Vertu fleet volumes leap
In an update to the City, the group announced that the like-for-like increase compared to a decline in fleet market registrations overall of 0.8%.
Vertu Motors chairman Paul Williams said: ‘The group has seen considerable growth in fleet and commercial volumes compared to a market fall of 0.8%.’
Overall, Vertu saw revenue during the four month period grow by 11.6%, with new retail car sales rising by 0.3% compared with a market growth of 10.1%
Williams added: ‘The fall in the fleet market partly reflects what the board believes to be an increasing trend for self-registered vehicles to be classified as private rather than fleet registrations within the market.
‘The market is witnessing increased levels of self-registration by UK dealers which is inflating registration data compared to sales levels. The group continues to follow a policy of not engaging in significant self-registration activity.’
The trading update follows Vertu’s full-year figures for the year ending February 29 which saw fleet sales rise by 4%, with commercial vehicle volumes rising by 11.6% to offset a 2.4% decline in fleet car sales. Of the 43,263 new vehicles Vertu sold in the previous financial year, 17,863 were fleet and commercial vehicle registrations.