Sytner Group has reported a rise in sales revenue and pre-tax profit from its trading to October 1.
After its US parent company, Penske Automotive Group (PAG), announced record revenues and income for Q3 and for the first nine months of the year, chairman and chief executive Roger Penske highlighted a particularly strong contribution from Sytner Group.
He said it “produced another record quarter on the strength of its premium brand mix and stand-alone used vehicle supercentre operations.”
Sytner Group now accounts for 36% of PAG revenues meaning that the AM100 No.1 UK dealer group, the current holder of the AM Retailer of the Year Award, has generated $6.2Bn (£4.65Bn) of revenue this year, up 15.4% year on year.
PAG’s announcement also mentioned that Sytner Group is in the process of expanding its used car supermarket division with two additional locations due to open in 2019, with PAG also growing its standalone used car operation by a further two stores.
Sytner Group’s chief executive Darren Edwards said: “Despite an extremely challenging trading environment, including the transition to WLTP and the continuing decline of diesel engine new car sales, Sytner Group managed to exceed last year’s profit before taxes for Q3 & 9M YTD.
“With our position as the leading prestige dealer group in the UK and one of the leading stand-alone used vehicle operators in the market, we continue to drive our business forward.
“I would like to thank our manufacturer partners for their ongoing support and the entire Sytner Group team for their sheer hard work and dedication that enabled us to deliver such a significant contribution towards Penske Automotive Group’s record results.”
If you are not a registered user your comment will go to AM for approval before publishing. To avoid this requirement please register or login.
Login to comment
No comments have been made yet.