CAR retailer Sir Peter Vardy has been presented with an award for outstanding achievement in recognition of his work in the motor industry.

The chief executive of Reg Vardy, based in Sunderland, was awarded the Motor Trader award for raising the profile and enhancing the reputation of the car industry.

Announcing the award, the judges said: "Sir Peter is a popular figure in the UK motor trade and this outstanding achievement award is in recognition of the high levels of professionalism, innovation, community spirit and loyalty which he champions."

Sir Peter was presented with the award at a dinner in London on the same day he reported record results for the company to the stock market after selling nearly 200,000 cars in the past financial year.

Sir Peter joined Reg Vardy, the company set up by his father, after leaving Durham School in 1963.

He took over as managing director of the business following the death of his father in 1976, and held a vision to make the company the UK's leading motor retailer.

The business grew quickly in the North-East, with finance schemes that made new cars affordable and a growing portfolio of leading franchises, including Aston Martin, Ford, Rover and Vauxhall and latterly other European and Japanese manufacturers.

In 1989, the company floated on the Stock Exchange to become Reg Vardy plc. It now has 93 dealerships nationwide, employing more than 5,000 people, and aims to have 100 dealerships by the end of the financial year.