Pendragon, Europe’s largest automotive retail network is rumoured to be instigating redundancies to deal with difficult market conditions.

The recent economic downturn is reflected in other big industry players such as GM Motors who have already laid-off some 3550 workers.  BMW and Damiler have both recently reported falling profits in the first quarter.

International financial crisis, a slower US economy, credit crunch in the UK, and the abolition of exemption for higher road tax on older vehicles have all affected the used car market and the wider industry.

Stricter tax regulations on CO2 emissions are hitting hard on the value of luxury and larger vehicles.

ContractHireAndLeasing.com will bring you further news as we watch the effect of a slowing economy.

Faye Sunderland