Webuyanycar sales plunge by £1bn after slide in used car prices
Sales at Webuyanycar plunged by almost £1bn in its latest financial year as a sharp fall in the value of used cars hit the motor marketplace, it has been revealed.
The company, which is owned by Constellation Automotive, has reported a revenue of £2.57bn for the year to 31 March, 2024, according to newly-filed accounts with Companies House.
The latest total comes after Webuyanycar posted revenue of £3.51bn in the prior financial year.
In the 12 months to 3 April, 2022, the company’s revenue totalled £5.15bn.
The accounts also show that the firm’s pre-tax profit fell from £85m to £48.3m over the same 12-month period.
In a statement signed off by the board, Webuyanycar said: “The company’s performance is expected to continue throughout the next financial year and it is anticipated that the current performance levels will be maintained.”
Webuyanycar owner slashes loss
The detailed results for Webuyanycar come after its owner, Constellation Automotive, slashed its loss by almost half despite suffering from a sharp drop in the value of used cars in 2023.
In October, Morning Wire reported that the group, whose brands also include Cinch, Marshall Motor Group and BCA, had reported a pre-tax loss of £74.4m for the year to 31 March, 2024, down from the loss of £135.3m it fell to in the prior 12 months.
Over the same period, the Hampshire-headquartered group’s revenue fell from £9.68bn to £9.33bn, according to accounts filed with Companies House.
At the time, the group said its progress was impacted by the “sharp correction” in the value of used vehicles through its third quarter.
In October 2023, the group sold its remaining 19.5 per cent stake in Lookers for £96.8m following its acquisition by Global Auto Holdings. Its original 19.9 per cent stake was acquired in January 2022 for £79.6m.
Constellation Automotive is backed by TDR Capital which recently became the majority owner of Asda.
It has owned Constellation Automotive following a £2bn deal in November 2019.