Car dealer Pendragon slumps to loss after having to drop prices

Nottingham-based company’s new CEO will decide whether to continue with five-year plan

Pendragon, one of Britain’s biggest car dealers, has slumped to a loss in the first quarter after it was forced to lower prices to shift cars.

The Nottingham-based company, which trades under the Evans Halshaw, Stratstone and Car Store brands, also said the cost of expanding its second-hand car business had been higher than expected.

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