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The Warsaw Voice
Auto-Sim has announced that it intends to trade on NewConnect. The company, which sells and buys back luxury vehicles, wants to set up a chain of company showrooms in Poland. Auto-Sim intends to be a non-dealership luxury car sales leader.
| Auto-Sim to Go Public | |
| 2008-03-05 | |
| Auto-Sim has announced that it intends to trade on NewConnect. The company, which sells and buys back luxury vehicles, wants to set up a chain of company showrooms in Poland. Auto-Sim intends to be a non-dealership luxury car sales leader. "Our ambition is to grow at least as fast as the luxury car market," says co-owner Michał Stolarek. "We want to keep ourselves apart from popular second-hand car sellers, so we've made a strategic decision to set up a chain to increase our potential and scale of operations." Auto-Sim is Poland's only luxury car chain. The company's policy of buying back cars for cash and working together with dealership chains, combined with its large base of satisfied customers, has won it competitive edge that allows for expansion. Auto-Sim's know-how has delivered impressive financial results that have been growing as quickly as the premium car market. Last year, the company reported a profit of around zl.200,000 on revenues of more than zl.10 million, an increase of 30 percent on 2006. This year will see similar growth according to conservative forecasts, although the rapid growth of the luxury car market and the company's investment plans need to be factored in. Auto-Sim estimates the luxury car market to be growing 20-40 percent a year. "We've been observing rapid growth in the luxury car market," says Stolarek. "By our estimates, the market for second-hand luxury cars grew 25 percent last year." Auto-Sim is presently building a nationwide luxury car chain and wants to launch the brand "Exclusive Cars" in Poland. The potential of this market can be seen by the number of new registrations of brands that have no official importers or dealership chains. For example, 80 Hummers and 20 Bentleys, none of which was more than three years old, were brought into Poland last year. This is a great opportunity for Auto-Sim, which sold four Bentleys last year. Auto-Sim is planning to open at least one showroom a year. The company has not yet decided whether to list on NewConnect alone or with a financial backer. Market opportunities and finance arrangements are currently being analyzed. |
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| (The Warsaw Voice) | |
| http://www.warsawvoice.pl/printArticle.php?a=17278 |
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