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Used cars and bangers aid Pendragon
Car dealer Pendragon said it traded ahead of plan in the four months to October 31, with the outcome boosted by the Government's "cash for bangers" scrappage scheme, good cost control and a better used car performance.
"We are confident that this year's results will be in line with our current expectations and ahead of our original plan for the year," the firm said.
Pendragon said new car sales at its Evans Halshaw brand were 3 per cent ahead of the same period last year as the scrappage incentive gave a stimulus to sales at the lower-priced volume end of the market.
The firm said that although new car sales were 5.2 per cent ahead at its Stratstone premium brand business and margins had improved, the division had benefited very little from the scrappage scheme.
New car sales may benefit in December if consumers bring forward purchases prior to the year end increase in VAT.
Pendragon said used car sales for the period rose 2.9 per cent.
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Friday 25 May 2012
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