Vertu Motors – all rather positive but the outlook remains cautious
The UK’s 8th largest motor retailer issued a positive trading update ahead of its half year for the six month period ending 31st August 2010.
Vertu was launched five years ago by former senior managers from Reg Vardy and is smaller than its main UK focused rivals but growing rapidly, largley through acquisitions but also organic growth.
The Group’s private new car sales volumes rose in the five months to July 2010 by 6.7% on a like for like basis. Given differing reporting metrics, comparatives and strategies, it is difficult to make a direct comparison with other motor retailers. Volumes of used cars sold by the Group increased 5.2% for the same period due to the ending of the scrappage programme and an increase in the supply of used cars to the market. Overall, the Group increased used car volumes in the period by 24.6% due to acquisitions. The Group currently operates 63 franchised sales outlets, 4…