Frank Sytner, chairman of the group, said: 'In June, we acquired the Guy Salmon Group, which brought Jaguar, Honda and an additional Land Rover franchise to the group. We opened our second Mercedes-Benz outlet and our first Lotus and Rover/MG dealerships. We acquired our fifth BMW dealership in the strategically important City of London. This business has the potential to become the largest BMW dealership in the country.'
He said in order to move used car stock from dealerships the margins in many cases had to be cut.