2.6%).

At number 20 is Lloyd Motors with1.7%, the same as last year.

Previous years RoS top 20 average:

* 2012: 2.1%

* 2011: 2.7%

£25.2m The average profit beforetax of the 10 biggest profit earners

Compared to £23.1m last year, thelatest average profit before taxfigure for the top 10 groups sees animpressive 9% rise.

Sytner Group (number two in theAM100) has seen the highestreturns (£67m), gaining the top spotfor three successive years. It hasimproved profits by 16% year-on-year and this year exceeded its 2011achievement of £63m.

Pendragon’s year-on-yearimprovement in PBT has beenremarkable: a rise of 460% to£36.4m from £6.5m. It is just behindLookers with £36.5m, but still someway behind Arnold Clark with£60.5m and Sytner. Five of the top10 best performers are in theAM10, eight in the AM20. CEM Dayhas the lowest turnover at number54 in the AM100, but has the ninthhighest PBT and the highest RoS(see above).

Previous years’ PBT AM top 20average:

� 2012: £23.1m (up 1.3%)

� 2011: £22.8m

£9,548 Average profit peremployee

For the fourth year running SpireAutomotive has the highest returnper staff member at £14,629, downon the previous two years (2012:£15,319 and 2011: £16,660).

Halliwell Jones, with an average of£13,226 and CEM Day at £12,516follow Spire in the chart.

Only Sytner and Arnold Clark are inthe AM10 and in the top 20 for profitper staff member group (£11,167and £7,277 respectively).

The average profit per staff figure of£9,548 compares to £8,144 lastyear, a 17% increase. The latestfigure is 14% down, however, on the2011 average.

Previous years’ results:

� 2012: £8,144 (down 27% from2011)

� 2011: £11,113

£380,035 Average profit per outlet

A rise of 19% year-on-year,reversing a fall last year on 2011 of33% for the top 20 leaders by thismeasure.

Return on sale champions CEMDay leads the top 20 for profit peroutlet at £573,455, with 20franchised centres with a mix ofvolume brands, predominantlyFord. It is a long way from SpireAudi’s achievement of £1,016,250

per outlet in 2011. But CEM Day isahead this year of Peter Vardy,Halliwell Jones and ThompsonMotor Company. Sytner andLookers are the only top AM10groups to feature in this top 20.

At number 20 is AM100 new entrantHatfields with a figure of £253,636.

Previous year’s performance:

� 2012: £318,470 (down 33% year-on-year)

� 2011: £477,587

2,700 Total number of outlets…

or franchised dealerships –representing an increase of 179 or7% from the 2012 total of 2,521.From 2011, the number of groupswith in excess of 100 sites remainsat five. With 238, Pendragon has thegreatest number.

Arnold Clark has grown the mostwith 43 additional sites since lastyear’s AM100, a 28% growth.

Previous year’s outlet totals:

� 2012: 2,521 (up 26 or 1%)

� 2011: 2,495

� 2010: 2,487

� 2009: 2,362

The AM100 by numbers

i Market Watch

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Q2 2013: New carlaunches in:

JulyDacia Logan MCV

Mercedes-Benz A 45 AMG

Mercedes-Benz C 63 AMGEdition 507

Peugeot 2008 Crossover

Skoda Superb

Porsche Panamera S E-Hybrid

Seat Leon SC

Volkswagen Golf estate

SummerJaguar F-Type

Audi RS6 Avant

Subaru Forester

Mercedes-Benz GL-Class

Maserati Quattroporte

Citroen C3

Volkswagen Golf GTD

Citroen C4 Picasso

AugustVolkswagen Golf BlueMotion

September

Audi S3 Sportback

Porsche 911 Turbo

Ford Tourneo Connect

AutumnQoros GQ3

Kia Pro_cee’d GT and Cee’d GT

Audi RS Q3

Nissan Note

Chevrolet Stingray

Range Rover Sport

MG3

Infiniti Q50

Mercedes-Benz CLA 45 AMG

Audi A3 Saloon

Suzuki SX4 Crossover

AprilMercedes-Benz E-Class Coupe and Cabriolet

Mercedes-Benz E-Class Saloon and Estate

Mitsubishi Outlander PHEV

Peugeot 208 GTi

Vauxhall Cascada

Volkswagen Beetle Convertible

MayDacia Sandero Stepway

BMW M6 Gran Coupe

JuneMercedes-Benz E63 AMG & S Model

Mercedes-Benz SLS AMG Coupe Black SeriesRenault Captur

Mercedes-Benz CLA

Renault Clio Renaultsport 200 Turbo

SpringAudi RS5 Cabriolet

Chevrolet Trax

Dacia Lodgy

Ford Fiesta

Ford Mondeo

Land Rover Range Rover

McLaren 12C Spider

Mercedes-Benz GL-Class

Peugeot 208 GTi

Vauxhall Cascada

Q3 2013: New carlaunches in:

