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Volumes of used cars sold by dealer group Caffyns fell 1 per cent in the three months to 30 June.
Prices have "generally fallen" the company said in a trading statement.
Chairman Brian Birkenhead said however new car sales were performing well.
New car sales
"Despite the conclusion of the UK Government's scrappage scheme, our new car unit sales in the first quarter of this year are up 39 per cent on last year, against a reported rise of 9.6 per cent, in our market of private and small business sales.
"Forward orders into August and beyond for the September plate change are running ahead of last year's orders at this date, confirming that we have so far been successful in replacing scrappage scheme sales with ordinary retail sales."
Caffyns, which has 12 car franchises in the south east of England, said its aftersales business was in line with last year's performance, showing good retention of existing customers.
Profits ahead of plan
"In our first quarter to 30 June 2010 our revenue and profits are ahead of our plan and prior year, continuing the improvements that resulted in the significant turnaround last year."
Birkinhead said the firm remained cautious about the outlook for the rest of the financial year.
"However, the actions that we took last year, and continue to take this year, have strengthened our operations and structure.
"This has allowed us to adapt more quickly to the variable economic environment and enabled us to continue our improved operating performance."
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