Car dealership giant Arnold Clark Automobiles has reported record turnover for last year amid “exceptional” acceleration in the sale of used vehicles.
The group said used car sales rose by 10.8 per cent to more than 175,500 units, buoyed by the opening of news sites and bringing total sales to £3.35 billion.
Pre-tax profit rose 2.2 per cent to £110.3 million, although new vehicle sales fell 8.4 per cent to 83,813 units, “largely a result of a large fleet contract that was not renewed due to the significant amount of working capital tied up in the agreement”.
Additionally, the Glasgow-based dealership said its vehicle-management and daily rental business, Arnold Clark Finance, increased turnover by 10.7 per cent to £559.2m.
Group chairman Sir Arnold Clark said: “In 2016 we expect that the new car market will remain relatively static, with used cars experiencing similar growth to 2015.”