Profits at Scotland’s largest automotive dealership have raced up 40% as sales of new and used cars reached record levels.
Arnold Clark’s pre-tax profits reached £85.2million in 2013, while turnover rose 18% to £2.9billion as sales of used cars grew 16.8% to 142,964.
The firm, which has over 200 dealerships, celebrated its 60th year in business last year.
But Sir Arnold Clark, the company’s chief executive and chairman, warned that sales this year was expected to be more modest but that the firm remained in good shape.
In the company’s accounts, the firm said: “The board anticipate that 2014 will see more modest growth in the UK motor industry as the wider economy shows some signs of improvement.
“The financial strength of the company and the early trading results mean we can look forward with confidence.
“The board predict that, whilst turnover will continue to grow in the coming year, it will not grow at the same rates experienced in 2013 and expect profitability to remain at similar levels”.
The company said the boost in sales of used cars was the main contributor to the company’s profits.
New car sales also increased by 10.9% to 88,697 in the year. The firm said its expects sales of new cars to flatten this year.
The results have boosted the fortunes of Sir Arnold Clark and his family who own the Glasgow-based firm outright. Sir Arnold’s fortune was estimated to have reached £675million in the Rich List 2014, making him and his family among the wealthiest in Scotland.
In recent years the firm has acquired dealerships up north including a Belmont dealership at Kenmay in Aberdeenshire bought from John Martin Group in a £1million-plus deal.
In 2012 it snapped up Grangemouth-based John R Weir Group, including Mercedes-Benz and Smart dealerships in Aberdeen and Inverness, in a multimillion-pound move.