The figures of the society of motor manufacturers and traders showed that UK car sales fell 7 FP7 in February from last year and the end of the scrappage incentive means that this decline is likely to be maintained through the year.
Questor has only look in its portfolio because its after-sales activities growing. Inchcape, which is by far the largest list British dealer, with a market capitalization of £ 1 MD, has been warning yesterday of "uneven global recovery" and "margin erosion" of increased costs for vehicle manufacturers.
It is expected to decline this year in four markets - Singapore, Greece, Belgium and United Kingdom - which account for half of the Group turnover.
However, at the side of caution outlook is a car dealer who deserves to be passing the green light.
The key is that the Inchcape operates 26 markets and is the leader of the market in 14 of them. Thus, while European revenues fell 13 4pc 871 m £ last year, this division accounts for 15pc of sales and its decline was offset by the performance of the Australia, China, and the Russia.
Overall, pretax profits stir-fry 41pc to 192 m £ on earnings above £ 5. 89bn, 5. 4pc then Australasia represents £ billion in sales and the Russia and emerging markets another £ 1 billion.
Not only the emerging markets are set for further growth in sales of car - Director General André Lacroix has Hong Kong, in Australia, the Russia and South America in particular - but Inchcape also got a foot in the burgeoning luxury car segment.
In China, for example, Inchcape sells Jaguar and Land Rover, and the success of British brands allows him to prepare for an expansion of £ 170 million in the country over the next five years.
Mr. Lacroix, said Inchcape is "uniquely positioned to take advantage of these markets premiumisation" while the class average and seeks a better quality of life. In addition, he claims that luxury brands with inchcape works will be "ahead of their competitors in their development of advanced hybrid and electric vehicles."
Financially, Inchcape can invest in these opportunities with a pile of 206 million net cash of £, amassed fortunes last year resumed and a deferral of certain capital expenditures. This pile of cash has also led to the company restoring the dividend for the first time since 2009. A payment of 6.6 p per share will be made to the shareholders.
The action of the Inchcape prices rallied 65 p in March 2009, when the dividend has been discarded, a rights issue was launched and Questor has warned investors to avoid actions. He has been a steady rise since August, when it rose to 253.20 p.
By Miss report and UK rival Pendragon, Inchcape is not cheap, trading at 11.7 2011 time gains and 2 4pc performance. However, Questor believes the global reach of the business and potential undermines the relevance of this comparison. Purchase.
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