Restructure drives record results for Vardy
Peter Vardy, the Scotland-headquartered motor dealership, shrugged off turbulence in the market to post its best ever sales and profits in the year to the end of December.
After restructuring the group, turnover reached £572 million and generated profits of £26.1m from the combined three businesses, Peter Vardy Holdings, 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. This change significantly increased our Peter Vardy brand representation throughout Scotland.”
The Peter Vardy Group continues to operate the franchised dealerships representing BMW, MINI, Jaguar Land Rover and Porsche, throughout Scotland, as well as a heritage cars dealership.
Mr Vardy continued: “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 actions resulted in our used vehicle turnover increasing by 59%.
“Although 2021 continued to be a turbulent year for new car supply and delivery, it proved an extremely successful year for the group in terms of new car order take and securing the future profits and success of the business.”
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 over £97m of loans to customers throughout the UK. The Group is prioritising the growth of the CarMoney business as part of its 2025 strategy due to significant opportunity for growth and to maximise the return on its investments.
The SilverBullet technology business has been instrumental in the Group’s digital strategy, delivering solutions to allow used cars to be sold fully online and delivered directly to a consumer’s door.
In December 2021, the group sold Keyloop to allow the product to be used by consumers and dealers worldwide.
Mobility is intrinsic to the company;’s 2030 strategy and in 2021 it launched its mobility division, which included the Peter Vardy Leasing business with the aim of leasing 15,000 vehicles to guests as part of an initial five-year plan.
Throughout 2021, the group continued to operate its ‘Sell to Give’ purpose, with 10% of the Group’s profits donated to charities supporting children and young people across Scotland and worldwide.
The group of companies has grown to 14 dealerships across Scotland employing more than 1,250 people.