Vertu Motors noticed buying and selling revenue for the three months to 31 Could 2023 up on the identical interval final 12 months pushed by a ‘resilient’ used automobile market and enhancing new automobile provide
It stated that full 12 months outcomes for FY24 are anticipated to be in keeping with present market expectations.
New automobile retail and Motability like-for-like quantity development of 10.8%, with explicit energy in Motability volumes.
Like-for-like new car margins have remained robust at 7.9% in comparison with 8% final 12 months regardless of greater decrease margin Motability gross sales.
Used car like-for-like volumes declined 5.9%, reflecting on-going provide constraints.
Like-for-like gross revenue per used unit bought was £1,648 (£1,652 final 12 months). Gross margin was 7.8% (8.1% final 12 months).
The UK used car market stays resilient, while continued stability of used car costs is exhibited. The Group’s common used car promoting worth per unit grew by 3.4% on a like-for-like foundation to over £21,000 reflecting these market circumstances.
Vertu Motors CEO Robert Forrester stated: “I’m happy to report that buying and selling stays optimistic. Used automobile pricing has remained agency and now we have gained market share within the new automobile market. The efficiency of our excessive margin aftersales enterprise has remained robust.
“The combination of Helston Garages is progressing nicely and is on observe to ship the deliberate synergies. We’re excited concerning the alternatives our enlarged portfolio will create for Vertu Motors.”