Car dealership profits tumble

CAR dealership Lookers has revealed tumbling annual profits, but cheered resilient sales as demand for new cars fell for the first time in six years.

The firm posted a 27pc drop in annual profit to £58.4m. But sales outperformed rivals as used car sales helped revenues jump 15pc.

The industry has suffered due to confusion over Government restrictions on diesel vehicles, rising inflation, reduced availability of credit and low consumer confidence.