Franchised car retail groups are choosing to exit the UK fleet sector as their leasing divisions attract big offers from banks and car manufacturers amid a squeeze on profits from their core retail operations.
Marshall Motor Holdings has reported a 19.5% increase in turnover and a 14.4% rise in underlying profit before tax in a set of annual financial results hailed as “excellent” by chief executive Daksh Gupta.
Vertu Motors chief executive Robert Forrester has said that the group will be considering how it can best "deploy capital" to drive growth in 2018 following a trading update which revealed a new car sales decline of 15.7%.
It’s no secret that the car industry has been thriving in recent years, with the Society of Motor Manufacturers and Traders’ (SMMT) latest statistics showing a 2.3 per cent rise of new car registrations in 2016 – the fifth consecutive year of growth.
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