News / Business by Press Association 02/05/2018, 8:54 am Updated: 02/05/2018, 10:02 am FacebookTwitterWhatsAppEmail Send us a story Sign up to our Daily newsletter Car dealership Pendragon has said first quarter profits more than halved after it was knocked by falling new car sales and a shortage of used vehicles. The nationwide chain – whose brands include Evans Halshaw and Stratstone – said underlying pre-tax profits slumped to £15 million in the three months to March 31 from £32.4 million a year earlier. It said new vehicle revenues fell 13.3%, with gross profits for the division down 17.6% in the quarter as it came up against a record performance from a year earlier amid a rush to snap up cars ahead of the licence tax changes in 2017. Used cars sales – which have been more resilient – also suffered in the first quarter, with gross profits tumbling 16.5% on sales 1.5% lower. The group said its stock of used cars was not enough to meet demand in March. Shares fell 3% after the update. The group assured it expects used car sales to pick up throughout the rest of the year as it increases its stock and opens more… Read full this story
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