Due to expansion plans, though divesting Vauxhall, the car dealership company Peter Vardy plans to double its annual used car volume.
As the reason, the company cites increasing demand for used vehicles.
The firm has also restructured and invested in its SilverBullet information technology platform to improve its position as an e-commerce operator.
It said it has intentions to invest nationally in potential locations. In July 2021, the existing Vauxhall sites are set to be turned into used car supermarkets.
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Chief Executive Peter Vardy said:’ For some time, we’ve been working on this growth plan. This year, however, events have led us to accelerate those plans.
There has been a large rise in demand for used cars, which makes sense to move forward with our plans, coupled with the uncertainties of new vehicle production and Brexit, which may make this situation much more complicated.
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“Our CarStores in Glasgow and Dundee have been extremely successful since their launch and we will be converting our current Vauxhall sites into used car supermarkets as well as undertaking a complete transformation, which we believe will be a really exciting move.”
Vauxhall Motors and Peter Vardy Ltd. have been in recent negotiations and have now settled on a shared and regulated exit that will take effect in mid-2021, the firm and Vauxhall said in a joint statement.
Peter Vardy has been Vauxhall Motors’ long-standing investor and trusted associate, but the market is rapidly changing and developing, resulting in the respective future strategies of the two companies moving in separate directions.
“Both companies are working closely together to ensure that this decision is taken professionally by both parties to minimize the effects for Vauxhall customers. The positive business relationship that has always existed between Vauxhall Motors and Peter Vardy Ltd. will be critical in the coming months to ensure this happens.”
Mr. Vardy said, “Although we will no longer represent Vauxhall as a manufacturer in Scotland at the end of June 2021, we have enjoyed a great relationship with the company over the years and it has been an integral part of our success and growth since we started in Perth as a single Vauxhall site in 2006.”