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Car Giant drives into the red but sees more models leave the showrooms

CAR GIANT, the west London-based vehicle warehouse, plunged into loss-making territory last year, it emerged yesterday.<br /><br />The company was down &pound;57,000 compared to&nbsp; profit in 2007 of &pound;2.4m, despite increasing the number of used cars it sold by three per cent.<br /><br />It shifted nearly 50,000 hatchbacks and saloons over 12 months against a backdrop of collapsing consumer spending. <br /><br />In August 2008 the Society of Motor Manufacturers and Traders said car sales were at their lowest level since 1966.<br /><br />Revenues at Car Giant slid slightly to &pound;326.5m. Operating profits shrank more dramatically, however, as the company paid down its debts.<br /><br />Car Giant was set up in 1977 and claims to be the UK&rsquo;s original car supermarket. It operates from a site in White City equivalent to the size of 11 Wembley Stadiums, with 2,000 used cars on display at a time and a further 3,000 in stock.<br /><br />Last year the company was listed as the 59th largest private company in the UK in terms of sales. <br /><br />As well as shifting vehicles it partners with high street brands Black Horse and Santander to sell extras like insurance. <br /><br />In accounts filed at Companies House, finance director Michael Holahan said: &ldquo;Despite intense competition in the marketplace, we believe that our ongoing investment in our cars, staff and technology will continue to provide reliable motor vehicles at competitive prices.&rdquo;