Improved provide of autos helps automotive vendor Lookers

Aug 22, 2023 at 10:59 AM

ar vendor Lookers mentioned it had benefited from an improved provide of autos because it bought almost 3,000 extra new automobiles within the opening half of the yr.

The firm mentioned the used automotive market had grown for 11 consecutive months now, because it mentioned it made greater than £1.1 billion in income from promoting new autos within the six months to the tip of June.

That was a rise of greater than £130 million in contrast with the identical interval a yr earlier.

It bought 37,743 new automobiles within the interval, up from 35,064.

“There have been 11 consecutive months of growth in the new car market as production constraints continue to ease across the industry following the supply chain shortages that were prevalent in recent years,” the enterprise mentioned.

The firm mentioned electrical autos now make up 20.8% of its new car gross sales, increased than the 16.1% throughout the market as an entire.

Sales of used automobiles did much less effectively within the six months.

The quantity bought rose by simply over 1,000 to 43,579. But income from used automobiles solely rose by round 4% to a bit of beneath £1.3 billion.

Last month the takeover that Lookers had agreed with Toronto-based Alpha Auto Group regarded prefer it was faltering as the corporate’s largest shareholder pulled out.