AUSTRALIA'S largest automotive retailer has boosted its profits thanks largely to the low interest rates offered on personal car loans.
Automotive Holdings Group, which owns dealerships in Australia and New Zealand, posted a net profit of $66.8 million for fiscal 2012/2013 on Friday, up 31.9 per cent on the previous year.
Managing director Bronte Howson put this down to record levels of new car sales thanks to lower interest rates on personal loans.
He said the personal shopping was "alive and well" thanks to interest rates as low as zero to four per cent.
"The private sector represents nearly 52 per cent, which is up about 10 per cent on previous years," he said.
"The general rule has always been private sector around 45 per cent, businesses around 45 per cent and 10 per cent government and rental."
Further developing dealership acquisitions in New Zealand, as well as the newly integrated Toll Refrigeration branch of the group's logistics division, would be priorities for the coming financial year, he said.
Of the new acquisitions locally and abroad, Mr Howson said the "shopping spree" of 2012/2013 had added more avenues of profit growth to the business.
At 1422 AEST, the group's shares had dropped four cents, or 1.02 per cent, at $3.89.
