Vertu Motors has posted a profit before tax increase of 6.5% to £34.6 million for its full year results on record revenues of £4.7 billion.
Vertu Motors sold more than 95,000 new and used vehicles in the six months to August 31 2023 - an 11% uplift.
Greater choice in terms of new electric vehicles (EV) entering the marketplace is forcing carmakers to cut prices and offer cheaper finance, according to industry heavyweight Vertu Motors.
Vertu Motors has seen trading profits increase in the three-month period to May 31 this year due to its acquisition of Helston Garages at the end of last year.
Vertu chief executive Robert Forrester has said that it’s not in the interest of car manufacturers to “put a bomb under the sector” with the move to new agency models.
Vertu Motors’ continued strategy to scale the group has delivered £4bn in revenues for the first time as the business reported better than expected profits.
Vertu Motors is rolling out new digital self-service technology for new check-in and check-out solutions across its aftersales departments throughout its network.
Vertu Motors has delivered an adjusted profit before tax of £7.4 million in July after post-lockdown trading has been “significantly stronger than envisaged”.
Vertu Motors has asked David Crane, the group’s chief operations director, to join as a new board member in an additional role as executive director.
Vertu Motors has acquired Hughes Group and its subsidiary Hughes of Beaconsfield, which has Mercedes-Benz dealerships, for £21.8 million.
Vertu Motors has said the group’s aftersales profitability and has helped the business remain ‘resilient’ despite a downturn in consumer confidence in Q2.
Whatever the whys and wherefores of the new road tax system, for the savvy customer the advice would be – you could be very surprised with the amount of money you save by bringing your new vehicle purchase forward.
“The last thing I’m worried about is Brexit.” Vertu Motors CEO Robert Forrester talks about the EU referendum and the group's latest financial results.
Motor industry leaders tell Tom Seymour that patience, the right attitude and learning every day are key to their success.
Vertu Motors has bought Gordon Lamb Group in Derbyshire and gained its first Toyota dealership, plus more Land Rover, Nissan and Skoda sites.
Vertu Motors has appointed Liz Cope as chief marketing officer following the promotion of Steve Ferry into the role of group sales director.
Vertu Motors has appointed Malcolm Chambers to lead its premium division.
Tim Tozer, former Vauxhall Motors’ chairman, is to head up a new division at Vertu Motors.
Vertu Motors has acquired three Lookers Honda dealerships for approximately £2 million, including goodwill of £0.2m.
Bristol Street Motors Peugeot in Oxford has appointed a new awarding-winning general manager.
