RECORD sales and earnings for a sixth consecutive year in 1998 have been reported by upmarket motor dealer H R Owen. The company, which operates 24 different franchises from 36 outlets, reported pre-tax profits up 46% to £6.12 million (1997: £4.121 million) on turnover up 7% to £406 million (1997: £378 million).

The group is the largest specialist retail motor group in central and greater London. Chairman John MacArthur said the company had managed to avoid being caught up in the residual value turmoil surrounding used cars last year due to its ability to closely monitor the used car market and revalue vehicles on a monthly basis, while adhering to stock management procedures, whereby aged stock was sold through its central used car disposal centre.