9:28 am, August 8, 2022
Dealer Wellington Motors finished 2021 by posting an impressive rise in profits and turnover, putting the performance down to an ‘attacking’ approach and a new online business model.
Accounts posted on Companies House show the business – which has a Nissan franchise under the name of South West Nissan with showrooms in Barnstaple, Exeter and Wellington, and a German Service Centre operation – saw pre-tax profits climb from £1.9m in 2020 to £3.3m last year, a 74 per cent increase.
Turnover also jumped from £51.4m to £61.5m for the year ended December 31, 2021. This was made up of £57.3m of sales of vehicles and parts, £2.9m in the rendering of services, while commissions racked up £1.1m.
£6The carrying value of used vehicle stock, meanwhile, stood at £7.4m (2020: £5.4m).
During the year the business claimed £126,695 in government grants.
Wellington said new vehicle supply improved ‘slightly’ while commercial vehicle supply was ‘limited’, and it said the training of its staff to explain vehicle delays to customers proved to be ‘invaluable’.
Director Michael Finn said the company’s successful accounts was partly due to the launch of a new online sales platform called ‘webuydirect’ and further investment in its ‘Direct’ used car brand.
‘Whilst the previous year had been very much about a major focus on cost savings, 2021 moved more into an area attacking sales and service opportunities to a wider client base, once again especially around online business.
‘The “Direct” business model had a very positive influence on the company’s performance with the newly created webuydirect portal proving immediately productive and profitable from its launch date in April,’ he said.
Finn added the firm’s directors believe the ‘Direct’ model has ‘huge scope’ for future success.
The accounts also showed Wellington Motors plans to open a Direct Car Supermarket outlet in Exeter this summer with 500 retail spaces.
Furthermore, on the same site, it also intends to open an ‘Exeter version’ of its Wellington German Service Centre.
Image credit: Google Maps
