TC Harrison delivers strong performance despite fall in used car margins

TC Harrison turned in a strong performance in 2023 despite inflationary headwinds with pre-tax profits up 16.8% to £11.1m on turnover ahead 11.8% to £365.6m.

The group said its Ford business had performed well during the year. The group operates Ford dealerships from Burton, Derby, Peterborough, Huntingdon, and Spalding.

Separately, it also operates a JCB business, which it expanded through acquisition during the year.

“Whilst there continued to be challenges posed by pressures a result of global events and economic factors during the year, the continued resilience and dedication of our employees have helped the group achieve another robust performance in the year.

“The Ford operations achieved a strong performance in the year. Performance was supported by strong new vehicle sales and aftersales performance. Use vehicle margins eased during the year.

“The directors remain cautiously optimistic about the economic outlook for 2024 despite headwinds that may arise from macro-economic impacts, continued inflationary pressures, interest rates and constrained new vehicle supply.”