Motor retailers' share prices take a hit

Share values of motor retailers listed on the London Stock Exchange took a hit this morning, a day after Pendragon's gloomy statement and revelations of its redundancy programme.

Within two hours of the market opening, share prices began to slide for all dealers except HR Owen and Caffyns.

Lookers dropped 4.9%, Pendragon 5%, Vertu Motors 15.1% and Inchcape 4.3%.