Record profits for dealer group Lookers PLC

Car dealergroup Lookers PLC has steered its way to record profits for the second year in a row.

The company, which has 120 dealerships selling 33 different makes of car, made £33.6million, up almost 20%.

While the firm’s new and used car businesses outperformed the sluggish market the biggest driver of profits was its parts business. Boss Peter Jones said nearly 24million of cars on UK roads were over three years old and this helped boost profits at Lookers’ parts division 11% to £12.3m.

The group’s new car business, which includes Ford, Vauxhall, Nissan and Toyota dealers, sold 58,390 vehicles, down almost 5%, as it steered clear of unprofitable fleet business.

But its sales to private buyers were up a creditable 4.4% in a market down 6%.

The group also boosted profits by selling or closing seven loss-making or poorly performing dealerships during the year.