LONDON (ShareCast) - Shares in Pendragon fell more than 20% after the car dealer said the car market is experiencing a decline in sales of new and used cars.
“Nationally, new retail registrations were down 2.2% in retail and 0.1% in small business users registrations for the four months to the end of April 2008” the group said.
“In May, national registrations declined significantly, by 9.5% in new retail and 15.4% for small business user registrations.”
Pendragon said that the decline seen in May had continued into June and that it expected it to persist until the end of the year.
It said it had taken action to reduce costs, including laying off 500 staff.
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