Pendragon, the national car dealership group, has disclosed a dramatic increase in profits for 2010. This rise is thought to have come from the sale of prestige brands and repairing older vehicles. Pendragon is regarded as Britain’s largest independent dealer operator – with pre tax profits more than doubling to £25m (up from £10m in 2009).
The company also owns Chatfields, Evans Halshaw and the Ubiquitous Stratstone. Pendragon’s success has proven that money can still be made in the automotive industry with much of its income coming from its service and repair centres during the downturn. However, once recovery signs surfaced then sales of the premium vehicles rose.
A ray of light for the industry or just the luck of one individual company? Only time will tell.