The used car dealer is selling too many new cars at giveaway prices, its chief executive says ReutersThe legacy of 30 years of being run by the same chief executive has been laid bare at Pendragon, with the motor retailer unveiling a catalogue of issues yesterday that immediately drove its shares to a seven-year low. According to Mark Herbert, the company’s chief executive, those issues include too many old second-hand cars, too many new cars registered as sold that hadn’t actually found a buyer, not selling enough new cars and selling too many new cars at giveaway prices to hit manufacturer targets — and all that set against a background of generally falling motor sales in a moribund consumer economy. Mr Herbert, 51, was brought in to rescue the company in March after Trevor Finn, 61, the former chief executive who had…

Source: The Times June 12, 2019 23:03 UTC