Swansway Group faced up to a ‘difficult” trading environment in 2024 with profits falling to £7.7m (2023: £13.4m) on increased turnover of £986.1m (2023: £941.1m).
In a tough market with rising overheads, it said gross margins had come under pressure and with the ZEV mandate there were less customer incentives in the market, which impacted ICE and EV sales.
The group now represents nine manufacturers across 19 sites in addition to five Motor Match branded used vehicle locations.
It added that new vehicle renewals were impacted by higher monthly finance payments form carmakers.
It said there were notable performances from Audi, VW Commercial Vehicles, Peugeot, and Land Rover franchises.
“Of the six Audi dealerships operated, five were consistently in the top 25% of the manufacturer’s national averages, it said.
During the year it expanded with Chinese brand BYD, opening dealerships in Crewe and Chester and subsequently in 2024 Stoke on Trent in a newly acquired site.
Further investment saw the opening of both SEAT and Cupra outlets at the existing Oldham site towards the end of 2024.
It said used Vehicle volumes increased year on year, the market proving to be strong with good margins and stock turn performance.
It picked up a string of awards. Wrexham Volkswagen was named Volkswagen’s Used Car Gold Retailer of the Year 2023.
Carlisle Audi were awarded Aftersales Centre of the Year at the 2024 Audi Q Power Awards
And Stafford Land Rover was awarded the 2024 Approved Used Vehicle
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