Fleet News

Contract hire hits Jacks profits

NEW car pricing controversies and tumbling residual values - resulting in dealership group William Jacks axing its contract hire and leasing arm AutoMotive Strategy - contributed to the company reporting pre-tax profits for the year to January 31 of £1.91 million (1999: £2.7 million) on turnover of £159.77 million (1999: £139.2 million).

The cost of closing the contract hire business was £711,000. However, new and used car sales at the group increased 20% and 18% respectively during the year.

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