Peter Waddell’s Big Motoring World has released preliminary financial figures for the car supermarket group showing profit of £11m for 2020.
Despite lockdowns and Covid restrictions, the dealer group managed to turn over £295m and sell 22,000 used cars.
This was better than the number it sold in 2019 when the group shifted 20,404 cars – especially impressive considering its sites were closed or operating under Covid restrictions for much of the year.
Big Motoring World Group opened a new site in Enfield which contributed significantly to the group’s numbers. It stocks 900 cars.
Chief executive officer Peter Waddell said: ‘In Q2 we were the first out there, operating click and collect, but in the face of limited customer interaction, it hampered sales and opportunities to sell value added products.
‘Despite this we recorded an excellent result for the year and I am so grateful for the support of my colleagues and all of our employees, and to those business partners who found ways to help us through a very challenging times.’
He added: ‘The new 900-car site at Enfield which opened at the start of the year has matured rapidly to deliver well above expectations. The Peterborough preparation centre which opened in mid-2019 has scaled up quickly to service the requirements of Big Motoring World too.’
Big Motoring World finished 19th in the Car Dealer Top 100 list of most profitable dealers which took into account 2019 numbers. That year, the group turned over £293m and had EBITDA earnings of £12.49m.
Waddell also launched sister business Carzam at the end of last year, which offers online-only used car sales. Car Dealer recently tried the site out and was impressed with the service.
The Carzam website recorded 1,000 sales in its first six weeks of operation and is already on course to sell 20,000 cars in its first year.
Waddell added: ‘When we are beyond the Covid-19 restrictions, and the vaccine is rolled out, I am very optimistic about the prospects for bumper trading.
‘This business is capable of delivering closer to 30,000 units and £20m EBITDA, and we’re ready to make that a reality.’
The results were reported by the company in a press release and have not yet been filed with Companies House.