Peter Vardy has reported record sales and profits in the year to 31 December 2021.
Turnover for the automotive group reached £572m, with profits of £26.1m from the combined three businesses: Peter Vardy, CarMoney and SilverBullet.
Group chief executive Peter Vardy said: “2021 represented a significant year of change as we decided to end our successful partnership with Vauxhall, after 15 strong years of working together.
“In July 2021, we transformed our six former Vauxhall sites into used car supermarkets and underwent a full rebrand, moving from Peter Vardy CarStore to Peter Vardy CARZ.”
The group also operates five franchised dealerships, representing BMW, MINI, Jaguar Land Rover and Porsche, as well as a heritage cars dealership.
Vardy explained: “The year was unprecedented also for used vehicle sales and margin, with used cars appreciating in value month on month and demand at an all-time high.
“We seized this opportunity by empowering our centralised stock buying teams and launching our GoodBye Car product, purchasing vehicles directly from consumers.“
These resulted in the group's used vehicle turnover increasing by 59%.
Meanwhile, the CarMoney finance brokering business delivered a record financial performance in its fifth year of operation, increasing turnover by 125% and generating a return on sales of 24.1%.
During 2021, CarMoney brokered more than £97m of loans to customers throughout the UK, with the group now prioritising the growth of the business as part of its 2025 strategy.
At the end of the reporting period in December 2021, the group sold its SilverBullet technology business to Keyloop to allow the product to be used by consumers and dealers worldwide.
Set up as a single dealership in Perth in 2006, Peter Vardy has grown to 14 dealerships across Scotland, employing more than 1,250 people.
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