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In answer to your question trent my point is after proven racsim this dealership manager was promoted to managing director,the only female operation director has left,this new MD doesn't like to surround himself with people of a different colour or gender? its all on the web if you don't believe it,take a look. Great result from a more progressive company lookers tpday,my other investment
Well 110% with everything you have posted Stoobedoo. You would think that Trevor Finn's background coming from the so called workshop floor, you would think he would have a better understanding of treating staff better. I think he is more interested in his toys in various garages than his hardworking underpaid staff. Takeover someone if your interested, as no doubt with the new car sales down the share price will follow. PLEASE SOMEONE TAKEOVER AND SHAKE UP THIS COMPANY !!!!!
I spent 45+ years in the motor trade, the final years with Pendragon. All of my previous employers viewed their staff base as an asset. The Pendragon "way" is to list employees along with liabilities. Basically, if you keep your head down you will keep your job as long as they want you. Step out of line and you can expect to be escorted from the dealership - I've seen it happen. The upper management have no concept of either morale or motivation. As the largest dealership group in the country, this company should perform so much better than it is in virtually every aspect.
Well I'm an ex employee and totally agree with you. It should be a great company to work for, but most of the hard-core staffers aren't motivation by pay rates. If you get the bonuses each month then you come out with what most dealerships pay, but if you have a bad month its down to the food bank!! When is someone going to takeover this dinosaur so Mr Finn can play with his toys in his garage. Oh and he does have his toys stored at various dealerships around the country.
Don't want to sound like a disgruntled ex-employee ( but ) they are hard to work for. Not very motivational. Always use the stick never heard of carrots. Think MC will go blind :-)) :-))
Well worked at a dealership not long ago and most of the staff are overworked and not paid what other dealership groups are paying that why people used Pendragon as a stepping stone. You could say Pendragon are the Ryan Air of the car trade cheap and not cheerful. They have some good staff who keep the company going. It needs a shake up or a major takeover ASAP
That was dated 8 years ago. Are you saying its still that bad?
Well totally agree with Chaps89441 comments, as I worked at a dealership a few years ago and TF had a meeting with the Dealer Principal and at the end of the meeting was told to "get out we have finished with you" !! The staff turnover is high due to the low wages. Someone needs to sort this company out and I think TF has had his day. Someone like Kevin Gaskell who inspires and motives staff needs to takeover Pendragon instead of TF who makes staff feeling like worthless.
Stumbled across this, perhaps the reason so many senior managers are leaving.This looks to be before he got promoted to MD!If that's how TF wants to run his company in this day and age I'm out. Not investing in a company run by people like this https://www.google.co.uk/amp/s/www.am-online.com/amp/news/2008/12/16/pendragon-awaits-tribunal-ruling/19096/
As mentioned in posts earlier this year, Motor retail companies have been buying up dealerships, paying way over the odds and reporting increased profits on the back of it. The way they have been achieving that is by carrying the overpayment in the balance sheet as "goodwill" and these days (wrongly in my opinion) accounting rules allow them to apply largely subjective tests not to write down the goodwill. However, when as in the case of Pendragon they start having to look at abandoning certain manufacturers' franchises then the potential for having to write off huge sums of this "goodwill" is enormous. Vertu is a much more defensive business having net tangible assets per share of 38p after deducting �95 million goodwill, whereas Pendragon has about �350 million of goodwill which represents almost the entire net worth in the balance sheet, so net tangible assets per share of about "zilch"! Nevertheless, I suspect it is almost certain that Vertu will be compelled, like Pendragon, to write off some considerable sums of that goodwill. We have all been there before and, in one major market dip, could buy motor dealer shares for under net tangible asset value and in some cases well under. A good post from mildmouth if you check the balance sheet hes spot on. Just for balance.
We closed the day up 10% at 24.5/25. Same again tomorrow when news of Finn's purchase hits the papers.
Is this the weather forecasters being allowed to bet on tomorrow's weather?? Being almost certain it will rain!! Knowning sales trends? Sell a lump of stock , release the bad news and hoover up?
Up up up. Great show of faith by the two Directors - �450k purchase by Finn is no small punt! He knows the drop was a total over-reaction. This will be back to the 30-35p range soon.
to risky for me m8y...gl https://www.bloomberg.com/news/articles/2017-08-15/-deep-subprime-car-loans-hit-crisis-era-milestone-as-woes-mount
if you click onto the 5 year chart. you will see a 70 mill volume day,like todays...then the sp tanked. so thats the risk here,are institutions loading up or bailing. and i dont know. pson is a safer bet,making profits and re structured about a year back...but it has risen a good bit since that good earnings rns about a week ago...long term,it looks good,most of its earnings are in dollars aswell. gl
Ah you mean people load up expecting a rise the following day ? Have you all loaded up again now it seems to be holding steady at 21-22 ?
normalyl,when something bottoms out,after an hefty drop. huge volumes kick in m8.
What do you mean ?
volume kicking in.
I remember it being a penny and 24hrs away from going bust. I was an RD at the time and didnt have a new car to sell. We filled the showrooms full of pre-reg and used cars. We had no demos and were on cash terms only with the manufacturers. They ended up financing via lots of lenders and giving them 7% of the company to stay afloat. Bad memories indeed.
It did go to 1.8p in 2008, I should remember as I loaded up and made enough to quit my job and I've never work a day in my life since and touch wood never will. I can't ever see PDG being broken up and if there ever was a take over Group 1 Automotive or Jardine Matheson would be the most likely candidates not Inchcape.
From memory, the SP went to around 1pence. I recall telephoning HO to ask if firm was going bust. Trevor Finn has been at the helm for many years. Whilst he cannot control external events, if he was a Football Manager he would have gone years ago. Worry is the near future, confidence in this share shattered. As I have said many times, best taken over and broken up. MC �300M. Chicken feed to Inchcape or a Hedge Fund.
Thanks for your post, you say it went from �1 to what? before it went to 40p. So after the RI it fell to 6p?
Of course that was the plan. What Trevor Finn did constitutes market abuse imo.
at 15p, why did the management warn about profit could fall to �60m after Trevor Finn sold 3.5m shares a few months back, i wonder if there is a plot to buy shares back at a lower price