Scottish-based dealer group Arnold Clark saw pre-tax profits increase from £50.5 million to £51.7m in comparison to a fall by 32% in 2010.
The profit increase came despite a fall in turnover by 1% from £2.27 billion to £2.25bn.
The group’s new car sales fell by 6.6% to 72,530, but higher prices of used cars help to boost profits, as did the group’s finance division which saw turnover increase by 4%.
The group was also helped by another record performance in its finance division, where turnover was nearly 4% higher at £161m. Fleet sales were flat.
Sir Arnold Clark said it was an “excellent set of results in a difficult market” and that trading in the first half of 2012 was “promising”.
Clark said: “The group remains exceptionally well-funded and this will allow us to take advantage of any acquisition or investment opportunities that may arise in the coming year.”
Arnold Clark has acquired 18 dealerships in 2012 so far including John R Weir which it acquired at the start of September. The group also recently added Vauxhall sites in Kendal and Morecambe.