Well, that study doesn’t reveal absolute truth for individual dealerships, but for Kamux, the result is a positive thing. Sweden is not included because that data is not available from Sweden, e.g., from Carvertical.
I thought I’d post it here anyway, as someone has clearly paid professional attention to the matter. Individual TikTok videos are a separate matter.
In Finland, heavily damaged cars are repaired (some in backyard garages), and statistics are only available from Traficom (Finnish Transport and Communications Agency) indicating that a car has been deregistered. In Sweden, written-off vehicles go for spare parts, and this is how it should be in Finland too.
When buying used goods, the buyer must always keep their eyes and ears open. Whether it’s an apartment, car, tractor, boat, or even a potato harvester or a log splitter.
Does this mean what it says, i.e., ownership rises to 10.07 percent, or should something else be interpreted from this, considering the future? Good that the share is valued.
Just last week I was wondering that nominee registration ownership in Kamux had even slightly increased recently, but that’s where they’ve gone. On the other hand, OP recently flagged below 5% and has been on the selling side for many months.
This Sarayhan flagged over 5% last August, when I mentioned that they are also the main owner of British Motorpoint, and I also wrote the mention below about their background. With over 10%, they are now clearly Kamux’s second largest owner after Kalliokoski, who holds about 13.5%.
Kamux Corporation and Jani Koivu, CEO of Kamux Finland, have today agreed that Koivu will leave his position at Kamux. Koivu has served as CEO of Kamux Finland and a member of Kamux Corporation’s management team since 2022. KTM Joni Tuominen has been appointed as acting CEO of Kamux Finland and a member of the group’s management team, effective April 16, 2025. Tuominen has served as Kamux Finland’s Chief Operating and Development Officer (COO) since January 1, 2025.
Yeah, maybe not a good Q1. Perhaps Kalliokoski will wake up the organization…
CEO Tapio Pajuharju: “I want to warmly thank Jani for his significant contribution to Kamux. I am very pleased that Joni Tuominen is taking over the leadership of Kamux Finland.”
Considering that profitability in Finland specifically collapsed at the end of last year, one cannot really draw a very positive conclusion from this about how Finland’s results have developed in the early part of the year. Jani had, of course, been in Kamux’s management team for a long time by Kamux’s standards, since 2022 But I don’t think this management merry-go-round can be twisted into anything positive. The CFO, by the way, is leaving very soon, and a new one has not yet been appointed.
This Joni Tuominen joined Kamux at the beginning of the year, which was announced as part of several appointments at that time. Could it have already been the idea to bring in a successor for Jani?
EDIT:
Yes, true, it could be that Joni will eventually keep the position, but that doesn’t really suggest it was prepared for him. I already stated when Juha Kalliokoski returned to operational management in connection with the Q4 results that the position of Finland Country Manager would perhaps be the most natural place for him, so that is also one option.
Well, we didn’t have to wait long for this; a CFO was found from Eltel, who will start at the beginning of August, meaning Kamux will operate without a CFO for the summer.
Kamux is a partner of Mtv3 rally programs, and yesterday in the program, reporter Satu Tuomisto encouraged viewers to subscribe to the Kamux newsletter to participate in a draw for a VIP rally package to Secto Rally Finland in Jyväskylä on 31.7.-3.8.2025. I subscribed myself, hopefully luck will favor me.
It was great to watch Rovanperä’s driving yesterday, and in between, also Kamux’s advertising
Hopefully, the visibility will generate car sales for Kamux.
Kamux’s annual report was released, I quickly browsed through it, and a couple of things caught my eye beyond the already known financial results:
Employee turnover has, of course, been visible even in the management team, but the figure is quite stark. The company has, in my opinion, typically stated that turnover is high in Sweden, but more stable in Finland. However, the headcount in Sweden has been, on average, over 140 during the year, so based on the total figure, there has indeed been turnover elsewhere as well.
Perhaps more as a curiosity, Juha Kalliokoski was already used as a “consultant” last year. The amount paid, however, rounds to EUR 0.0 million, so the role hasn’t been very significant, or perhaps Juha agreed to consult his own company at a low price…
The Shareholders’ Nomination Board proposes that the previously published proposal for the composition of the Board of Directors be supplemented with one new member, which increases the number of proposed Board members from six to seven.
