Pendragon online surge doubles profits
Britain’s biggest car dealer Pendragon said that more people logging online to buy Ford Fiestas and Land Rovers had helped it to double profits.
The group clocked up more than 8 million visitors to its website in the six months to June, up 16.2 per cent on last year, as prospective buyers logged on to research their purchase and find the best prices.
Chief executive Trevor Finn said: “Everything is on mobile now and providing customers with high-definition videos for their selected used vehicles has enhanced our service. There are thousands of cars on our site. An individual dealership just can’t compete with that.”
Pendragon, which has more than 250 UK dealerships including the Evans Halshaw and Stratstone brands, said demand had helped profit accelerate 98 per cent to £33.2million on revenues 2.7 per cent higher to just over £2billion.
New and used cars, particularly Ford Fiestas in the UK and Land Rovers at its US-based California business, were popular. After-sales were also strong.
It hopes to open 40 more dealerships, mainly in the south of England, over the next four years. The shares rose 1½p to 32½p.
