Reg Vardy has confirmed that it is evaluating a possible bid by Lookers, which was announced yesterday.

The Sunderland based dealer group reiterated that Pendragon’s offer of 800 pence per share was still the preferred choice.

Reg Vardy also announced that group finance director, Gerry McAloon, has left the company by mutual consent.

His departure, the company says, has nothing to do with the offer from Pendragon.

John Standen, chairman of Reg Vardy said: "On my own behalf and on behalf of the board I would like to thank Gerry for his contribution to the company and I wish him well in his future business endeavours."