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Home Latest Strong used car market sees Harwoods profits surge 265% to £9.4m

Strong used car market sees Harwoods profits surge 265% to £9.4m

Top end dealer Harwoods turned in a strong performance in the year to 31 December 2021.

The group, which holds the franchises for Aston Martin, Audi, Bentley, jaguar, Land Rover, McLaren and Volvo, saw pre-tax profits rocket 265% to £9.4m on turnover ahead 17.6% to £581.2m.

The privately owned group based on the south coast of England said the year was challenging one from an operational point of view, impacted by the temporary closure of showrooms and supply shortages in the new car market caused by the semi-conductor shortage.

“Despite thee challenges the industry and the group benefited from exceptionally strong used car market which saw used car prices increase during the year.

During the year it increased its stock holdings of used cars to offset the negative new car market.

“The main strategy continues to be one of securing and developing first class sites from which to operate our businesses for the near future.

During the year the group was appointed to represent Volvo in Crawley and also extended aftersales representation into Croydon. It also invested heavily in Audi at one site.

During the year it conducted a review of technician pay and launched more transparent pay plans.

The group has appointed an energy consultancy firm to help it reduce its environmental impact.

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