9:33 am, May 9, 2022
Yorkshire-based dealership group Cars 2 enjoyed a 143 per cent rise in pre-tax profit last year, making more than £7.2m.
Its accounts for the year ended December 31, 2021, just published on the Companies House website, show its pre-tax profit increased from £2.98m to £7.23m.
Turnover, meanwhile, increased by 63 per cent, going up from £76.24m in 2020 to £124.2m.
Return on sales went up from 3.91 per cent to 5.82 per cent, while aftersales profit went up by 27.3 per cent.
It claimed £400,768 under the Coronavirus Job Retention Scheme, versus £821,825 the previous year.
The Wakefield-headquartered dealership group, which was established in 2006, has 13 businesses across West and South Yorkshire, and represents Hyundai, Seat, Fiat, Abarth, Renault, Dacia and MG as well as Nissan.
It also has its own luxury sports and prestige car brand – Pure Cars – as well as a central group fleet operation.
Cars 2’s directors said 20212 had been ‘challenging’ because of the Covid restrictions and problems with new car supply caused by the global semiconductor shortage.
But despite sounding a note of caution over the vehicle supply restrictions caused by the war in Ukraine, the increasing cost of living and volatile fuel prices, they added that the business had continued to grow, delivering record results, and was well placed to meet the move by consumers towards hybrid and electric vehicles.
And even though more people were looking to buy online, face-to-face footfall numbers had actually topped pre-pandemic levels.
All its sites are now freehold, and the board said the company’s profit growth and cash position meant it would be able to move rapidly as and when more opportunities arose with new and existing brand partners.
Pictured at top via Google Street View is Cars 2’s Seat and Hyundai dealerships in Wakefield
