/ Industry, News / UK: healthy auto industry gives boost to car dealership profits

UK: healthy auto industry gives boost to car dealership profits

Linked In Share
UK: healthy auto industry gives boost to car dealership profits

Great Britain, buoyed by the rising economy, consumer confidence and advantageous financing schemes, has seen the return of car sales to the levels reported before the 2008-2009 economic crisis.

The incredibly fast recovery of the British car market – with signals that new car sales for the year could reach 2.45 million cars – is due to the purchases mostly made on credit. Around four of every five acquisitions are made using a scheme called a personal contract plan – they “rent” the car typically for three years, then trade it in and get a new vehicle.

“We’ll now be expected to nudge over 60 (million pounds) for the year which is OK with us,” says car dealership Lookers CEO Andy Bruce. “It’s being driven by these finance packages which are just unprecedented in terms of value for money and…that’s what driving the market,” he adds.

The company, among the biggest car retailers in the UK, sells almost 120,000 new and used cars annually, reporting adjusted pretax profit of 40.2 million pounds in the first six months of the year, a 36% rise over the same period last year. The situation is mirrored at many of its competitors, with many also posting lofty profits and one, Pendragon, even jumping almost 100% over the same six-month period.

Via Reuters

by Aurel Niculescu (my Google+) - Thursday, August 14th, 2014 - filed under Industry, News. Image credit: .
Linked In Share
Related Articles
cars dealerships profit sales uk


Discuss: UK: healthy auto industry gives boost to car dealership profits

Leave a Reply















Inautonews Facebook PageInautonews RSS FeedInautonews TwitterInautonews Youtube Channel

Sign up to receive our email newsletter on your email. It's safe. No spam!

Ferrari replaces Mattiacci with Arrivabene
Ferrari replaces Mattiacci with ArrivabeneNov.24 (GMM/Inautonews.com) Ferrari on Monday confirmed reports team boss Marco Mattiacci is being replaced after just seven ...
BMW M4 GTRS by Vorsteiner
BMW M4 GTRS by VorsteinerThe aftermarket specialists from Vorsteiner have pulled the wraps off their newest creation, the BMW M4 GTRS wide body ...
Smart ForTwo by Brabus confirmed
Smart ForTwo by Brabus confirmedA Daimler executive has recently confirmed the company’s plans to produce a hot version of the new Smart ForTwo generation, ...
[VIDEO] McLaren P1 vs. Porsche 918 Spyder by EVO
[VIDEO] McLaren P1 vs. Porsche 918 Spyder by EVOEVO has put together two of the hottest supercars money can buy these days, the McLaren P1 and the Porsche 918 Spyder. A new ...
Lamborghini Huracan gets tweaked by DMC
Lamborghini Huracan gets tweaked by DMCLamborghini’s newest supercar, the Huracan, has been recently worked on by tuning specialists from DMC. One of the hottest ...
[VIDEO] Sebastian Vettel drives Ferrari F12 Berlinetta with 350 km/h on public road
[VIDEO] Sebastian Vettel drives Ferrari F12 Berlinetta with 350 km/h on public roadFour times Formula 1 champion Sebastian Vettel has driven a Ferrari F12 Berlinetta with 350 km/h on a public road, in Abu ...
BMW to increase i8 production
BMW to increase i8 productionThe German based automaker BMW will be increasing the production of the i8 in order to reduce the waiting time for the impressive ...
Recall roundup: BMW 20i and 28i models
Recall roundup: BMW 20i and 28i modelsBMW has recently announced a new recall affecting a lot of its models because of some potential problems with the brake power ...
Jay Leno gives Challenger SRT Hellcat to wounded veteran
Jay Leno gives Challenger SRT Hellcat to wounded veteranFamous petrol head Jay Leno has recently tossed the keys to a brand new 2015 Dodge Challenger SRT Hellcat. Most people are ...
[Videos] Fiat Chrysler Automobiles makes a splash during the American Music Awards
[Videos] Fiat Chrysler Automobiles makes a splash during the American Music AwardsSunday night's American Music Awards also had an automotive star – Fiat Chrysler Automobiles. In the space of just a few hours, ...
2015 Subaru XV Crosstrek gets priced in the U.S.
2015 Subaru XV Crosstrek gets priced in the U.S.Subaru has recently announced a number of revisions for the XV Crosstrek, for the 2015 model year, and now the model’s pricing ...
Porsche 918 Spyder seen in Brazil
Porsche 918 Spyder seen in BrazilA stunning white example of the Porsche 918 Spyder, equipped with the Weissach package, has been recently spotted out in ...
Holiday travel tips: drive safe with your pets onboard
Holiday travel tips: drive safe with your pets onboardAs the Christmas holiday season is fast approaching it’s safe to assume that many car owners are going to hit the – ...
Mazda2 Wagon looks good
Mazda2 Wagon looks goodA few renderings with a new body style of the Mazda2 are showing us how the model may look like as a wagon. The Japanese based ...
[VIDEO] Porsche 911 Carrera 4 GTS gets tested by Autocar
[VIDEO] Porsche 911 Carrera 4 GTS gets tested by AutocarSteve Sutcliffe from Autocar has recently had the opportunity to drive the brand new Porsche 911 Carrera 4 GTS. The newest model ...
Read more automotive news


2013 Frankfurt Motor Show Live Images

BMW M4 GTRS by Vorsteiner 1
lamborghini huracan tuning dmc 1
porsche 918 spyder weissach white brazil 1
2015 mazda2 wagon 1
Toyota Corolla RZ Special Edition 1
bmw m4 coupe crash south africa 1
lamborghini-veneno-malaysia 1
2015 nissan murano 1
hyundai-i10-sound-edition 1
Spy-Shots of Cars
Kia Sorento X-Men 1
Spy-Shots of Cars

More automotive from inautonews
The aftermarket specialists from Vorsteiner have pulled the wraps off their newest creation, the BMW M4 GTRS wide body kit. Originally unveiled a few weeks ago during the 2014 SEMA Motor Show, the M4 GTRS is representing a follow-up of the GTS kit, with more added goodies. The kit has been made ...
read more
Inautonews Editors Section
Test Drive: Ford Fiesta ST
Test Drive: Ford Fiesta ST The current generation of the Ford Fiesta ST has been officially presented to the public back in March, 2012, during the Geneva Motor Show, and it ...
Test Drive: Renault Twizy – Back to basics
Test Drive: Renault Twizy – Back to basics Renault has been producing the Twizy for a couple of years now, in its Valladolid, Spain, facility but spotting one on European roads can turn out ...
Test Drive: Mercedes-Benz SL400
Test Drive: Mercedes-Benz SL400 The Mercedes-Benz SL is currently in its sixth generation and since the company has released a new entry-level, the SL400, which is basically the ...

Editors Section
Inautonews Editors Section
2012 Safest Cars list 2011 Safest Cars [Video] 2011 IIHS Safest Cars [Video] 2011 EuroNCAP Safest Cars 2010 Safest Cars [Video]

Latest in Safety Recall roundup: BMW 20i and 28i modelsBMW has recently announced a new recall affecting a lot of its models because of some potential ... US: FCA CEO cautioned by the NHTSA over Jeep recallThe US government auto safety regulator specifically told Chrysler Group LLC Chief Executive Sergio ...
Safety Section