Reg Vardy in the fast lane

13 April 2012

CARS are becoming fashion and lifestyle products, says dealer Reg Vardy. Young people are snapping up superminis such as the Renault Clio, while older people are trading up to Jaguars and BMWs.

People are changing their cars every two and a half years instead of three. Chairman Sir Peter Vardy said: 'New cars are more affordable.'

UK car sales this year should just top the previous record of 2.56m - all of which helped Vardy to record sales of 95,000 vehicles in the six months to October.

Pre-tax profits climbed 36% to £24.2m with dividends up 21% to 5.2p. The shares held at 478p and have surged more than 50% since March.

Sir Peter said: 'Trading is excellent, we have tremendous opportunities to grow. This is an exciting time for us.'

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