7:30 am, October 6, 2025
Bosses at Drive Motor Retail say the firm ‘demonstrated its resilience’ last year as the retailer bucked industry trends to post an improved pre-tax profit.
Accounts, recently filed via Companies House, show that Drive Motor Retail Limited made a profit-before-tax of £4.88m in the 12 months to the end of last December.
The figure is more than 50% clear of the £3.24m the group made in 2023, despite turnover actually decreasing from £311.21m to £292.91m.
The outcome makes Drive one of a handful of car dealers to report improved profits in 2024, as the industry continues to battle significant headwinds.
Directors at the firm pointed to the ZEV mandate and the ‘economic impact of the Budget’ as major challenges but said that the group had still been able to ‘return profits well ahead of our peer group’.
Reflecting on the year, secretary Stuart Harrison said: ‘Drive Motor Retail Limited continues to deliver sustainable profitability.
‘The 2024 result is delivered against economic backdrop that remains very uncertain in the UK, and the automotive sector generally, from the Government’s ZEV mandate and the economic impact of the Budget.
‘Despite the challenges the company and group demonstrated its resilience and ability to maintain returns ahead of its peer group.
‘The trading performance in 2024 demonstrates that the company and group’s proven operating practices and ability to adapt and evolve to meet industry challenges ensures continually strong performance benefiting of customers, colleagues, manufacturer partners and shareholders.
‘Drive Motor Retail Limited returned profits well ahead of our peer group in terms of return on sales and capital employed.
‘The directors are satisfied with the performance of the company and group and the strength of the balance sheet, which put the group in a strong position to continue delivering leading returns for its stakeholders.’
Elsewhere, the accounts show that Drive’s new retail vehicle sales declined by 17.3% when compared to 2023.
On the flip side, new Motability vehicle sales showed a 4.1% increase and used retail vehicle sales rose by 2.3% year-on-year.
At the same time, the group’s workforce grew slightly, from an average of 650 to 653, with staff costs coming in at an increased £26.7m.
Despite the success, directors remunerations were slashed in half from £556,000 to £257,000.
Ordinary dividends were paid amounting to £3.75m and the directors did not recommend any further payment.
Drive Motor Retail came 61st in last year’s Car Dealer Top 100 and represents Citroen, Hyundai, Leapmotor, MG, Peugeot and Vauxhall at sites across England.
