Polar Motor Group, the joint venture between Ford and the Lancaster dealer group, has reported record earnings for the first half of the year. Net profits rose from £25,000 to £4.23m year-on-year and turnover increased from £286m to £332m.
Polar's big rise in profits contrasts with Pendragon's £4m loss last year on its Ford outlets in which the manufacturer has a 49% stake. In the first six months Polar sold 16,491 new vehicles – an increase of 15% compared to the same period last year. Used cars sales increased by 5%. With 33 outlets, Polar is the UK's largest Ford retail operation.
Alun Jones, Polar managing director, said: “These results demonstrate our progress towards our strategic goal of operating a shareholder value-added business by improving operational effectiveness, reducing operating assets and raising customer and employee satisfaction.”
He was confident the upward trend would continue. “We are already building a strong order bank for the third quarter and continue to make progress in developing our aftersales operation.”