Aaron Heidari (b. 1981, US citizen) is the Chief Investment Officer and a member of the management team of Saray Capital, a private equity firm operating in the United Arab Emirates (“UAE”). Heidari joined Saray Capital in 2018. Prior to Saray Capital, Heidari worked as an analyst at Sancta Capital Group in the UAE and held several responsible positions related to distressed debt, private equity, finance, and change management at National Industries Group (Kuwait) and its affiliate Eagle Investment. Heidari began his career as a systems engineer at the financial technology company Infogenes in the United States. He currently serves as a board member of Applied AI Company in the UAE. Heidari holds a Bachelor of Arts degree in Political Science with a major in International Relations from the University of California. In addition, he completed the Chartered Financial Analyst (CFA) designation in investment analysis and portfolio management in 2016. He does not personally own shares in Kamux Oyj.
And as a disclaimer, let no one think that I still own this junk car dealer; I already divested at share prices starting with four, at a loss . I’m just sharing this update for the good of the community, and for heaven’s sake, don’t take this as an investment recommendation
The second largest owner will, of course, get a seat there if they wish. Fresh ideas and an increasing number of foreigners are certainly, in the current situation, fundamentally good things for Kamux.
A company whose goal is to be Europe’s leading player but has had more Kalliokoskis than foreigners on its board hasn’t sounded very credible
Happy Vappu to all Kamux owners
Let’s hope May brings a turn to this toboggan run, i.e., a good Q1/25.
Revenue is unlikely to rise, but perhaps the cost side will start to recover as unprofitable stores have been closed/merged.
April +5.7% vs 4/24, which means about 51,800 used passenger cars.
Used cars are changing owners quite well, who knows what Kamux’s slice of that is in Finland.
Of course, Kamux is trying to improve profitability, not necessarily volume.
The number of used passenger cars sold by car dealershipsdecreased by 1.9 percent in January-April compared to the corresponding period last year. For used vans, the number decreased by -0.9 percent.
This was a surprisingly poor figure; we had expected slight market growth. Figures from the Swedish market were also received late on Friday, and the development was similar, -2% in January-April. The timing of Easter probably weighed on April (fewer sales days), meaning Q1 figures are slightly better, but from Kamux’s perspective, the markets are weaker than expected. Given that the company’s performance was weak even in last year’s good market, this does not bring optimism to Kamux’s situation… Below is a comment on those Finnish sales figures.
The basic logic of the used car trade is very simple. Vehicle acquisition cost plus mandatory repairs plus margin = Customer price. Then the customer haggles and haggles until only the gross profit remains. But the real question is, who actually profits here Salespeople are commission-based, so they do sell in a way that increases their monthly salary, but at the expense of the company losing. When a salesperson gives a discount on the customer price, it’s always taken from the company, but not directly from the salesperson. When the salesperson receives their monthly salary, the company might have to repair the car more than estimated, and the car actually results in a loss. The whole system is a bit flawed because, in my opinion, salespeople’s salaries should be based solely on the company’s profit and their share of it. Now the company might have ace salespeople who are paid good salaries, but the company is doing poorly. The used car trade is mostly charity - for the salespeople.
The seller also bears responsibility for subsequent repairs, which is why the “renovation fund” is collected. The seller has tried to make it “sexy,” but feel free to test it out. Now compare quantities; remember to also compare the average price.
I somewhat disagree. The industry’s problem is profitability, and it only improves if the difference between the purchase price and the customer price increases. When you sell a Ford Focus for ten thousand, from which the dealership gets 500€, volume has no significance in the Finnish market. The purchase price is everything. I wouldn’t invest in this business.
But I don’t think this management merry-go-round can be twisted into anything positive. The CFO, by the way, is leaving very soon, and a new one has not yet been appointed.
. I’m just sharing this update for the good of the community, and for heaven’s sake, don’t take this as an investment recommendation 
Salespeople are commission-based, so they do sell in a way that increases their monthly salary, but at the expense of the company losing. When a salesperson gives a discount on the customer price, it’s always taken from the company, but not directly from the salesperson. When the salesperson receives their monthly salary, the company might have to repair the car more than estimated, and the car actually results in a loss. The whole system is a bit flawed because, in my opinion, salespeople’s salaries should be based solely on the company’s profit and their share of it. Now the company might have ace salespeople who are paid good salaries, but the company is doing poorly. The used car trade is mostly charity - for the salespeople.