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Car dealers gear up for a second-hand bonus

A flood of nearly new second hand cars, as well as demand for internet shopping delivery vans is helping Britain's used car market to rally. One of the country's leading used car retailers, Vertu, has reported that business is booming thanks to short-term new car 'purchase' plans, rising van sales and new cars being diverted to Britain from the collapsed Russian market. The company yesterday reported a near 25% increase in revenues to £2.07bn in the year to February, helping to lift pre-tax profit by a third to £21m. Shareholders are set to see the benefit with a 31% rise in the dividend to 1.05p a share. Vertu's figures follow soon after Pendragon's results which showed a 10% leap in first-quarter profits, after a 36% increase at the pre-tax level.

 

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