2009 has seen the Irish motor industry enter a consolidation phase with overly leveraged businesses failing as sales volumes fall through the floor. According to SIMI data new passenger car registrations for the first six months of 2009 were 46,793 which represented a decline of 77,353 or 62.31% on the same period in 2008. It is worth noting that quarters 1 and 2 in 2008 were significantly behind the levels achieved in 2007 down 28,792 (18.83%) from 152,938 to 124,146. Factors such as a lack of credit, cheap imports, oil price fluctuations, declining used stock values and introduction of VRT have arguably compounded the plight of Irish motor dealers.
Grant Thornton is the leading firm of accountants and advisors to motor dealers in Ireland. We have a wide variety of clients including many well known dealerships. We have a thorough understanding of the issues being faced by motor dealers.
We can assist with:
Private owner dealer focus
As the leading advisor to the privately-owned business segment, Grant Thornton advises clients through the eyes of the business owner. Find out more...