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23/11/2009

Scrappage Scheme a Success for Pendragon

Pendragon, the Car Dealership, has announced that despite being in the midst of a recession, results for this year are actually expected to be ahead of original expectations. The company has explained the significant results as being the consequence of the governments’ car scrappage scheme and excellent cost control. Pendragon have also attributed the results to greater used car performance, with their own used car sales having increased by 2.9%.

Pendragon owned Evans Halshaw has found that it has benefited from the UK car scrappage scheme, which has provided a boost to sales at the lower value end of the market, with the business seeing car sales rise by 3% in comparison to the same period last year. However, Stratstone, Pendragons' premium brand business has found that the top end of the market has seen little advantage from the government scrappage scheme. The company has, nonetheless, still seen improved margins along with an increase in new car sales of over 5 % ahead of expectations.