1:39 pm, May 14, 2008
ONE of the UK’s major vehicle dealership groups says it is confident of growth in 2008 despite the challenging financial climate.
Lookers credits its diversified business model embracing franchise dealers, used car supermarkets and an aftermarket parts business for its confidence.
Chairman Phil White said at the company’s AGM: ‘We are clearly mindful of the current uncertainties within the UK economy but provided there is no further significant deterioration in the economy, we are still confident of delivering another year of growth in 2008 in line with market expectations.
‘Whilst the trading environment for new cars is as challenging as expected, we continue to make progress given our diversified business model and with the positive impact of the Dutton Forshaw acquisition and the return of our used car supermarket business to profitability.
‘Our independent aftermarket parts division has made another strong start to the year. Overall we have started the current financial year with a much stronger business compared to last year, albeit we remain cautious about organic growth in new car sales within our franchise division.’
