as declared in Car dealership chain Pendragon has revealed that it intends to focus on its used car sales empire to boost growth in the future.
Dealerships looking to change their focus towards used cars or new cars, in reaction to market trends, will need to keep their motor trade insurance policies updated to include any new stock.
The changes came off the back of a revelation that used car sales revenues were up by 9.5 per cent year-on-year.
Our growth in used vehicle revenue on a like-for-like basis in January 2017 exceeded the increase required to achieve our growth aspirations.”
Pendragon says that the revenues it makes from used cars have increased by 64 per cent in five years, as its initiatives such as the Sell Your Car and Move Me Closer schemes have proven successful.
according to The data is based on the 65,000 cars for sale on the site and the cars that spent the least amount of time in the used cars section.
Volkswagen Polo 1.2 TSIAverage price: R198,003Average time to sell: 73 daysRead: These are the most reliable cars and car brands
Ford Figo 1.4Average price: R83,483Average time to sell: 14 days3.
Volkswagen Polo Vivo 1.4Average price: R102,142Average time to sell: 18 days4.
The Chevrolet Spark (1.2) was the fastest-selling used car for January 2017 with an average list time of just 6 days.
Strong used cars lift Inchcape UK trading profits to £63.5m in 2016
Taken in isolation UK turnover was £3bn with a trading profit of £63.5m.
Globally, Inchcape saw pre- exceptional pre-tax profits rise 12% to £349.4m on turnover up 14.7% to £7.8bn.
Inchcape turned in a strong performance in the UK and Europe in 2016 with trading profit up 9.2% to £97.1m on turnover up 14.9% to £4.06bn.
“Similarly in aftersales, in line with the increased operational focus on all revenue streams, we delivered robust growth in hours sold and gross profit delivered.
The group grew UK used car volumes by 15% and the group also saw “robust growth” in aftersales in the number of hours sold and gross profit delivered.
collected by :Haily Jackson
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