Lookers drive up record profits to £40.2m
CHEAP credit deals have helped motor dealer Lookers drive up record profits.
About 2.5 million cars were not sold during the downturn. There is a lot more growth to come yet
The firm, with 130 outlets selling marques including Bentley and Audi, said first-half profits soared 36 per cent to a best-ever £40.2million. Sales rose 29 per cent to £1.6billion.
Boss Andy Bruce said “unbelievable” zero per cent finance offers and monthly personal contract plans had become more popular, helping new car sales soar 15 per cent while used car demand rose 5 per cent.
“You never see cash buyers now because these deals are so compelling,” he says. “An interest rate rise won’t affect the demand.”
The improving economy also helped with “pent up demand” set to drive more sales this year. “About 2.5 million cars were not sold during the downturn. There is a lot more growth to come yet,” he said.
Lookers shares rose 1p to 135p.