Rover halts its exports to US of luxury cars .sx Rover is to halt exports of its luxury Sterling cars to America because of drastically falling sales .sx The company said the recession in the United States and rapidly-changing exchange rates had badly affected trading .sx It intends to concentrate on Europe and the Far East " where there are more positive business opportunities .sx " .sx Chief executive George Simpson said :sx " Sales in the US for European cars have declined significantly .sx " Additionally , exchange rate volatility continues to have an adverse effect on trading conditions and profit opportunities .sx " .sx Sterling is Rover's top-of-the range 2.7-litre car and has been on sale in America since early 1987 .sx Best Sales then were just over 14,000 but the 1990 figure plummeted to a mere 3,317 .sx " It is particularly disappointing to have to make this decision when our cars , our US organisation and our dealers have made such progress in meeting the demands of the American customer , " Mr Simpson said .sx " However , a combination of the business and economic conditions and the major future investment required to make Sterling a truly successful brand in the US , indicate that it is best for the Group as a whole to concentrate its future resources on the development of other markets .sx " .sx He said the decision would mean some job losses in the States but not in the UK .sx Auctions underline market optimism .sx By Eve Standing .sx MANY people faced with the task of selling a difficult or unusual property have a problem , and one of the best courses of action is to go to auction .sx All the talk of recession has led many people to think that little is being spent on properties , with everyone taking a short-term view of property as an investment .sx But this year auction activity has demonstrated there is still plenty of interest and shows an underlying confidence that the market will recover .sx Estate agents reported that sales have often been well attended .sx Earlier in the year it was obvious that the volatility of the previous six months in the auctions sector was diminishing , with buyers acknowledging that better times lay ahead and anticipating a good fall in interest rates .sx Rewarded Their optimism has been rewarded .sx They bought wisely in the late winter and early spring and have since seen interest rates fall quite rapidly , generating more growth and confidence .sx According to one estate agent , a recent auction saw five lots presented for sale and of these four were sold - and all at a good margin above the guide price .sx They represented a wide cross section of property types ranging from a semi detached with structural problems to a nicely situated three-bedroom detached on a corner plot .sx Often an auction can provide the benefits of getting several potential buyers together in one place on the same day .sx The element of competition brings just regards for the vendor and also brings benefits for owners of other , similar properties .sx Every unsuccessful bidder at one auction is a potential buyer at the next as his demand still needs to be satisfied .sx Good auction sales also bring other potential vendors out of the woodwork , ensuring a constant supply of properties with potential .sx The advantage to the vendor is that at the end of the auction he can end up with a form contract for a sale - the deal is sealed on the day and backed by the commitment of a non - returnable ten per cent deposit .sx While it would be wrong to assume that an auction is the answer to everyone with a home which is out of the ordinary , it offers a great many people the chance to turn what they see as a problem into ready cash .sx Big sales drive from new base .sx BLACK COUNTRY car sales group West Midland Motors is forecasting a big surge in sales after moving into a prestigious new head-quarters on a prime site at Horseley Heath , Great Bridge , Tipton .sx Managing Director Steve Price said the company will be able to offer the choice and service to achieve ambitious new targets .sx They also planning to exploit the big gap opening up in favour of the nearly-new car market .sx " The price differential between low mileage H-registration cars and the cost of a new model is giving us a big sales advantage , " said Mr Price .sx " Even companies , which in the past bought new , are coming to us when replacing their fleets , " he commented .sx The move to the new site with a showpiece frontage was from former premises at Leabrook Road , Wednesbury .sx The operation was backed by the Black Country Development Corporation which helped West Midlands Motors find the new site .sx The BCDC insisted on high specifications for the new Showrooms and service centre .sx The showroom carries a stock of 35 cars with a total choice on the site of 140 models .sx With new servicing and valeting facilities , Mr Price said their main concern was to look after their customers .sx The range of top quality used cars takes in Ford , Austin Rover and Vauxhall , as well as foreign cars .sx There is also a section of prestige cars including Rolls Royce , Mercedes , Jaguar and Porsche .sx Giving examples of nearly-new bargains , Mr Price quotes a Rover GSi 16 valve , costing around pounds14,000 on the road .sx West Midland Motors can supply a mint condition H-registration model for around pounds9,000 .sx A Cavalier 1600 L 5-door , cost around pounds11,700 on the road compared with an H-registration price of pounds7,500 .sx A Ford Granada 2.9i Scorpio costs just under pounds28,000 new on the road compared with an H-registration price of pounds12,900 .sx As part of the improved services on offer , former salesman Neil Timms is heading a new financial department to deal with hire purchase , leasing and extended warranties .sx On the sales side are the experienced team of Stephen Arblaster , Roy Westbrook who have been with the company eight years .sx Roger Norridge is the newest member of the team having joined from a local Rover dealership .sx With the new facilities and service and sales back-up , Mr Price is expecting a 50 per cent increase in turnover this year on the previous total of pounds6 million .sx Polly Peck salvage plan .sx Creditors of Polly Peck International have agreed to a restructuring plan in order to salvage