Joe Duffy Motors sees profits rise to €8.7m last year

Profits at auto dealer group Joe Duffy Motors last year rose 3 per cent to €8.7 million on turnover of €282 million. This was against a backdrop of a 10.5 per cent drop in new car sales in 2017.

The group has 11 separate car franchises, along with commercial vehicle operations for Ford and Volkswagen, and BMW's i sub-brand, specialising in electric vehicles. It also has a significant used-car and car-leasing operation. According to chief executive Gavin Hydes, in 2017 used vehicle turnover was up 15 per cent to €125 million, while aftersales accounted for €34 million in turnover, up 4 per cent. The group now has 388 employees.

As part of a €35 million investment programme, it acquired a 10-acre site at Airside in Swords and a 5½-acre site at Charlestown in north Dublin, where it is developing three new outlets for BMW, Volkswagen and Porsche.

Next month will see the opening of a new €13 million BMW facility, the largest single investment in a BMW outlet in the Republic. In November the neighbouring VW facility will open, following an €11 million investment. By next March the new Porsche facility, including a 25-car showroom, will begin operations.

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The group also plans to grow its operations outside Dublin, with plans for a new development in Drogheda, Co Louth, and expanding its operations in Limerick and Cork. Earlier this year it purchased Motorpark Athlone, a Ford and Volvo dealership owned by the Galway-based Motorpark Group, close to the midlands town.

Mr Hydes said: “While the overall economic outlook is uncertain due to Brexit, we are confident that our proven business model will provide resilience to any potential economic downturn while at the same time provide a platform to expand the group further by optimising a more stable economic environment. We anticipate turnover of more than €290 million and 420 employees for 2018.”