13/06/2016 - 15:19

Sales tightened for DVG in 2015

13/06/2016 - 15:19

Bookmark

Save articles for future reference.

Big private car retailer DVG Automotive Group has released its results for the 2015 financial year, showing a tightening economy had not significantly hit its sales ahead of the sale of a majority stake to Japanese interests.

Sales tightened for DVG in 2015
DVG managing director Lou Divirgilio. Photo: Attila Csaszar

Big private car retailer DVG Automotive Group has released its results for the 2015 financial year, showing a tightening economy had not significantly hit its sales ahead of the sale of a majority stake to Japanese interests.

Turnover for holding company Buick Holdings was down 4 per cent to $632 million for the year ending June 30 2015, while profit was up 21 per cent to $4.6 million, according to the report lodged last week with the Australian Securities and Investments Commission.

DVG’s asset base was also slightly lower, slipping less than 3 per cent to $172.2 million.

The results reflect a period that ended just two weeks prior to the $120 million sale by the DiVirgilio family of a 67 per cent stake in the business to Japanese group Gulliver International.

DVG sits behind ASX-listed Automotive Holdings Group in terms of automotive sales, although AHG has diversified into other sectors and operates across Australia.

Another local player is John Hughes Group, which had around $500 million in sales for the 2015 financial year, a much lower number than the previous year during which it prepared for a stock market float that was later abandoned.

Earlier this month, Business News reported that new car sales had slipped again in Western Australia last month, down 5 per cent with just fewer than 8,000 units sold in May.

New car sales have fallen 3.7 per cent with just more than 41,000 sales for the year to date, while nationally over the same period sales have risen 3.8 per cent with about 470,000 new cars sold.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options