Vindis delivers £7.4m profits with 30% surge in used car volumes

 Vindis Group saw profits rocket in 2021 with strong performances across the board in new and used car sales and aftersales.

The group saw profits hit £7.4m compared to losses of £911,000 the prior year with turnover up 24.1% to £362.4m.

Vindis Group represents Audi, Bentley, Ducati, Škoda, Seat, Cupra, Volkswagen and Volkswagen commercial vehicles across six counties with a head office in Huntington, Cambridgeshire.

It also has trade parts divisions in Bishop’s Stortford and Cambridge and a large Fleet Centre at Alconbury Weald.

In results filed at Companies House it said new car supply was a ‘major problem’ in the second half but this had fuelled used car profitability.

“This was a global issue across all manufacturers and results in used car prices increasing month after month due to demand outstripping supply. We were able to capitalise on this by keeping purchasing costs low and increasing our margins.

“As a result, used volume was up circa 30% with margins coming ahead of expectations.

“New volume was also up circa 3% with very strong margins, which was a great result considering the new car supply issues. Aftersales turnover was up year on year with a circa 10% increase in hours sold.”

On current trading it said the cost of living crisis was beginning to have a negative impact.

“Trading this year got off to a good start but with inflation at a 40-year high and rising interest rates consumer confidence is starting to take a knock, meaning we need to run a tight ship.