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Reid quits Volvo to return to finance

Hugh Reid has quit after four years as managing director of Volvo Car UK, to be replaced by Stuart Kerr on October 1.

AM understands Reid wishes to move out of the motor industry and back into finance. A qualified accountant, he was responsible for the launch and management of Volvo Car Finance in 1996, overseeing its operations in the UK, Netherlands and Belgium.

Reid had been with Volvo since 1985, when he joined as business development manager for its Scottish network.

“He’s done an admirable job,” says one dealer. “Hugh took the reins from Gerry Keaney and moved the franchise forward, and he’s had a lot of support from the network. We’ve been concerned about the marketing support, but generally the network is happy.”

Kerr is president of Volvo Cars Overseas Corporation.

New car sales had been steady above 40,000 units since 2002, until a drop to 38,400 in 2005 as the market toughened. This year’s registrations to September 1 number 19,093, a long way short of the 41,000 unit full-year target Reid told AM earlier this year.

Kerr is currently president of Volvo Cars Overseas Corporation, responsible for the Southern Hemisphere, Middle East and Eastern Europe.

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