Eagers Automotive, the country’s largest car dealership, will pay a record dividend of 50¢ per share, with the company’s largest shareholder, billionaire businessman Nick Politis, receiving a payday of $35.3 million.

Eagers chief executive Keith Thornton said there was a backlog of around 40,000 vehicles ordered by buyers who were waiting on delivery for various models, which would help sales for at least the next 12 months. He expects to increase revenue by more than $1 billion in 2024, a target which he labelled “probably a conservative number”.