Auto Trader reports growing car sales despite ‘financial pressure' on customers
Meanwhile, the company said it saw 'strong levels of demand for used cars', with 4% more sales this year than last, though supply remains below pre-pandemic levels.
It said used car pricing has been 'stable' over the last 12 months after declines in the previous financial year.
The group said it saw a 5% increase in the number of cars advertised through its platform, an average of 449,000 per month through the year.
Auto Trader said the UK's new car market grew 3% over the last 12 months (Alamy/PA)
And it said consumers made a record 81.6 million visits to Auto Trader's platforms this year.
Auto Trader's revenues came in at £601.1 million in the year to March 31, up 5% compared with the previous 12 months, while profit rose 8% to £376.8 million.
The growth in both markets comes despite another year of high interest rates and inflation in the UK, which the company said put 'financial pressure' on customers.
The company said that through much of the year, consumer demand exceeded the supply of used cars, meaning sales tended to happen fast.
Nathan Coe, chief executive of Auto Trader, said: 'Despite broader macroeconomic uncertainties, the UK car market is in good health and we continue to deliver against our strategy to improve car buying and retailing.'
He added that the company launched a new artificial intelligence product range called Co-Driver, which is helping to speed up searches on Auto Trader's platform.
Mr Coe said: 'The first wave of Co-Driver products has already successfully enhanced the quality of adverts, while reducing the amount of time it takes for retailers to advertise their vehicles.
'We see significant potential for the use of AI to improve the buying and selling of cars in the years ahead.'
'We remain confident in the outlook for the business given our strong market position, the value we deliver for customers, and our unique data and technology capabilities.'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Metro
37 minutes ago
- Metro
The UK's most affordable seaside town is a 'paradise' with £220,000 house prices
Relocating by the sea sounds like a dream until you see the house prices. Cornwall for one is eye-wateringly expensive, and Brighton is practically London-on-Sea. But not every seaside town requires a trust fund or a six-figure salary to move there. New research from the Co-operative Bank has revealed the UK's most affordable seaside towns — and the winners make coastal living seem like a surprisingly realistic prospect. For each place, the bank looked at average house prices, monthly rents, the house price to income ratio, and the proportion of salary that goes on rent to calculate an overall affordability score. Oban, a small town in the Argyll and Bute area of Scotland, came out on top of the list, with an overall affordability score of 9.82 out of 10. Often referred to as the seafood capital of the country, this picturesque spot offers some of the lowest average house prices (£220,458) and the most reasonable rents (£800 per month) which works out to just 34.7% of the average monthly income. You can access completely fee-free mortgage advice with London & Country (L&C) Mortgages, a partner of Metro. Customers benefit from: – Award winning service from the UK's leading mortgage broker – Expert advisors on hand 7 days a week – Access to 1000s of mortgage deals from across the market Unlike many mortgage brokers, L&C won't charge you a fee for their advice. Find out how much you could borrow online Mortgage service provided by London & Country Mortgages (L&C), which is authorised and regulated by the Financial Conduct Authority (registered number: 143002). The FCA does not regulate most Buy to Let mortgages. Your home or property may be repossessed if you do not keep up repayments on your mortgage. And a low cost of living isn't all it has going for itself. Located on Scotland's west coast, Oban is a harbour town known for its fresh seafood and sea views. Surrounded by a rugged coastline and rolling hills, it's considered a gateway to the Hebrides and although its population is small (home to just over 8,000 people), the town has plenty to see and do. McCaig's Tower is its most notable attraction, a colosseum-like landmark that sits above the town, offering views of the bay and nearby islands. Nestled beneath a cliff in the town centre, there's also Oban Distillery – one of the oldest in Scotland – where you can take a guided tour and sample some of its signature whiskies. Near the harbour, you'll find lots of fishing boats and ferries, along with plenty of local restaurants serving freshly caught seafood. But if history's more your thing, head just north of Oban to explore the 8,000-year-old ruins of Dunollie Castle, Experts at Co-operative Bank found two Lancashire seaside towns to be the most affordable in the UK. Morecambe came second on the list, with an affordability score of 9.8 out of 10. 'This Lancashire gem captures the essence of the English seaside and has some of the most affordable house prices in the country,' the bank says. 