September 12, 2018 / 7:58 AM / a year ago

Peugeot maker PSA targeting rise in second-hand car sales

FILE PHOTO - The PSA Group logo is pictured during a news conference to announce the company's 2017 annual results at their headquarter in Rueil-Malmaison, near Paris, France, March 1, 2018. REUTERS/Benoit Tessier

PARIS (Reuters) - Peugeot maker PSA Group (PEUP.PA) is targeting a rise in sales and profits in its second-hand cars division, as part of the company’s broader “Push to Pass” strategic plan for up to 2021, said a leading PSA executive.

Marc Lechantre, who heads up PSA’s second-hand cars unit, said the company was targeting 600,000 sales in 2018, with the group having set a broader target for sales of 800,000 by 2021.

Lechantre added PSA was on track to lift profits within the second-hand cars division by a multiple of four times.

In July, PSA reported it had turned its recently acquired Opel-Vauxhall business sharply back into the black while achieving record first-half profitability at its French car brands, sending its shares to 10-year highs at the time.

Reporting by Gilles Guillaume; Editing by Sudip Kar-Gupta/Matthieu Protard

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