Car dealer Peter Vardy hits record sales as demand soars
- Published
The group's business includes seven CARZ supermarkets across Scotland
Scottish car dealer Peter Vardy saw record sales last year as demand for vehicles outstripped supply.
Turnover for the North Lanarkshire-based group reached £572m, while pre-tax profits climbed to £26.1m.
Vardy said demand and prices for new and used cars "tipped sharply upwards" after vehicle manufacturing was hit globally by the pandemic in 2020.
The group operates CARZ supermarkets in Aberdeen, Dundee, Edinburgh, Glasgow, Kirkcaldy, Motherwell and Perth.
It also runs five franchised dealerships selling Jaguar, Land Rover, Porsche, BMW and Mini vehicles and a classic car dealership.
Group chief executive Peter Vardy said last year was "unprecedented" for used vehicle sales and margins, with used cars appreciating in value month-on-month and demand at an all-time high.
He added: "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, 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."
Last year, Vardy ended its 15-year partnership with Vauxhall and transformed its six former Vauxhall sites into used car supermarkets.
It also underwent a full rebrand, moving from Peter Vardy CarStore to Peter Vardy CARZ.
Set up as a single dealership in Perth in 2006, Vardy now employs more than 1,250 people.