(Sharecast News) - Automotive retailer Marshall Motor Holdings said on Wednesday that it had continued to outperform the wider new car market in the third quarter, with like-for-like new vehicle unit sales 13% above the market.
Marshall Motors stated that despite a "significant number" of its key brands being more impacted by new vehicle supply constraints, it had also benefited from "exceptionally strong" new car margins as a result of supply shortages.
The AIM-listed firm also highlighted that it had outperformed the wider new vehicle market by 11.6% year-to-date.
Marshall said the used car market had continued to benefit from exceptional market tailwinds as a result of new car supply shortages, with used vehicle values rising by an average of 12.7% in the third quarter, marking a seventh consecutive month of growth.
"The group has capitalised on these tailwinds, continuing its investment in used vehicle procurement, pricing utilising technology and real-time market data, improved online product presentation and marketing the marshall.co.uk brand through advertising and sponsorship initiatives. This focus, together with market tailwinds, resulted in an exceptionally strong margin performance in used cars in Q3 2021, more than offsetting a decline in volumes as a consequence of used vehicle supply shortages," said Marshall.
"Whilst there remains continued uncertainty over vehicle supply and the timing of a realignment to more usual market conditions, given the continuation of favourable market conditions and the group's strong operational performance throughout Q3 2021, the board now expects that continuing underlying profit before tax for 2021 will be not less than £50.0m."
As of 0935 BST, Marshall shares were up 8.65% at 226.0p.
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