RMT Implementing Growth Strategy with McCowie & Co Acquisition
May 8, 2024
Read More
Overdrive North East profits up after cold snap
Overdrive North East in Morpeth, Northumberland, buys vehicles from car dealerships, franchises, companies and private individuals.
It was launched 10 years ago by North East businessman Jason Miller and his wife Niki to give garages across the UK a reliable supply of quality used cars.
As well as supplying all makes and models to some of the UK’s largest car dealers, the company has seen a rise in demand for vehicles exported overseas as far afield as Malaysia.
Mr Miller started selling cars when he was 19, with his first transaction being a Nissan Cherry Turbo which he had bought from his uncle.
Sales of 4×4 vehicles climbed around 22% in the year ending January 2011 – the company reported this week – as drivers turned to vehicles that can handle icy conditions and potholes.
Mr Miller said: “I am extremely pleased with last year’s results and would like to thank all those companies that we deal with for their support. We look forward to an exciting but challenging year ahead. We also look forward to bringing electric vehicles into the used car market.”
Ian Cameron, senior commercial manager at HSBC in Team Valley, Gateshead, said: “HSBC has provided banking services to Overdrive since incorporation and we are delighted to have been able to further develop our relationship by providing the working capital facilities needed for the company to continue to grow.”
Paul Gainford, commercial services manager at RMT, which provided the company with business advice and auditing services during its period of ongoing growth, said: “Jason and the Overdrive team have shown that, with hard work and the shrewd ability to react to market conditions, it is possible to prosper in these difficult times.
“RMT has a strong relationship with Overdrive and we look forward to helping it manage ongoing growth and expansion as the motoring sector continues its recovery.”