Motor retailer Vertu says it has had a strong start to the year despite uncertainty surrounding consumer demand and vehicle supply.
Ahead of its AGM the Gateshead business, which runs 160 dealerships under the Bristol Street Motors, Vertu Motors and Macklin Motors banners, says that constrained supplies of new and used vehicles in the UK have continued, which has served up strong margins in its new retail and fleet channels, and used car sales.
In a stock market announcement, the firm said: “The group has also seen supply constraints continue in used cars. This has had two effects. Firstly, combined with the comparative period reflecting post lockdown pent-up demand, it has resulted in the group seeing an expected significant decline in like-for-like used car volumes in May compared to the previous year.
