The group behind the Evans Halshaw and Stratstone car dealerships says it has had a strong start to 2023 – despite the multi-million pound impact of higher interest rates.
Nottingham-based Pendragon said it made underlying pre-tax profits of £23 million in the first three months of the year – up a quarter on the same time last year. However it saw interest costs rose by £4.6 million – more than 50 per cent up year-on-year.
The number of new cars sold by the group was up 20 per cent on the prior year. By comparison the overall market saw sales go up less than 1 per cent. The group said gross profit for each new car sold was up almost 10 per cent at £2,696, as a result of fewer discounts and manufacturers focussing on higher margin models.
