Mr Vardy has shunned the rapid acquisition approach of his billion-pound turnover rivals Lancaster and Pendragon. He said “careful selection of the right dealerships in the right place at the right time” had proved to be a good formula for success.
Reg Vardy's annual results, announced last week for the year ended April 30, stunned the industry. Group turnover was up 8.5% to £1.28bn and pre-tax profit rose 18% to £33.2m.
Mr Vardy said he was delighted to report another record year. “In a difficult year we have achieved significant growth in profit and successfully integrated new dealerships.”
Reg Vardy increased sales by 9.5% during the year to 155,086 units. Mr Vardy said: “We were able to commit to large scale new vehicle preregistration exercises reflecting our purchasing power with our manufacturer partners.”