Mixed results keep Pendragon on course
Growth in used car sales has offset falling new car sales and kept Pendragon's performance in line with expectations, the company has reported.
The Nottingham business is experiencing an "increasingly challenging macro-economic environment and continued economic uncertainty" resulting in sales drops across its portfolio of new cars for the last quarter.
However, an 18 per cent upturn in like-for-like used car sales has kept the business steady.
Its main area of profitability is aftersales, on which it aims to focus more closely with its vehicle health check programme.
Pendragon said: "Used performance continues to be a differentiator for the group and we believe this will continue in the final quarter with further recovery in used margin.
"The new retail car market is challenging, particularly for some of our franchises in the volume sector.
"However, we expect stronger performance from some of our prestige franchises in the fourth quarter."
