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Disclaimer

Access to the information and documents on this website is restricted for regulatory reasons. You are requested to review the following information and make the following confirmation each time you access this restricted information.

THESE MATERIALS ARE NOT DIRECTED AT OR ACCESSIBLE BY ANY PERSONS LOCATED IN AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SOUTH AFRICA, SINGAPORE, THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL.

This website and the information contained herein are not intended for, and must not be accessed by, or distributed or disseminated to, persons resident or physically present in the United States, Australia, Canada, Hong Kong, Japan, New Zealand, South Africa or Singapore, and do not constitute an offer to sell or the solicitation of an offer to buy or acquire, any shares, rights or other securities of the Company in the United States, Australia, Canada, Hong Kong, Japan, New Zealand, South Africa, Singapore or any other country in which it would be contrary to the laws and regulations of that country.

These materials are not an offer for sale of securities in the United States. The shares, rights or other securities of the Company referred to on this website have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration thereunder.

Access to the information and documents contained on the following websites may be illegal in certain jurisdictions, and only certain categories of persons may be authorized to access such information and documents. All persons residing outside of the United States, Australia, Canada, Hong Kong, Japan, New Zealand, South Africa or Singapore who wish to have access to the documents contained on this website should first ensure that they are not subject to local laws or regulations that prohibit or restrict their right to access this website, or require registration or approval for any acquisition of securities by them. The Company assumes no responsibility if there is a violation of applicable law or regulations by any person.

This information is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as “relevant persons”). Any investment activity to which this document relates will be only available to, and will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

By clicking on the link below, I confirm that I have read, understand and agree to comply with all of the restrictions set forth above and that my country of residence and current location is not the United States, Australia, Canada, Hong Kong, Japan, New Zealand, South Africa or Singapore or any other jurisdiction in which such a distribution or such access is unlawful.

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Worth the trust

Worth the trust

Reliable information on cars to our customers

Reliable information on cars to our customers A key business principle for Kamux is to operate responsibly. We aim to be the forerunner of car retail by being trustworthy, open and transparent. In every situation, we aim to offer customers detailed and reliable information on the cars for sale.

We conduct used car retail always in compliance with the Consumer Protection Act, and we disclose the actual condition of the car and its potential shortcomings at each phase of the customer’s purchase path. By offering as detailed and transparent in-formation as possible about the cars of interest to the customer, we aim to minimize post-sale disagreements and dispute cases requiring rectification.

In Finland, the majority of disagreements between consumers and retailers are reconciled in accordance with consumer authority guidelines, which Kamux strives to follow in its proposed solutions. The Consumer Disputes Board only processes cases requiring separate handling and recommendation by the board. In 2020, the Consumer Disputes Board processed 68 car sales by Kamux from the year 2019, when the number of cars sold totaled 43,404. Thus, 0.16% of the sales led to a consumer dispute procedure. In half of the resolved cases, the Consumer Disputes Board’s decision supported the proposal made by Kamux to the customer, so decisions recommending rectification constituted 0.08% of cars sold. In accordance with our Code of Conduct, we always adhere to consumer authority recommendations.

In Sweden, Allmänna reklamation-snämnden (ARN) processes all cases reported by consumers. ARN made a total of 90 decisions in 2020 regarding car sales with Kamux. ARN supported Kamux’s proposal in 97% of the cases, with 3% of decisions recommending rectification. We work in accordance with recommendations and guidelines of local consumer au-thorities when proposing solutions to our customers. Therefore, the vast majority of decisions made by the authorities support our proposals, and the number of decisions recommending rectification have decreased.

Unlike Finland and Sweden, Germany does not have a general consumer protection authority, and disputes are always settled in court. In 2020, 11 court cases were concluded, of which two led to compensating a customer.

We comply with laws and regulations and also require our partners to follow Kamux’s Code of Conduct in their daily work. We train each Kamux salesperson on the ways of working based on the Code of Conduct, supplement the training and monitor the realization of the Code of Conduct. Kamux aims to be a car retail forerunner in creating a culture of trust and openness.

 

We offer excellent customer experience

We aim to offer a best-in-class customer experience in used car retail. We invest in omnichannel service and want our customers to have a smooth and transparent experience that they want to recommend to others, regardless of channel, time or place. The significance of customer service in digital channels has increased considerably. Digital channels were almost invariably a part of our customers’ purchase paths.

As part of customer relationship management, we send a customer satisfaction survey to each customer who bought a car from Kamux, measuring the success of our service and operations. Customer satisfaction is measured on a scale of 1–5, and we have set a target of 4.5 for the whole year. In 2020, a total of 6,235 customers who bought a car from Kamux responded to the customer satisfaction survey. Customer satisfaction remained at the previous year’s level, and the overall score in all markets was 4.3 (2019: 4.3/5)

Customer satisfaction was influenced by, for instance, customer service trainings arranged for sales personnel during the year as well as supervisor trainings on sales leadership. In 2020, our aftersales service team grew, and we arranged trainings in all our operating countries to support transparent and quick customer service also in managing claims to achieve excellent customer satisfaction.

Our employees have a Group-wide anonymous whistle-blowing channel for reporting any possible actions violating the Code of Conduct, possible misconduct or suspicions of misconduct. Our website also contains a general feedback email. In 2020, we did not receive any whistle-blowing notifications.

We are a forerunner in car retail, and we build trust and a culture of transparency both internally and with our customers. Due to the corona pandemic, we paid special attention to hygiene in showrooms and disinfected cars in connection with test drives to ensure the safety of our personnel and customers.

We adhere to good consumer sales and governance practices facilitating the excellent customer experience which is of strategic importance to our operations. We actively monitor any deviations from these practices that require action and aim to react quickly to them. If necessary, we address any deviations with sales staff and supervisors and organize additional training as needed.

At Kamux, we do not advance our own interests nor accept bribes and do not approve, facilitate or advance money laundering or grey economy. We require the same also from all suppliers of cars, services or other goods partnering with us in addition to compliance with laws and regulations.

Value for society

Reliable and transparent used car retail supports profitable growth, which enables us to create value for shareholders and the society. Kamux aims to grow value for the long term and systematically.

Our tax footprint was EUR 86.4 million (74.1) in 2020. The most significant items related to payment of taxes were the car taxes as well as marginal and VAT taxes paid. We paid a total of EUR 6.6 million (5.0) of income tax in 2020.

Kamux’s compensation system aims at equal, fair, transparent and motivating remuneration in which a salesperson’s compensation consists of a basic salary and a performance-based pay. Performance-based compensation is based on the number of cars sold, profit and the sales of integrated services.

We paid EUR 32 million in salaries to the personnel in 2020. The amount of salaries increased by 15.1 percent from 2019. Concurrently, revenue increased by 10 percent during the financial year 2020.