Share prices of the UK’s publicly listed dealer groups dropped sharply this morning following news that the UK’s electorate had voted to leave the European Union.
Cambria Automobiles traded at 75.5p yesterday afternoon but fell to 62p this morning, a 17% drop, before beginning to recover.
Pendragon traded at 37.8p yesterday afternoon but fell to 29p by 9am this morning, a 21% drop.
Caffyns went from £5.89 yesterday afternoon to £5.45 this morning, a 6% drop.
Marshall Motor Holdings traded at 75.5p yesterday afternoon but fell to £1.70 this morning, a 15% drop
Vertu Motors fell to 48p this morning, a 16% drop from yesterday’s 57.5p.
Lookers fell to 116p this morning, a 16% drop from yesterday’s 145.5p, but has begun to recover
Inchcape traded at £6.80 yesterday afternoon but fell to £6.03 this morning, before beginning to recover.
More broadly, the stock market has now clawed back half of its losses, following Bank of England governor Mark Carney’s pledge to provide £250bn of funds to calm the situation.
The FTSE 100 is now down 274 points, or 4.3%, at 6065 – still a very large fall that wipes out around £70bn.
As editor, Tim is responsible for the media content, planning and production of AM's multiple channels (AM print and digital magazines, website, social media and contributing to our events planning). He interviews and writes about as many franchised dealer groups and UK divisions of motor manufacturers as possible, to explore the issues facing UK motor retail and understand what solutions dealers and suppliers are using to overcome these.
Mark - 24/06/2016 12:31
A great day for Democracy over Corpocracy! Automotive corporations have lined up in support of 'Remain' over recent weeks, threatening the livelihoods of hard working British people. It's time for corporations to listen to the voice of the people. Automotive corporations have paid the price this morning with falling share prices, for their arrogance towards the will of the people. Lets hope they rethink their values, update their rhetoric and avoid losing the support of their workforce... their most valuable asset!