Today, BCA Marketplace, the parent company of WeBuyAnyCar, reported a year-on-year increase of 31 percent in its first-half profit, despite concerns that the tougher emissions standard would potentially restrict the future supply of new vehicles.
The firm recorded pre-tax profit amounting to £45.7 million for the six months to the end of September. It rose from the £34.9 million that was recorded in the same period last year.
Reportedly, WeBuyAnyCar was able to drive BCA Marketplace PLC forward after it was able to buy 124,000 cars and increased its revenues by 14 percent in the six months to September.
WeBuyAnyCar is part of the car buying division of the BCA that also supplies vehicles to the auctions operation.
The increasing prices of used vehicles and higher sales at WeBuyAnyCar sustained the revenue of the company, which rose by 22 percent to £1.43 billion from £1.17 billion.
BCA Marketplace, however, noted that new vehicle emissions tests will restrict the supply of new vehicles in the second half. Nonetheless, it says that the business continues to be confident in delivering its profit and growth targets.
The car auctions firm said that it does not expect that Brexit will significantly affect the ability of the company to conduct business in the short to medium term, aside from the effect on consumer confidence and the movement of vehicles, automotive supplies and parts into and out of the markets in which the business operates.
Avril Palmer-Baunack, the executive chairman of the BCA, stated: “Performance and progress in the first half have been good. BCA’s position as the market leader of integrated solutions for both physical and digital services to the automotive industry has allowed us to facilitate faster changes of vehicle ownership creating a compelling customer offering. We are winning multi-service contracts across de-fleet, refurbishment, inspection and collection, inventory management and physical and digital remarketing, through delivering synergies and efficiencies to customers.”