Peter Vardy Group has celebrated report annual monetary outcomes for a interval during which it bought its SilverBullet on-line retail software program division and exited the Vauxhall franchise to give attention to used automotive gross sales.
The Motherwell-based AM100 automotive retail group’s turnover reached £572m as pre-tax revenue £26.1m from its Peter Vardy Holdings Restricted, CarMoney and SilverBullet companies in the course of the 12-month interval to December 31, 2022 – offering an equal return on gross sales of 4.6%.
An announcement issued by the enterprise described the efficiency as “a storming restoration from shutdowns and COVID-hit gross sales in 2020”, including that the outcomes marked its most profitable 12 months since inception fifteen years in the past.
Chief govt Peter Vardy mentioned 2021 represented “a big 12 months of change” for the enterprise because it determined to finish a 15-year partnership with Vauxhall.
He added: “In July 2021, we remodeled our six former Vauxhall websites into used automotive supermarkets and underwent a full rebrand transferring from Peter Vardy CarStore to Peter Vardy CARZ.
“This modification considerably elevated our Peter Vardy model illustration all through Scotland.”
Peter Vardy continues to symbolize 5 status franchised automotive manufacturers at 12 dealership websites, together with BMW, Mini, Jaguar Land Rover (JLR) and Porsche, in addition to a heritage vehicles dealership.
It additionally operates the fast-growing finance dealer, CarMoney which succeeded in growing its turnover by 125% and producing a return on gross sales of 24.1% in the course of the reported interval – brokering over £97m of loans.
Vardy mentioned that its automotive retail operations had delivered unprecedented used gross sales and margin throughout 2021.
The enterprise empowered its centralised inventory shopping for groups and launching our GoodBye Automotive product, buying automobiles immediately from shoppers, to assist drive a 59% improve used car turnover.
He added: “Though 2021 continued to be a turbulent 12 months for brand new automotive provide and supply, nevertheless, it proved a particularly profitable 12 months for the group when it comes to new automotive order take and securing the long run income and success of the enterprise.”
Alongside its renewed give attention to used vehicles, Peter Vardy Group’s additionally locations mobility as an intrinsic a part of its 2030 technique.
In 2021 it launched our new mobility division, which included the launch of our Peter Vardy Leasing enterprise and FlexAuto car rental, and now goals to lease 15,000 new automobiles to company as a part of an preliminary five-year plan.
All through 2021, Peter Vardy continued to function its ‘Promote to Give’ function, with 10% of the income donated to charities supporting youngsters and younger folks.
Final 12 months additionally marked the launch of Gen+, a web based management programme for college youngsters which started trials with 750 pupils throughout 4 colleges in August 2021.