Kamux optimizes its showroom network and closes two unprofitable showrooms in Sweden and two in Germany

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Jul 16, 2024, 07:22 ET

Kamux Corporation, Press Release, 16.7.2024 at 14:00

HÄMEENLINNA, Finland, July 16, 2024 /PRNewswire/ -- Kamux, an omni-channel company specialized in preowned cars and related integrated services, optimizes its showroom network in line with its strategy and closes unprofitable showrooms in Sweden and Germany. In Sweden Kamux closes the showrooms in Norrtälje and Heron City, Stockholm, and in Germany the showrooms in Lübeck and Kaltenkirchen. The showrooms will be closed during July 2024 and their personnel are offered the possibility to transfer to other Kamux showrooms. Following the closures, Kamux will have 20 showrooms in Sweden and eight in Germany.

"Our goal is a geographically comprehensive network of showrooms both in Sweden and Germany. In Sweden this will mean showrooms that are on average somewhat larger than currently and that are aligned with our concept and located in attractive business locations. In the longer term we are exploring opportunities to expand into Northern Sweden and in the greater Stockholm area, but in the short term our number one goal in Sweden is to improve profitability. In Germany our showroom network in the northern part of the country has been unnecessarily dense in relation to demand. Going forward we will expand our network outside of Northern Germany and the Hamburg area, focusing especially on areas with high car density and good demand for preowned cars. Earlier this year we opened a showroom in Siershahn, Southwest Germany, and last year we opened showrooms in Düren, Southwest of Cologne, and in Hameln, close to Hannover. Expanding the coverage of our network in Germany allows us to reach a greater number of both buying and selling customers and improve our brand recognition," says Tapio Pajuharju, CEO of Kamux Corporation.

A comprehensive network of showrooms is an integral part of Kamux's omnichannel concept, where customers can choose the most suitable way for them to do business and the entire range of cars is available in all channels in all operating countries. The showroom network also enables test drives and car deliveries to be organized conveniently for customers that choose to do business through digital channels, as well as purchasing cars directly from consumers and the in-take of trade-in cars.

For further information, please contact:
Tapio Pajuharju, CEO, tel. +358 50 577 4200
Katariina Hietaranta, Head of Communications & IR, tel. +358 50 557 6765

Kamux Corporation
Communications

Kamux is a retail chain specialized in preowned cars and related integrated services that has grown rapidly. Kamux combines online shopping with an extensive showroom network to provide its customers with a great service experience anytime, anywhere. In addition to digital channels, the company has a total of 78 car showrooms in Finland, Sweden and Germany. Since its founding in Hämeenlinna, Finland, in 2003 the company has sold over 500,000 used cars, 68,257 of which were sold in 2023. Kamux's revenue in 2023 was EUR 1,002 million and its average number of employees was 885 in terms of full-time equivalent employees. Kamux Corporation is listed on Nasdaq Helsinki Ltd. For more information, please visit www.kamux.com

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