One of the UK’s biggest car dealership chains has predicted that sales of new cars will rise another five per cent in 2016 after it posted a seventh successive record year of results.
Lookers, which operates more than 150 car dealerships across the country, has reported revenues of £3.65 billion in the year up to 31 December 2015. That’s a 20 per cent growth since the previous year. Pre-tax profits also grew by six per cent up to a total of £62.8 million.
The Manchester-based car dealership chain also saw record results from aftersales in its motor and parts divisions. The company said it had seen good contributions from acquisitions, including a successful integration of Benfield Motor Group, which it bought last year.
If business is booming for your company, you may well be thinking about adding more stock or higher priced vehicles to your showroom. If that’s the case, you must check both your motor trade insurance and your road risks insurance policies so you are completely covered at all times.
Andy Bruce, Lookers' chief executive, said: “We have delivered another strong trading performance in 2015, our seventh consecutive year of increased profits, which provides further evidence that our business model is both resilient and expansive through the cycle.
"Our motor division and our parts divisions also produced excellent results, showing the diversity and strength of our operations.
“Our strategy is to: have the right brands, the right locations and excellent execution. By implementing this, we are ideally placed to take advantage of growth prospects across all areas of the business as well as consolidation opportunities in the sector, not least because businesses of scale will be the winners in our sector. This gives us confidence that we will deliver another improved performance in 2016.”