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Vardy closing showrooms as used car sales slump
Peter Vardy Group is closing its two purpose-built used car supermarkets in Dundee & Glasgow following a slump in sales post-Covid.
The company said there was a lack of used vehicle supply and forecasts indicate continued lower new car production levels.
This will result in a shortage of under three year old cars, the stock required for the financial viability of Used Car Supermarkets.
Vardy said there will be “regrettable redunancies” but did not specify how many. It said it hopes to offer alternative roles in other growing areas within the wider group.
Peter Vardy, CEO, said: “Proposing the closure of any business, when the primary focus is on colleague engagement, welfare and career development is of course a disappointment. I am sorry to and for our affected colleagues but we will do everything in our power to support them in this period.
“The lack of a used car supply for car supermarkets has driven this decision, it hasn’t been performance or skill or the quality of our teams, it’s a change in the market conditions.
“While the decision to close our used car supermarkets is tough for us all, we firmly believe that reallocating resources, funds, and talent to the growing divisions within the group will bolster long-term prospects for the business and its colleagues.”
The group has been appointed a franchise partner for MG with the first two sites opening this month in Kirkcaldy and Edinburgh.
This news follows the group’s recent appointment as the sole distributor in Scotland for China’s new Ora brand, Great Wall Motor’s premium pure electric vehicles.