'The average house price here is actually lower than in Oban at £194,295, however, rent prices in Morecambe are slightly higher.' Blackpool tied with Morecambe for second place. The bank says: 'The average house comes in around £147,449 in Blackpool, making Blackpool the most affordable seaside town to purchase a property in the UK. Unfortunately, Blackpool is slightly let down by its rent prices. At an average of £704 per month, rent in Blackpool works out as 40% of the average monthly salary.' It might feel remote to some, but Oban is well-connected. Scotrail runs regular daily trains to and from Glasgow, with tickets starting from around £20. The scenic journey does take about three hours by rail, but since it runs through the Highlands, you're spoilt for beautiful scenery. Oban also serves as the main ferry port for those wanting to reach the islands of Mull, Iona and Staffa and is often used as a base for island-hopping. Oban has been described as a 'paradise' for seafood lovers and outdoor enthusiasts, and many locals have raved about life there, declaring it a 'gorgeous part of the world'. More Trending One resident on Mumsnet wrote: 'Oban is beautiful, a wonderful place to live and work. Winters are mild, being on the west coast. You get used to midges, they are not the big problem everyone thinks they are, especially by the coast, a bit of sea breeze and they can't fly so won't bother you.' Others praised its pace of life compared to the city, including Redditor Stevoknevo70 who commented: 'I've lived in Oban for six years now, wild horses couldn't drag me back to Glasgow. Wonderful place to raise a family, can be on the beach in under 10 minutes, and easy access to numerous islands.' According to Rightmove, the majority of properties sold in Oban during the last year were flats, selling for an average price of £151,783. Detached properties sold for an average of £351,993, with semi-detached properties fetching £227,786. View More » So, while you might not secure a five-bedroom beachside property for £200,000, there are definitely affordable options. Oban – £220,458 (average house price) Morecambe – £194,295 Blackpool – £147,449 Troon – £225,977 Filey – £213,669 Scarborough – £202,600 Whitby – £253,519 Southport – £239,472 Dunbar – £327,821 Swansea – £200,648 Do you have a story to share? Get in touch by emailing MetroLifestyleTeam@ MORE: Schoolboy who left teacher disfigured after throwing her onto concrete spared jail MORE: Body found in search for British man Greg Monks who went missing on stag do in Portugal MORE: Youngest ever Omaze winner puts £3,000,000 house on the market — for £2,500,000
Scottish Sun
3 hours ago
- Scottish Sun
‘So gutted' cry shoppers as popular Scots whisky shop suddenly closes
The reason for the shock closure has been revealed Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) SHOPPERS have been left gutted after a popular whisky shop in a busy Scottish town announced its shock closure. Spirit of Alba is a much-loved specialist spirits retailer that sells a multitude of whiskies, spirits and wine to customers. Sign up for Scottish Sun newsletter Sign up 2 A beloved whiskey shop has annouced it has officially closed Credit: Alamy 2 The shop was located in the Regent Centre in Kirkintilloch Credit: GOOGLE MAPS The award-winning brand, founded in 2015, was popular for having the perfect bottle for something special, as well as collectors' items and limited edition bottling. However, bosses have revealed that the branch in The Regent Centre in Kirkintilloch, Glasgow, has now officially closed. Devastated owners shared the news with followers on social media last week, five years after the store first opened. They announced that the firm has now ceased trading and said it comes after enduring "increasingly difficult trading conditions". Bosses explained that it was "impossible to continue" amid skyrocketing utility prices and the current cost-of-living crisis. They added that it comes "at great personal cost" and said that the announcement comes "with a heavy heart". The post on Facebook read: "It is with a heavy heart that we must announce the closure of Spirit of Alba. "It has been a pleasure to serve everyone over the last five years since we opened in 2020. "Sadly, increasingly difficult trading conditions in retail, the dramatic increase in utility prices and the cost of living crisis have made it impossible to continue. "This decision has come at great personal cost, but it is with heartfelt appreciation for your support and custom during these challenging years. UK Retail Shake-Up: Superdry and More "We are presently engaging with professionals to work out a formal closure for the shop and festival. "Thank you all for being a part of the Spirit of Alba experience!" Devastated followers flocked to the comments as they shared their shock at the announcement. Fans showered them with support as they wished them well on their journey. One person said: "So sorry to hear this, yet another loss to our community. Wishing you all the best for your future ventures". Another added: "Sad to hear, will be a big miss for the town. The whole trade has had a hard time over the last couple of years. Wishing you well on your next chapter." Someone else wrote: "I'm so gutted for you, what a sad loss for the community". A fourth posted: "So sorry to read this, you guys have put your heart, soul and hard-earned cash into this great