Used car sales slump

* Biggest car dealership's profits fall * June is particularly bad * Company car sales rise, though...

Used car sales slump

Tumbling used car prices have been blamed for a 37% fall in profits at Britain's largest car dealership group, Pendragon.

A Pendragon statement said that wholesale used car prices witnessed 'the biggest single monthly reduction in over five years in June.

The drop-off was particularly marked for large executive and off-road vehicles.

However, while private sector registrations fell by 4.9% in the first six months of 2008, demand for company cars increased by 2%.

Despite this, though, the company still made 21.1 million pre-tax profit.

In the first six months of last year it made 33.5 million.