On this Saturday’s episode of MotortradeRadio.com, Philip Nothard of COX Automotive joined by Curtis Hutchinson, editor atMotortrader.com to discuss the latest headlines, Pendragon is carrying out a strategic review of its business as it announced that underlying pre-tax profits for the year to 31 December 2017 will fall 20% to £60m compared to £75.4m in 2016. And, a big push on commercial vehicles helped Ford dealer group Peoples generate record turnover in the year to 31 July 2017 although profits dipped.
Conversely, Inchcape turned in a strong international performance in the third quarter, up 14.6% to £2.3bn.
In other news, the rate of pay rises have fallen across the motor retail sector as a result of the long expected slowdown, according to the 2017 Motor Salary Survey by accountants and business advisers BDO. And, the latest figures available from the Finance & Leasing Association obtained by Motor Trader show that in the 12 months to June the value of used PCPs processed by dealer rocketed 20% to £6.9bn.
MotoNovo Finance has called for car finance houses to adopt a more conservative approach to residual values and the Guaranteed Minimum Future Value (GMFV) offered on PCPs and other products. Whilst, a survey from the Financial Conduct Authority (FCA) which found that motor finance is used by just over five million UK adults in the UK.