Luxury car sales on the rise
New car sales might have dropped for the first time in a year, but buyers in the luxury segment seem to have carried on regardless.
Strong sales of top end marques such as Ferrari and Aston Martin have seen a boost in profits for Stratstone, the high-end division of UK dealership Pendragon.
While new car sales as a whole fell by 13.2 percent for July, Stratstone recorded a rise of 20 percent, with revenues jumping by 24 percent compared to the same period last year.
"Total revenue has increased principally due to strong performance in new cars, with the prestige car market recovering more quickly than the volume sector," the firm said.
The company expects the positive upswing to continue as well, with Pendragon's boss Trevor Finn suggesting that as premium car sales are the first to fall away when a recession kicks in, they are first to pick up when things improve. The long delivery time needed for prestige cars also means that the company has enough pre-orders on its books to be confident that the trend will continue into the second half of this year.