venture. Best of luck and good wishes for the future." While a fifth chimed in: "Thanks for all those years - you've introduced us to some great whisky. All the best for the future." Why are retailers closing stores? Retailers have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis. High energy costs and a move to shopping online after the pandemic are also taking a toll, and many high street shops have struggled to keep going. However, additional costs have added further pain to an already struggling sector. The British Retail Consortium has predicted that the Treasury's hike to employer NICs from April will cost the retail sector £2.3billion. At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." RETAIL PAIN IN 2025 The British Retail Consortium has predicted that the Treasury's hike to employer NICs will cost the retail sector £2.3billion. Research by the British Chambers of Commerce shows that more than half of companies plan to raise prices by early April. A survey of more than 4,800 firms found that 55% expect prices to increase in the next three months, up from 39% in a similar poll conducted in the latter half of 2024. Three-quarters of companies cited the cost of employing people as their primary financial pressure. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." Professor Bamfield has also warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020." It comes after almost 170,000 retail workers lost their jobs in 2024. End-of-year figures compiled by the Centre for Retail Research showed the number of job losses spiked amid the collapse of major chains such as Homebase and Ted Baker. It said its latest analysis showed that a total of 169,395 retail jobs were lost in the 2024 calendar year to date. This was up 49,990 – an increase of 41.9% – compared with 2023. It is the highest annual reading since more than 200,000 jobs were lost in 2020 in the aftermath of the COVID-19 pandemic, which forced retailers to shut their stores during lockdowns. The centre said 38 major retailers went into administration in 2024, including household names such as Lloyds Pharmacy, Homebase, The Body Shop, Carpetright and Ted Baker. Around a third of all retail job losses in 2024, 33% or 55,914 in total, resulted from administrations. Experts have said small high street shops could face a particularly challenging 2025 because of Budget tax and wage changes. Professor Bamfield has warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020."
The Herald Scotland
13 hours ago
- The Herald Scotland
Family sells landmark hotel in popular Scottish town
The sale of the Dreadnought Hotel in Callander, Stirlingshire, to Caledonian Travel was handled by Christie & Co. The hotel has 63 ensuite letting rooms, the MacNab restaurant and bar, a small events room and a beer garden. The previous owners bought the property in 2017 and were selling due to retirement. Tony Spence, associate director at Christie & Co, said: 'We were delighted to act for our clients in the sale of the hotel which now allows them to retire from the hospitality trade. 'This was the second hotel where Christie & Co has acted for the family and we are grateful they had trust in us to deliver. There remains good activity within the market and we would urge any vendors who are considering a sale or purchase to get in touch to discuss further.' READ MORE: Caledonian Leisure, which operates under the Caledonian Travel and UKBreakaways brands, in partnership with its investors, hailed completion of the purchase. The hotel is to be rebranded The Caledonian Thistle Hotel, a name chosen to reflect its 'proud Scottish heritage and the company's ambition to further establish a presence in key Scottish tourism hotspots'. Graham Rogers, managing director at Caledonian Leisure, said: 'After the success of The Caledonian Hotel Collection in Torquay, Blackpool, Scarborough and Arrochar, we're delighted to welcome another hotel to our family. With sector-leading customer review scores and rising demand across our brands, this investment is a key step in strengthening our year-round offering in Scotland.' A 'significant investment' programme is now under way to enhance both the interior and exterior of the property. The hotel will be ready to welcome guests from the end of July, operating 12 months of the year to meet demand from both coach-inclusive and self-drive customers. The refurbishment will deliver upgraded bedrooms, refreshed communal areas and improvements to the entertainment facilities. David McDonald, finance director at Caledonian Leisure, said: 'Callander is a wonderful base for customers looking to explore with so many outstanding and beautiful areas within easy reach of this delightful Scottish town. The locally renowned MacNab's Bar will remain open for everyone, and in a nod to the traditions of the hotel, we'll be renaming the restaurant The Dreadnought Restaurant.' Mr McDonald added: 'Right now, we're actively recruiting local people to deliver exceptional hospitality as we prepare to reopen the hotel this summer after this extensive refurbishment project.' The agent said that 'the property boasts exceptional character throughout, complimenting a traditional Highland interior and stone exterior that can be dated back to the seventeenth century'.
