Vertu finds its own reward as car dealer beats expectations

Earlier this month it bought in two sales outlets in Sheffield from Harratts of Wakefield for £2.4m and it is on the hunt for more acquisitions in the area.

The new outlets brought the total number of Vertu sites in Yorkshire to 12.

In the year to February 28, Vertu said that like-for-like new car sales grew by 21.5 per cent in the five months to the end of January, well ahead of UK market growth of 14.8 per cent.

Like-for-like new fleet and commercial vehicle sales grew by 23.2 per cent while like-for-like used cars sales rose by 11.1 per cent.

The group said it has successfully integrated the Albert Farnell Land Rover business it bought last June and the group won Land Rover Dealer Group of the Year in 2013 and Farnell Land Rover Leeds won the Dealership of the Year accolade.

Farnell is a long-established Land Rover dealership with sites in Leeds, Bradford and Guiseley.
Overall, including recent acquisitions, new car sales rose by 41.6 per cent during the five-month period and Vertu said it has taken significant market share.

CEO Robert Forrester said the outlook for the UK new car market remains positive, driven  by a positive consumer outlook and a supply push from manufacturers as they shift products to the UK from the Eurozone.

Vertu warned that these trends could put pressure on margins if supply exceeds demand, but said a higher volume market normally benefits the group through sales and higher after-sales volumes.

Mr Forrester said March is one of the most important months following the registration plate change.