Pendragon riding high on economic recovery as sales hit £4.5 billionComments Off on Pendragon riding high on economic recovery as sales hit £4.5 billion
Drivers are feeling more confident than ever about the economy, buying cars in greater numbers and helping dealership Pendragon record a boost in sales.
The company, which is the biggest car dealership in the UK, revealed that sales jumped 11% to £4.5 billion, with pre-tax profits for the year to the end of December rising 22.3% to £79 million.
Bosses added that luxury car sales, including BMWs and Mercedes, had performed particularly well, although profits in the luxury business had been hit by lower margins on used vehicles.
Analysts and commentators have pointed out that recent spending patterns show people are buying more big ticket items, as job security increases.
Pendragon appeared to support that position, revealing 75% of car sales included finance options.
The company is also pushing its car buying service, Sell Your Car, to take on rival We Buy Any Car.
Shares were up 0.4p to 36.4p, although they remain down nearly 23% this year.