9:01 am, July 9, 2025
Bosses at Cars2 have praised the dealer group’s ‘resilience and adaptability’ after the firm announced a small dip in profit.
Accounts recently published via Companies House show that the Yorkshire car dealer made a pre-tax profit of £4.03m in the 12 months to the end of last December.
The result represents a decline of just under 2% with directors admitting that wider political and economic uncertainty had an impact throughout the year.
Despite this, the Car Dealer Top 100 retailer did enjoy a rise in turnover, with revenue soaring from £191.56m to £207.59m – the first time the outfit has broken through the £200m barrier.
Elsewhere, return on sales remained high at 2% – the same level as in 2023 – and new car registrations rose by 14% on the previous period despite a ‘declining market’. Meanwhile, in the used car market, volumes rose by 7% on 2023.
The year also saw the group take on a Omoda and Jaecoo site in Wakefield, with the brands joining Hyundai, Seat, Nissan, Renault, Dacia and MG in the Cars2 stable.
Despite the success, directors did hit out at uncertainty caused by the ‘moving Government policy’ in relation to EVs.
Writing in the accounts, director Allan Otley said: ‘During the past year, Cars2 Ltd has continued to demonstrate resilience and adaptability in an evolving retailing marketplace.
‘The uncertainty caused by the moving government policy in the transitional period to a fully electric vehicle (BEV) new car market impacted on consumer affordability and resulted in a decline in the new retails market.
‘Revenue for the year real broke the £200m mark for the first time at £208m, reflecting growth of over 8% compared to the previous period.
‘Despite inflationary cost challenges, and a mid-year general election, our strategic initiatives have enable us to maintain strong operational efficiency, a consistent management team and to deliver excellent consumer service.’
The year also saw Group2 go on a recruitment drive in order to increase its aftersales offerings to customers.
As a result, staff numbers swelled from an average of 239 to 266 with wages and salaries totalling an increased £9.12m.
Despite the small dip in profit, directors remunerations also rose from £835.66m to £927.81m.
Looking ahead, bosses now say the firm is now well placed to navigate future challenges, thanks to its ‘strategic vision and operational and marketing strength’.
Otley added: ‘Looking ahead, Cars2 remains focused on sustainable growth and market expansion, especially with existing brand partners to offer the cost saving benefits of scale.
‘While we recognise the uncertainties posed by current market conditions, high interest costs and regulatory changes to a 100% BEV new car market, we are confident that our strategic vision, operational and marketing strength will enable us to navigate future challenges.
‘Our priorities for the coming year include the continued integration and expansion with our brand partners and the completion of our site redevelopment at Huddersfield to open our all-new Renault-Dacia showroom.’
