A UK car dealership has reported that strong demand from the ultra-wealthy for Aston Martins, Lamborghinis and Rolls-Royces in the pandemic has driven profits up more than seven-fold.
HR Owen, in West London, reported pre-tax profits of £13.7 million ($18.4m) for the year to June, compared with £1.9m in 2020.
The figure also outpaced returns before the coronavirus spread.
The dealership, which was founded in 1932 by former Royal Flying Corps officer Harold Owen, sold 1,150 cars for an increase of 8.7 per cent.
On average, based on overall vehicle revenue of £389m, it charged about £338,000 for each.
The network of 17 dealerships also sells Bentleys, Bugattis and Maseratis.
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Luxury cars temporarily imported from the Arabian Gulf pictured in a hotel car park in London, England. Carl Court / Getty Images -
An admirer views a A Saudi Arabian registered Pagani Huayra. Carl Court / Getty Images -
A gold Range Rover Hamann Mystere. Carl Court / Getty Images -
The rear of a Lamborghini Aventador LP760-4 Oakley Design Al Rashed Carbon Edition. Carl Court / Getty Images -
An admirer photographs the badge on the rear of a Saudi Arabian registered Mercedes G63 AMG 6x6. Carl Court / Getty Images -
A woman poses for a photograph between a Saudi Arabian-registered and a Kuwaiti-registered Rolls-Royce. Carl Court / Getty Images -
A woman photographs a Mercedes S-class which has been covered in Swarovski crystals in Knightsbridge. Carl Court / Getty Images -
A Qatari-registered Mercedes v8 biturbo AMG GTS is driven past Harrods. Carl Court / Getty Images -
Ferraris are pictured behind a blue Dubai-registered Pagani Huayra. Carl Court / Getty Images -
A man walks past a Saudi Arabian-registered and a Kuwaiti-registered Rolls-Royce. Carl Court / Getty Images -
A badge is pictured on a Dubai-registered Pagani Huayra. Carl Court / Getty Images -
An admirer photographs the customised badge on a Kuwaiti-registered Porsche 997 GT2. Carl Court / Getty Images -
A valet exits after parking a Kuwaiti-registered Lamborghini Aventador LP760-4 Oakley Design AlRashed Carbon Edition. Carl Court / Getty Images -
The grille of a Kuwaiti-registered Rolls-Royce. Carl Court / Getty Images -
The dealer is also the UK retailer for Rimac’s coming electric “hypercar”, the Nevera, which it is claimed will accelerate from nought to 95kph in 1.85 seconds.
“The past year has been challenging. Despite this the group delivered an exceptional result,” HR Owen said.
Since 2016 the company has been wholly owned by Berjaya Group, a Malaysian conglomerate led by Cardiff City FC owner Vincent Tan.
It said it had benefited from the Coronavirus Job Retention Scheme, although it cut its staff during the year by 39 to 409.
Car makers have struggled to keep up with demand during the pandemic and have generally been punished for it.
They have suffered profit drops or losses as large wage bills during shutdowns and high raw material costs have eaten into their margins.
But dealers have been able to capitalise on high demand.
The luxury car market has been no different, with wealthy buyers who do not want to join long waiting lists for new cars buying nearly new ones.
