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Lookers confident after Q3 performance

Lookers has revealed that during Q3 ending September 30, 2009, the business performed strongly and is ahead of budget and 2008’s results.

Like-for-like new car sales are 11% ahead of the market with sales under the Government scrappage scheme and corporate sales helping Lookers outperform the market.

Used car volumes and margins have been maintained at high levels, which has offset the weaker performance in new car profits during the nine month period.

Lookers’ franchise aftersales revenue is up by 3%. Its independent parts achieved “record results”, with all three divisions of the business significantly ahead of last year.

In its interim statement, Lookers said it was “very confident” with its outlook for the remainder of this year.

Peter Jones, Lookers chief executive, said: “We are pleased with the strong trading performance for the third quarter following the excellent result for the first half of the year which was delivered in a difficult market.

“Economic conditions remain uncertain and we believe trading will continue to be challenging for the new car market. However, we anticipate used car volumes and margins will be maintained at current levels.

“Our parts division is performing at record levels and our dealership aftersales business is trading well. These factors, together with our strengthened balance sheet, give us confidence that we will continue to trade successfully in the current economic climate and be able to take advantage of selective opportunities as they arise."

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