Car dealership Reg Vardy has been hit by customer concern about the high prices of new cars in the UK.
The group, which has a Citroen dealership in Banbury, said it suffered an "uncertain trading environment" as people held off buying cars in the UK and instead sought cheaper deals abroad, either direct from Europe or over the Internet.
Reporting a dip in profits, chairman Sir Peter Vardy, son of founder Reg Vardy, said: "These are impressive results for the group in light of the difficult market conditions in which we have been operating."
After pressure from consumer groups, the Department of Trade & Industry ordered that prices be brought down and gave manufacturers three months to comply. Sir Peter said this had been the turning point. "Since January, we have seen a much more positive retail environment."
Finance director Gerard Murray added that Reg Vardy was now on the acquisition hunt and had between £50m and £60m earmarked for purchases of further dealerships.
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