Trevor Finn, Pendragon chief executive, said: “The results demonstrate the potential that has been created in our business. The repositioning of our franchise portfolio towards the upper end of the market and improved our quality of earnings and enabled us to take full advantage of returning consumer confidence.
”This year has started well and we are looking forward to a good 2002. The proposed changes to the block exemption rules should favour dealers like ourselves and increase our commercial independence from the manufacturer.”
Pendragon, which has sought to shift its dealer focus onto the prestige end of the market, has expanded business overseas. It said performance from its dealerships in the US was “particularly strong”, though the German businesses were “diasppointing”.