Swansway Motor Group has reported a 35% increase in its profit before tax in its annual financial results for 2018 – despite a decline in turnover.
Car dealers showed their ability to adapt to challenging market conditions by achieving an average profit of £2,900 during December, ASE has reported.
Peugeot UK managing director David Peel told delegates at the brand’s national dealer conference to “be prepared” for electric vehicles as its makes the transition to an EV model line-up.
Hendy Group has reported a 42% increase in revenues and 163.7% increase in profit before tax in its first set of annual financial results since the acquisition of the Lifestyle Europe car dealership group.
Car dealers who generated an £17,000 average profit in December 2016 suffered the effects of a £400 loss 12 months later, according to ASE.
Car retailers recorded an average loss of £19,000 in a "tough" November as the average return on sales percentage dipped to 0.97%.
Mitchell Group looked to praise its loyal staff and "market-leading" return on sales after recording a 10.8% rise in its annual turnover to £51.3 million.
Three-year slump in profitability of franchised dealerships blamed on Increased competition and pressure on margins.
Automotive Management Live: Where franchised and independent dealers will find everything they need to know about operating a modern showroom and service and repair facility fit for the digital age.
When: November 7 2019
Where: Birmingham NEC
Find out what features are in this month's, and future, issues