Leading automotive remanufacturer, Ivor Searle has reported its most successful 12-month trading performance since the company was founded in 1946, as demand for its premium remanufactured engines surges.
Having achieved double digit year-on-year growth for the third consecutive financial period, the Cambridgeshire-based firm has also completed a number of factory expansion projects, in response growing demand from its UK and EU customers.
Ivor Searle is currently producing approximately 700 engines per month on average, its highest output ever, in addition to an uplift in remanufactured manual transmissions. The business anticipates that this will grow further during 2024/25 with the introduction of additional units to its range of petrol and diesel engines and increased demand from its distributor customers in the EU. According to industry analysis, the automotive parts remanufacturing market in Europe is expected to reach a market value of €20 billion by the end of 2024.
Commenting on its record-breaking performance, Ivor Searle’s Commercial Director, David Eszenyi, said:
“It’s been another very busy year for Ivor Searle and we believe the company is poised for significant further growth. A number of factors have contributed to the increased demand, including the rising costs of vehicle ownership and the ongoing retail and infrastructure challenges around the transition to electric transport. These have meant that consumers and businesses are choosing to keep their cars and vans on the road for longer. We are seeing this trend reflected in the EU, where Ivor Searle has expanded its sales year-on-year. The export of remanufactured engines now accounts for around fifteen per cent of our annual turnover.”
In response to the rising cost of motor insurance that has reduced the threshold for uneconomical repair, the market for remanufactured major units has gained further ground as a competitive alternative to OEM replacement parts. Typically, Ivor Searle can save garages up to 40 per cent across its expanding line-up of premium remanufactured engines, cylinder heads, gearboxes and turbochargers.
Remanufacturing is a fundamental part of a circular economy, as it’s a cost-effective alternative to manufacturing brand new products and at the same time saving on raw materials and energy. Every engine produced by Ivor Searle saves around 50kg in core metal, whilst using 85 per cent less energy than manufacturing. The company has invested in renewable energy solutions at its factory including solar panels and air source heat pumps.
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