what they could from the wreckage of the collapsed fruit-to-electronics group .sx Administrators from Coopers and Lybrand Deloitte said yesterday that the survival package offered their best chance of recovering at least some of the pounds1 .sx 1 billion the company owed .sx The scheme was accepted at a meeting of creditors at Alexandra Palace in north London after there were no votes against on a show of hands .sx Before the meeting the administrators said they had received proxy votes in favour of the plans from creditors owed more than pounds33 million while proxies against represented less than pounds2,000 .sx Seating had been arranged for up to 2,500 creditors with a closed circuit television available to transmit proceedings to any overflow but in the event the hall was barely one-third full .sx The meeting was told by Michael Jordan of Coopers and Lybrand that the alternative to restructuring - the immediate liquidation of the group's assets - was likely to yield a return of just 20p in the pound .sx Speyhawk will clip its wings .sx Property develop Speyhawk is scaling down operations after reporting a first-half loss of more than pounds10 million .sx The company made a profit of pounds6 million in the previous six months .sx Turnover was down by two-thirds from pounds130 million to pounds42 million .sx And today the board announced that no interim dividend would be paid and that there would be no payment on preference shares .sx " Conditions have dictated that operations be scaled down enabling overheads to be reduced and the management to focus on the group's immediate objectives , " a company spokesman said .sx " The board continues to guide the group through difficult times which will only recover gradually .sx " The continuance of extremely difficult trading conditions is such that no improvement in the prospects for the group can yet be expected .sx " .sx He said work was continuing on developments at Wimblendon , Harrogate , Croydon and Windsor .sx City's crowning jewel .sx Asprey proved there's no such thing as a recession for the really rich today , by showcasing a glittering display of profits .sx Chairman John Rolls Asprey claimed that trading in all the group's shops had been hit by the recession , but it certainly didn't look that way from this side of the jewellery display .sx Annual sales were up by a third to shade over pounds100 million , which sent profits at the top peoples' shop up by pounds2 .sx 5 million to more than pounds24 million .sx Mr Asprey said the company's success in recent years had been founded on serving the " top end of the luxury market for an international clientele .sx " .sx The City thought the profits were much what had been expected and the excellent news left the shares unmoved .sx Dan-Air still flying despite pounds38m losses .sx Company doctor David James revealed today that his last patient - the Davies&Newman group - had survived 1990 on two wings and a prayer , despite losses of more than pounds38 million .sx He was called in last November , whilst helping rebuild Eagle Trust , to see if the Dan-Air parent could be saved .sx Today Mr James said :sx " Despite appalling difficulties during the last year the group has survived .sx " Provided it can now achieve the essential level of new capital support to maintain and develop its market position , I believe it will again become a valuable investment .sx " .sx Mr James said the year-end trading loss of pounds25 million had been in line with forecasts .sx The loss on ordinary activities - before taxation credit of pounds12 .sx 8 million - was pounds38 .sx 7 million .sx The board has decided that no dividend can be declared for 1990 .sx Today Mr James indicated that a rights' issue ear was likely this autumn .sx Index on the slide .sx Prices tumbled today as the London markets followed the line from Germany .sx A string of dismal company results left the FT-SE nursing a 24-point loss at one stage .sx Trafalgar House were one of the few bright spots , climbing 5p after a report that P&O may buy its Cunard cargo interests .sx British Steel was again under pressure , down 5p ahead of Monday's results .sx Anglia TV , down 8p , reflected its massive profits' slide .sx BTR dipped 8p after its Thomas Tilling subsidiary revealed a 13 per cent fall in profits , while reaction to Burton's pounds161 million cash call saw it lose 2p .sx By early afternoon , more than 40 million Burton shares had changed hands .sx Overseas aid to Syltone .sx Truck and trailer parts supplier Syltone fought off the motor industry slump by travelling overseas to grab new business .sx Bradford-based Syltone turned in profits up pounds320,000 to pounds2 .sx 7 million .sx Chairman Tony Clegg said the 13.2 per cent rise was earned by expanding overseas .sx Sales were up pounds1 million to more than pounds33 million .sx Mr Clegg said :sx " Our French , Dutch Italian and United States subsidiaries have all returned excellent results .sx .sx The foreign ventures had also helped keep the UK factories busy .sx Syltone's overseas sales leapt nearly 3.5 million to pounds18 million , while the home figure dropped pounds2 .sx 5 million to pounds15 .sx 6 million .sx A final dividend of 6p , makes 9p total , up 1p .sx Poor show by TV firm .sx Video and TV equipment suppliers Avesco broadcast a sorry message to shareholders today with profits down more than pounds4 million over the year .sx But it said that longer term prospects were excellent .sx " The difficult trading conditions of the last year are likely to continue for the immediate future , " said chairman Richard Murray .sx " But the awarding of the ITV franchises in October will provide a stimulus to the UK television market .sx " .sx He believed the television industry worldwide would grow strongly over the next decade .sx " The benefits of new broadcasting channels and increased broadcasting hours are still to come , " he said .sx " They , plus the wish of the less advanced nations of the world to catch up , can only lead to a resumption of strong demand for the products and services which we offer .sx " .sx Final dividend is 1p , making 1.5p. Cash fall .sx Engineering to textiles group Thomas Tilling sewed up profits of pounds152 million over the year .sx The figure was pounds23 million down on last time .sx