Friday, June 29, 2007
Pendragon blames market for profit warning
Slump in used car values has hit group's performance
Pendragon has insisted the profit warning issued this week did not result from difficulties with integrating the Reg Vardy network into its operation but from economic conditions affecting UK motor retailing as a whole.
“It's not at all to do with Reg Vardy,” Trevor Finn, chief executive of the UK's largest dealer group, told Motor Trader.
“Everyone is bemoaning the state of the job, dealer composites are at their lowest for a long time.”
He said the trade downturn was not a geographic issue and not specific to particular brands but caused by interest rate rises hitting consumer spending and an oversupply of heavily incentivised new cars putting pressure on the used market.
DATED: 29.06.07
FEED: MT
Pendragon has insisted the profit warning issued this week did not result from difficulties with integrating the Reg Vardy network into its operation but from economic conditions affecting UK motor retailing as a whole.
“It's not at all to do with Reg Vardy,” Trevor Finn, chief executive of the UK's largest dealer group, told Motor Trader.
“Everyone is bemoaning the state of the job, dealer composites are at their lowest for a long time.”
He said the trade downturn was not a geographic issue and not specific to particular brands but caused by interest rate rises hitting consumer spending and an oversupply of heavily incentivised new cars putting pressure on the used market.
DATED: 29.06.07
FEED: MT
