In February, AAA Auto Group N.V. announced that the company’s key financial indicators declined in 2007 due to a combination of significant growth in the cost of expansion on the one hand and a market-wide slump in used car sales in the fourth quarter, on the other. The company announced a major program of cost reductions in order to restore profitability.
New branch in Prievidza (Slovakia)
AAA AUTO Group extended, to three days, the deadline for exchanging a purchased vehicle for a different one
AAA AUTO provided 160,000th customer with Carlife insurance
Mobile buying launched in all countries with AAA AUTO car centers.
The Board decided in April to sell off the subsidiaries General Automobil and HK Partner dealing with the sale of new cars.
Share capital of AAA AUTO a.s. and its subsidiary AAA Auto Group N.V. doubled.
The group became one of the top ten car distributors in Europe.
Luxurious AAA AUTO showroom opened in Pilsen.
A new business venture, AAA PREMIUM AUTO, started offering like-new vehicles with premium services.
AAA AUTO climbed 28 spots in the prestigious chart of CZECH TOP 100 companies.
The Board decided to close down the Polish division of AAA AUTO, due to the import of low-quality second hand cars from EU into to the market.
David Thorley took over the post of Chief Financial Officer (CFO) of the AAA AUTO group.
In September, AAA AUTO relaunched its improved, reorganized website as a key telemarketing instrument accounting for over half of the group’s used car sales.
In September AAA AUTO opened a new car center in Hradec Kralove.
On October 10th, the AAA AUTO Call Center celebrated its 10th Anniversary and 350,000 vehicles sold since it was established.
In early November, AAA AUTO Group decided to sell off some of its existing assets in Hungary. Hungary is experiencing a significant downturn due to the financial markets crisis. Early in December, two branches there (in Pécs and Szeged) were closed.
In November, AAA AUTO sold its 450,000th car in its 16-year history.
In December AAA AUTO started buying worthless old cars, falling within the obligation to pay emission charges and provides a bonus of CZK 5,000 when buying a used car with a trade-in. Older cars will be ecologically recycled in cooperation with specialized companies.
In December the Board approved a change in the company’s tax domicile.
On January 1, 2009, AAA Auto Group N.V. was moved from the Netherlands to the Czech Republic.
Prices of used cars fell in the Czech Republic during 2008 by an average of 10 to 25 percent due to lower prices of new cars and the economic downturn. Similar declines in prices was seen in other countries of Central Europe.
In the first half of the year AAA AUTO Group sold over 35,400 vehicles.
The AAA AUTO group signed a contract with a consulting firm due to its entry into the Russian market.