Britain's biggest car dealer careered £200million into the red last year Trevor Finn, boss of Pendragon, also warned that the government's bangerbonus scheme may do little to reverse industry fortunes.
Part of the reason for the losses was a £25m bill for axing 3,712 staff and concluding 53 dealerships - among the firm confirming yesterday that another seven garages will close this year.
The dire results follow an 18% slump in 2008 sales that mirrored similarly-gloomy news from rival Lookers.
Pendragon's upmarket Stratstone dealerships - including Aston Martin and Jaguar - purchased 15,100 lower cars the previous year with hardesthit Land Rover down 40%.
Mass-market arm Evans Halshaw - Fiat to Ford - sold 35,000 fewer, making an average £664 on each car.
Finn declared circumstances were improving. But he warned the present offering owners £2,000 to trade in their old motor - part from the municipal and half from economic - was destined to fail.
He said the £300m scheme can have "little impact".
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