i Market Watch

www.am-online.com/ami 9

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April

� Pentagon acquires Co-operativePeugeot site

� Pendragon agrees debtrefinancing

� Swansway profits on the rise inQ1

� Cambria records growth in salesand profits after six months

� SMMT revises forecast for newcar registration growth this year

� Thurlow Nunn invests in £5mVauxhall centre

� Volvo goes after SME fleetbusiness

� March plate change sees 5.9%growth in new car registrations

� Jardine Motors Group signs withBCA in remarketing deal

� Stoneacre launches financialservices business

� Meridien expands with ChryslerJeep in Hampshire and WestSussex

� Perrys acquires PomfreysVauxhall

� Jardine reduces BMWrepresentation to one site

News watch: Key events in the second quarter of 2013Acquisitions: single sites and holding company deals in Q2 2013

i Market Watch

www.am-online.com/ami 10

May

� Former Subaru executive joinsMG Motor UK

� Lexus and Skoda claim top spotsin customer satisfaction survey

� Jardine Wolverhampton sitenamed as best Audi dealershipin the UK

� Brindley expands with Kia

� Sue Brownson's deathannounced

� Chevrolet to develop newfinancial products to supportdealers

� New car registrations increasein April

� JCT600 increases profits onback of new and used car salesboost

� Citroen UK appoints new salesdirector

� Dealer insolvency falls in March

� Infiniti appoints new regionaldirector covering UK

� Investigation launched intoPendragon auditors

� NFDA acquires majority stake inTrusted Dealers

� Bowker takes on Maserati

� Vertu disposes of heavy truckbusiness

� Kia appoints new sales director

� Volvo extends approved used carprogramme to seven years

� HPI acquisition cleared by OFT

� New non-executive directorsannounced by Pendragon

� Lookers says its dealershipshave had excellent Q1

� Ridgeway appoints new financedirector

� Snows Group adds Lotusfranchise

� Lookers boosts Scottishexpansion with new acquisition

� BCA signs a deal to purchaseWe Buy Any Car

� Ford Blue Service hoped toboost dealer network'scustomer base

� Pendragon says Q1 was in linewith expectations

� HR Owen expects first halfprofits to be ahead ofexpectation

� Pendragon partners with Seatfor the first time

� BMW confirms UK dealernetwork for i-brand

� Westdrive Kia invests £1m inshowroom and workshopfacilities

� European car sales up in Aprilbut year-to-date declinecontinues

� Strong March drives up motorretailer profitability

� AMi Market watch report -quarterly update on 2013

� Vertu's operating profits andsales increase as it refinesfranchise portfolio

� Driving.co.uk to move to cost-per-lead advertising structure

� Franchised workshopsoptimistic about service growth

� Suzuki gives trade partnersprogramme a push

� Economic recession hits volumebrands' sales per dealer -research

� Ridgeway expands with Skoda

� Rybrook Warwick wins BMWglobal aftersales award

� Sturgess profitable in 2012despite "economic stagnation"

� Land Rover dealership boughtby Ridgeway Group

� Lookers boss boostsshareholding

� Hyundai embarks on retentionstrategy to hit top five spot in UK

� Manufacturers using financeoffers to appeal to customerswhile increasing prices

� Joe Greenwell to chair RACFoundation

� Caffyns increases profitsfollowing restructure

� Auction group Manheim makesdigital business acquisition

March

� Former Bentley executiveappointed SMMT chief executive

� Motor retail insolvencies fall inlatest figures

� Stoneacre Motor Group winsFord customer service award

� Bolton Kia completes red cubeshowroom overhaul

� Toyota issues 5,000 car recall inUK

� Private demands boosts new carregistrations by 11% in May

� Meridian Motor Group breaksinto AM100 with Sytneracquisitions

� Skoda goes back to drawingboard with dealer fleet salesprogramme

� TVR sold to British company

� Hartwell buys Hangreen Ltd,which trades under the nameSky Ford at two sites

� Swansway acknowledged as a'great place to work'

� Chinese e6 electric cars to betrialled in UK

� Wessex Garages to open newHyundai dealership

� Renault UK dealer networkupgraded for tablet generation

� Rybrook showrooms in sale andleaseback

� More consumers looking to buya new car in 2013 than last year- research

� Renault needs to sell 75,000units to be sustainable in the UK

� Profits increase at SwanswayGroup

� John Clark Motor Groupacquires Pendragon dealerships

� Dealer profitability on the rise in2013

� Cambria bullish about full yearprospects

� Mercedes-Benz of Gatwickmoves to ‘bigger and better’location

� Nissan's new showroomconcept to be piloted in Oxford

� Startin Group acquires ShowellsHyundai

i Market Watch

www.am-online.com/ami 11

New car recommended retailprices continue to remain stablewith circa £200 increase eachquarter for the past 18 months.Surprisingly new car prices haveincreased just 3% on average sincelate 2011.

Of course there are fluctuationswithin these average figures withsome brands significantlyincreasing prices whilst otherreduce them. Vehicle types andmodel mixes also play a part in thisfor example if the trend in themarket is towards introducingsmaller, more affordable vehicles,this will have the effect of bringingaverage prices down.

