UPDATE 1-Lookers sees year results above its expectations


* Q3 boosted by sales of car parts, new and used cars

* Market conditions challenging

* Looking for acquisitions

(Adds detail, background)

LONDON, Oct 29 (Reuters) - British car dealer Lookers said 2010 results would beat its previous expectations after a strong third quarter driven by its car parts business as well as rising sales of new and used vehicles.

The group, whose shares have been boosted recently by bid speculation, said on Friday market conditions remained challenging, but that its performance gave it confidence of coping heading into 2011.

"Our strong balance sheet and headroom in our bank facilities also enables us to pursue strategic acquisition opportunities in both the motor and parts divisions, which will help underpin growth in future years," it added.

Lookers' shares, which hit a one-year high of 64 pence on Wednesday, closed at 61 pence on Thursday, valuing the business at about 232 million pounds ($369 million). ($1=.6281 Pound) (Reporting by Mark Potter; Editing by Jon Loades-Carter)



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