Benfield gearing up for new brand

Sep 2 2009 by Chris Knox, The Journal

INDEPENDENT North East motor dealer Benfield says it is on track to regain a turnover of around £315m after extending its portfolio of brands.

The firm, which is based in Newcastle, said that it had seen sales rocket in recent weeks as motorists continue to take advantage of low interest rates and the scrappage scheme, in which car buyers are given a £2,000 discount on a new car if they scrap one that is at least 10 years old.

Although it said it was due to publish annual sales figures for 2008 which are down on the previous year’s turnover of £315m, it said it expects to return to growth by next year. It has also extended its portfolio of brands to 10, with the addition of a Hyundai dealership in Newcastle.

The firm has high hopes for the dealership following the launch of a new Kia site in Newcastle earlier this year, which is a sister company to Hyundai and is already proving a success for the business.

Nigel McMinn, Benfield’s managing director, said: “We’re delighted to announce the opening of our new Hyundai franchise on Scotswood Road. Hyundai are a global leader in car manufacturing and have recently added some very exciting new and stylish cars to their range.

“This is also being helped by the fact that they are benefiting from reduced interest rates and affordable prices in both the used and new car markets.”

Benfield, which already has 26 dealerships throughout the region and employs 1,100 people, recently spent £500,000 moving its Skoda and Kia dealership from Warwick Street in Shieldfield, Newcastle, to Railway Street close to the Metro Arena, and has seen sales of Kia Vehicles grow to 314 this year, compared to 71 last year.