Howard, the financial press is concerned about Pendragon, they own multiple dealer chains and have issued a significant profit warning to the city.
Yes, car finance through a PCP is out of control, no tests of affordability or any other questions about means to pay. At the end the dar is handed back and then what happens?
I can see the FCA stepping in, that will result in sales further falling and I'm sure one of the big PLCs behind the dealers failing.
It is interesting that Mercedes Benz UK is buying up dealerships where possible.
How can you tell? Simple:
Salisbury Mercedes = Mercedes Benz UK Ltd owned
Mercedes of Salisbury = third party owned.
So is MB acting as an unlicensed financial services provider?
