February 13, 2018 / 7:15 AM / 12 days ago

UK car dealership Pendragon's profits fall ​

LONDON, Feb 13 (Reuters) - British car dealership chain Pendragon reported on Tuesday an expected 20 percent drop in underlying pretax profit to 60.4 million pounds ($84 million) after warning that its performance had been hit by waning consumer confidence.

The firm, which trades under the names Stratstone, Evans Halshaw and Quicks across Britain, said last year it would sell its U.S. division and focus on growing its domestic operations with the use of new technology.

“The group has a clear focus and direction to transform the business and double used revenue by 2021,” said Chief Executive Trevor Finn.

“This will be enabled by our market leading software business to provide the online and technology platform and by investment in increasing the used retail and aftersales representation points in the UK,” he said.

Britain’s new car demand slumped last year, blamed by an industry body on uncertainty over the government’s diesel policy and Brexit.

​ ($1 = 0.7220 pounds) (Reporting by Costas Pitas, Editing by Paul Sandle)

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