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Pappas sells more cars even as market contracts

Austrian-owned Hungarian car dealer Pappas Auto sold 7% more vehicles in January-October compared to the same period a year earlier even as the market as a whole contracted 10%, managing director Friedrich Lixl said.

Pappas Auto sold 1,898 passenger cars, including 605 used vehicles, in January-October. Mercedes models, Pappas Auto's biggest seller, accounted for 813 of the vehicles sold. The number compares to 693 a year earlier. Pappas Auto sold 1,757 light commercial vehicles during the period, 4% more than in January-October last year.

January-October revenue came to Ft 37.4 billion. Full-year revenue in 2007 was Ft 41.9 billion.

Lixl noted that the effects of the global financial crisis became obvious in the month of October as Mercedes sales slipped 20% from the same month a year earlier.

Last year Pappas Autos sold 4,060 vehicles. This year it expects to boost this figure by more than 400.

Pappas Autos recently completed Ft 574 million of investments at its bases in Budapest, Szeged and Pécs. (MTI – Econews)