Recent trends include:

� 15 manufacturers increasingprices over the past 12 monthswhilst eight have reducedprices

� The most aggressive brand incutting prices is Seat with theirJuly 2013 range costing 12%less than the same period lastyear (before discounts /incentives)

� Surprisingly, Seat’s sisterbrand Skoda has seen thelargest increase in pricing with13% over the same period.Some of this can be explainedby the introduction of newvehicles into the largersegments such as Rapid,Octavia, Superb and SuperbEstate.

� The top five biggest increasesare:

1. Skoda +13%

2. Mazda +11%

3. Mercedes-Benz +10%

4. Mini +9%

5. Land Rover +9%

� The five biggest reductionsinclude:

1. Seat -12%

2. BMW -7%

3. Jaguar -6%

4. Vauxhall -4%

5. Volkswagen -4%

� In terms of vehicle segments,mainstream / volumemanufacturers have remainedmost stable with their pricingwhilst premium brands haveincreased their pricing by aminimum of 6% (except forBMW who reduced theirs). Thetraditional budget brands ofKia, Hyundai and Chevrolethave seen price increases ofbetween 3% and 5% as theystrive to improve their brandimage and bring improvedproduct to market.

Cash offers andcustomer savingsThe past 12 months has seenvehicle manufacturers becomingincreasingly focused on financeand ownership packages with lesscash discounts offered.

The average cash discount hasreduced in the past year by 11% to£1,584 and significantly less thanthe £1,935 being offered just sixmonths ago.

Less manufacturers are nowoffering cash discounts than at anytime in the past 18 months.

Finance offers -personal contractpurchase (PCP)This is without doubt the preferredmethod of new car purchase withall manufacturers. PCP is popularas it offers optically attractivemonthly payments combined withlow deposits and relatively quickchange cycles. This benefitscustomers and manufacturersalike as it means the averagecustomer will change into a newcar sooner.

Manufacturers are offering strongincentives behind this product withan average of £1,696 depositcontribution, monthly payments of£289 and a term of 37 months.What’s more, 11 manufacturersnow offer 0% APR PCP on some orall of their products whilst only 3were taking this approach 12months ago.

Finance offers –hire purchaseFor people who prefer to own theircar outright (after paying off theloan) there is HP. Whilst the samenumber of manufacturers offer 0%APR HP as PCP this trend isdeclining from 14 just 6 monthsago.

Average monthly HP payments arecompetitive at £238 and this isreducing.

Also reducing is the amount ofdeposit required on 0% APR HP.

Previously a customer would havehad to put 50% deposit down togain this offer but this has reducedsignificantly in the last six months.

However, this has been achievedthrough simply increasing the termof these loans with the average 0%APR HP deal now running over 47months in duration.

Manufacturers are far less likely toassist with the deposit on HP asthey are keen that customers takePCP and look to change their carmore regularly.

OwnershippackagesThe other strong trend withmanufacturers is to link lowmonthly payments with either freeor fixed price servicing, therebygiving confidence to customersaround ownership costs.

Dealerships are keen to promote‘service plans’ in order to gaincustomer loyalty over increasingcompetition in the aftersales arena.These plans are often discountedand protected against inflationoffering vehicle maintenance withmanufacturer trained techniciansfor a manageable monthlypayment.

Aligned to servicing, extendedwarranties i.e. over the standard 3years, have also been increasinggiving customers more confidencein purchasing a new car. Once atactic of budget manufacturers toinstil confidence, 7 brands nowoffer warranties on new cars over 3years.

About the authorwww.newcarpromotions.co.uk isan independent website operatedby In Market Solutions Ltd. Wecompare the advertised new caroffers of 24 brands covering over96% of the UK market. Datacollected is used to drive thecomparison function of the websitehelping over 5,500 new car buyersper month save time and effort insearching manufacturer websites.As well as assisting new carbuyers, we can provide data formanufacturers and dealers toassist in planning new carmarketing activities. Contact NickPhilips for details:

E: nick.phillips@inmarketsolutions.co.uk

T: 07930 333909

Special report:New car pricing andfinance offer analysisSource: www.newcarpromotions.co.uk

iFor the first time detailed information on 200franchised dealer groups and vehicle manufacturersoperating in the UK has been compiled by AutomotiveManagement's new intelligence division AMi to createan essential strategic planning and business tool fordealers, manufacturers, suppliers and investors.

Constantly updated, AMi gives you the information tocompare, benchmark and identify growth strategies byregion, brand and individual dealer or manufacturerwith information at your fingertips. AMi's wealth of dataalso means we can deliver market reports andbespoke research.

AMi enables you to:

• Monitor the UK’s most dynamic dealers • Identify the fastest growing dealers • Assess brand relationships • Benchmark performance • Access dealer health checks • Assess risk and identify opportunities • Track dealer group activity.

AMi is available on subscription. To find out moredownload our digital brochure:

www.am-online.com/AMI digital brochure.pdf

or call Julie Howard on 01733 468141 or email julie.howard@bauermedia.co.uk.

Website: www.am-online.com/ami

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