Thursday, June 20, 2024

Huge Danish car company has lost DKK 31.5 million

The business in Autohuset Vestergaard has seen better days. In fact, it hasn't gotten any worse in the last nine years.

Both the car brands and their dealers are under pressure at the moment.

Several are under so much pressure that they turn someone around. For example, this has just happened to a car dealer who otherwise came out of 2023 with a turnover of DKK 120 million. Read more about it here.

Also at Autohuset Vestergaard, which i.a. dealer and service Volvo, Ford, Dacia and Kia, you have seen better times.

That's what Finance writes.

READ ALSO: Danish celebrity cheated by car dealer: "Everything is gone"

In fact, the accounts that the company has just been able to submit have not looked worse for a whole 9 years. The profit has fallen by DKK 31.5 million and thus lands at DKK 68 million after tax.

For most, this is a good result, but it is still lower than expected, and therefore also the lowest the company has performed in the last 9 years. The accounts show that it is especially the used car department that is pulling down. Specifically the falling prices.

– The most important is strongly falling prices for used passenger cars. Significant write-downs have been made on used passenger cars at the end of 2023. The year's result is also affected by a rising level of interest rates.

Conversely, Autohuset Vestergaard are not the only ones to note a decline. Also Ejnar Hessel, who i.a. dealer Mercedes, can look back on a slower year than usual. The situation is actually even worse here, with a decline of DKK 132 million last year.

Not all car companies can cope in the brutal market. Here at home, a number of car businesses have recently been forced into liquidation and bankruptcy due to poor economics. Others have disappeared from entire parts of the country. Read more about it here .

Read more exciting news from and about the world of cars right here!

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