9:55 am, September 21, 2022
Leading Scottish dealer group Peter Vardy has announced profits of £26.1m to go with record sales in 2021.
Accounts unveiled today show that the group’s three businesses – Peter Vardy Holdings Limited, CarMoney and SilverBullet – achieved a turnover of £572m in the 12 months to December 31, 2021.
As a result of the increased revenue, the trio of companies made a combined profit of £26.1m in 2021, a record for Peter Vardy.
The group also achieved a return on sales of 4.6 per cent.
Reacting to the results, Peter Vardy, group chief executive, said: ‘2021 represented a significant year of change as we decided to end our successful partnership with Vauxhall after 15 strong years of working together.
‘In July 2021, we transformed our six former Vauxhall sites into used car supermarkets and underwent a full rebrand moving from Peter Vardy CarStore to Peter Vardy CARZ.
‘This change significantly increased our Peter Vardy brand representation throughout Scotland.’
Vardy says that the group was able to achieve the remarkable results by capitalising on ‘unprecedented’ market conditions which saw used cars prices reach an all time high.
In order to make the most of the situation, the group launched ‘GoodBye Car’ – a scheme which enabled it to buy used stock directly from customers.
Significant revenue was also raised from the sale of its SilverBullet technology business to Keyloop.
(Peter Vardy)
Vardy added: ‘The year was unprecedented also for used vehicle sales and margin, with used cars appreciating in value month on month and demand at an all-time high.
‘We seized this opportunity by empowering our centralised stock buying teams and launching our GoodBye Car product, purchasing vehicles directly from consumers. These actions resulted in our used vehicle turnover increasing by 59 per cent.
‘Although 2021 continued to be a turbulent year for new car supply and delivery, however, it proved an extremely successful year for the Group in terms of new car order take and securing the future profits and success of the business.
‘Our CarMoney finance brokering business delivered a record financial performance, in its fifth year of operation, increasing turnover by 125% and generating a return on sales of 24.1 per cent.
“During 2021, CarMoney brokered over £97m of loans to customers throughout the UK. The Group is prioritising the growth of the CarMoney business as part of its 2025 strategy due to significant opportunity for growth and to maximise the return on its investments.
“Our SilverBullet technology business has been instrumental in the Group’s digital strategy, delivering leading edge technology solutions to allow used cars to be sold fully online and delivered directly to a consumer’s door.
‘In December 2021, we sold the highly successful business to Keyloop to allow the product to be used by consumers and dealers worldwide.
‘Mobility is intrinsic to our 2030 strategy and in 2021 we launched our new mobility division, which included the launch of our Peter Vardy Leasing business, for which we are aiming to lease 15000 new vehicles to guests as part of our initial five-year plan.’
‘Immensely proud’
Throughout 2021, Peter Vardy Group continued to operate its ‘Sell to Give’ initiative, which saw it donate 10 per cent of its profits to charities supporting children and young people across Scotland and worldwide.
Last year also marked the launch of Gen+, an online leadership programme for school children, which began trials with 750 pupils across four schools.
The firm also agreed a deal to sponsor the Scotland Rugby side as it continued to invest in its ‘Scottish heritage’
(PA Images)
Vardy added: ‘We were immensely proud to be appointed in 2021 as the main shirt sponsor to Scottish Rugby as we look to continue to further invest in the Peter Vardy brand and to pay homage to our Scottish heritage.’
Set up as a single dealership in Perth in 2006, the Peter Vardy Group has grown to 14 dealerships across Scotland employing more than 1,250 people.
