Auto Trader's shares hit record high due to 18% increase in annual pre-tax profits to £345.2m, driven by strong car market and sales growth.

Auto Trader's shares reached a record high after the company announced an 18% increase in annual pre-tax profits to £345.2m, driven by the robust second-hand car market and 12% growth in sales. The marketplace, which accounts for two-thirds of UK car buyers, expects continued growth as demand for new and used cars remains strong. Despite competition from Google, Auto Trader's CEO, Nathan Coe, remains confident in the company's prospects for future growth and moving more of the car buying process online.