The UK's largest car dealership chain, Lookers, is now hoping to expand its business further in Yorkshire and is on the hunt for dealerships to take over, according to a report in the Yorkshire Post.
The chief executive of Lookers, Andy Bruce, said the industry is doing well due to the fact that cars are no longer seen as "big ticket items" thanks to reasonable finance packages, which can make purchasing a car as cheap as £6 per day.
The business reported a 16 per cent rise in interim profits to £50.1 million and added that its business model going forward will be to focus on having dealerships located in large cities. As a result, it is looking to buy up dealerships in Bradford, Leeds, York, Wakefield and Sheffield. “Yorkshire is about 5 per cent of our business and our goal is to get to 10 per cent ... We sell 10,000 new and used cars a year in Yorkshire and we’d like to double that figure," explained Bruce.
Bruce added that its business had benefited as a result of the growing population in the UK and increasing disposable income.
When business is good, it is often a great idea to expand and make the most of the positive market conditions. If you are considering adding to your portfolio of dealerships or simply adding to your stock offering, it's vital to update your new and used car dealership insurance.
The news that Lookers wants to increase its exposure to the Yorkshire market follows its take over of the Benfield Motor Group in September 2015, which added further Ford dealerships to its portfolio in the area.