12 Jul 2024
The voice of the independent garage sector

Ivor Searle reports ‘record 12-month trading performance’

Remanufacturer Ivor Searle has reported its most successful 12-month trading performance since the company was founded in 1946.

The company said in a trading update on June 27 that a surge in demand for its premium remanufactured engines saw it achieve double digit year-on-year growth for the third consecutive financial period.

The announcement came as the firm cited industry analysis indicating that the automotive parts remanufacturing market in Europe is expected to reach a market value of €20 billion (£17bn) by the end of this year.

Cambridgeshire-based Ivor Searle told Aftermarket it is not disclosing financial details, but said it has also completed a number of factory expansion projects in response growing demand from its UK and EU customers.

The firm currently produces an average of around 700 engines a month, which it said is its highest number 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.

Ivor Searle commercial director David Eszenyi said: “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.”

Eszenyi said exports of remanufactured engines now account for around 15% of the firm’s annual turnover.

According to the company, the market for remanufactured major units has gained further ground as a competitive alternative to OEM replacement parts in response to the rising cost of motor insurance, which it said has reduced the threshold for uneconomical repair.

Ivor Searle said it can typically save garages up to 40% 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 is a cost-effective alternative to manufacturing brand new products and at the same time saving on raw materials and energy, the company said.

The firm also claims that every engine it produces saves around 50kg in core metal, while using 85% less energy than manufacturing.

The company has invested in renewable energy solutions at its factory including solar panels and air source heat pumps.

Pictured: Assembly area. Photo: Ivor Searle