Car shortage to continue, warns Pendragon
A SHORTAGE of new and used cars will continue to hurt sales at leading dealer Pendragon, it warned today.
New car production has been hit by a lack of computer chips and other materials, sending the cost of second hard cars soaring.
Pendragon, which owns the Evans Halshaw and Car Store brands, saw profits in the last three months slip from £21.5 million to £14.7 million.
Chief executive Bill Berman said: “While supply chain challenges and other market pressures are set to persist, we are confident we have the right strategy in place to deliver for our customers and partners, and to meet our expectations for the full year.”
The company has lately been subject to a cyberattack and ransom claim by hackers demanding £54 million. Pendragon says it has taken steps to protect its IT systems and will not be “held hostage” by the hackers, said to be part of the group known as LockBit 3.0.
The chip shortage has hit the entire sector. Last week Toyota admitted its production target will fall due to the lack of semiconductors.
Pendragon…
