Our consolidated International performance shows that we missed our budget expectations for revenue (income) within our core business areas. We are excluding our Car Buying business from this performance update, as we are currently seeing unexpectedly high volumes and car valuations.

Despite being short on revenue, we have beat our expense budget - testament to running Simulcast-only auctions and the fact that we've seen almost no 'bad-debt' across our NextGear Capital business. This means that by offsetting our shortfall in revenue with our expense savings, we see a favourability in our profit - which is fantastic and sets us in a very positive position for the year ahead.

Moving on to our Operating Markets… As expected we are seeing the impact of COVID-19 restrictions across Europe and Canada & Brazil. In Europe, we're seeing fewer vehicles passing through Manheim Auctions and Manheim Vehicle Services - but as the UK begins to open, we hope to see volumes increase throughout the next few months. It is a similar story in Canada & Brazil - but by both markets have expense savings allowing them to finish March ahead of profit expectations.

Australia & New Zealand are also operating ahead of expectations - Finishing March ahead of budget on revenue, expenses and profit.

Obviously, we face a few uncertain months ahead, but we are continuing to assess opportunities, as well as risks and remain optimistic that the industry will bounce back from COVID restrictions.

FROM RYAN CARSON - CHIEF FINANCE OFFICER, COX AUTOMOTIVE INTERNATIONAL