Record profits for Peter Vardy Group
- 21 September 2022
- Posted by: Alan Feldberg
- Category: News
Scotland-based automotive group Peter Vardy has reported record sales and profits in the year to 31 December 2021.
Turnover for the Group reached £572m and generated profits of £26.1m from the combined three businesses, Peter Vardy Holdings, CarMoney and SilverBullet, providing an equivalent return on sales of 4.6%.
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.”
He continued: “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%.
“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.