Thursday, October 30, 2008
Lookers issues trading warning
 Lookers has warned that current trading in the UK car market is "very difficult" and predicted a challenging end to the year.In an interim management statement the Manchester-based dealer group said weak September sales had hit the industry and it had suffered a 19 per cent fall in new car sales in the third quarter. The company claimed its "diversified business model" had helped it to weather the downturn and its parts distribution and servicing divisions had performed well during the same period. It said it would now focus on areas in which it could improve its franchised car dealerships, including selling underperforming businesses and reviewing dual franchising opportunities. "Trading conditions are currently very difficult and the outlook for the industry for the remainder of the year remains challenging," said Lookers chief executive Ken Surgenor. "However, we have a strong presence in aftersales and a proven management team with huge experience of successfully trading through previous market slowdowns." DATED: 30.10.08 FEED: MT |
