Consolidation move on in UK car dealership sector

Car dealers Pendragon today shocked the City by revealing its was interested in bidding for both Lookers and Reg Vardy to create the undisputed king of the UK car dealership sector.

Nottingham-based Pendragon announced that it made two approaches to Lookers after tabling a £450m (€656m) cash offer for Vardy last month, but saw its overtures rejected each time.