Fleet News

Car retailer's profits down as demand falls

WEAK demand for new cars and tumbling residual values saw Dixon Motors report 'satisfactory' results for the year to December 31, 1999 of pre-tax profits down 20.8% at £8.4m (1998: £10.6m) on turnover up 3.5% at £660m (1998: £637.7m). Chief executive Paul Dixon said: 'These results reflect a robust performance when viewed against the poor 1999 marketplace affected by new car pricing issues.'

Company sales of new and used cars increased both on a like-for-like basis and overall, giving total new car sales last year of 27,620 (1998: 25,108) and used car sales of 29,784 (1998: 28,654). Dixon said new car demand was weak and falling secondhand car values resulted in the company reducing used vehicle stocks by £11 million. The company's accident repair centres - Dixon Car Clinics - saw business increase 10%.

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