Michael Vassallo, assistant director, equity research, at Brewin Dolphin Investment Banking, said Vertu was outperforming the market due to its used car expertise and focus on volume.
Vassallo said: “Customers are pricing down from specialist to volume and they’re also switching from new to used cars. Reg Vardy was by far the best used car dealer and this has been passed on to Vertu.
“By getting this right, Vertu doesn’t have to take on pre-registered vehicles to boost its figures like a lot of other retailers do.”
Robert Forrester, chief executive of Vertu Motors, said group used car volumes had seen consistent growth, but the decline in residual values and the economic downturn had led to a “softening in overall used car margins”.
Forrester said: “The group was successful in achieving its new car manufacturer targets at the end of June without recourse to pre-registration activity and as a result significant volume bonuses were earned.”
Despite the positive AGM, Vertu’s share price remained static at 24.75 pence per share, which had fallen from 38p at the start of this month, giving the group a market capitalisation of £23.03 million.