Share prices of the UK’s publicly listed dealer groups dropped sharply this morning following news that the UK’s electorate had voted to leave the European Union.
Cambria Automobiles traded at 75.5p yesterday afternoon but fell to 62p this morning, a 17% drop, before beginning to recover.
Pendragon traded at 37.8p yesterday afternoon but fell to 29p by 9am this morning, a 21% drop.
Caffyns went from £5.89 yesterday afternoon to £5.45 this morning, a 6% drop.
Marshall Motor Holdings traded at 75.5p yesterday afternoon but fell to £1.70 this morning, a 15% drop
Vertu Motors fell to 48p this morning, a 16% drop from yesterday’s 57.5p.
Lookers fell to 116p this morning, a 16% drop from yesterday’s 145.5p, but has begun to recover
Inchcape traded at £6.80 yesterday afternoon but fell to £6.03 this morning, before beginning to recover.
More broadly, the stock market has now clawed back half of its losses, following Bank of England governor Mark Carney’s pledge to provide £250bn of funds to calm the situation.
The FTSE 100 is now down 274 points, or 4.3%, at 6065 – still a very large fall that wipes out around £70bn.
An award-winning journalist and editor, with two decades of experience covering the motor retail industry, and accredited by the Institute of Leadership and Management (ILM) plus the National Council for the Training of Journalist (NCTJ)
As editor of AM since 2016, Tim is responsible for its media content, planning and production across AM's multiple channels, including the website, digital reports, webinars, social media and the editorial content of AM's events, Automotive Management Live and the AM Awards. His focus is on interviewing senior leaders of franchised dealer groups and motor manufacturer national sales companies to examine latest developments in UK motor retail.
Mark - 24/06/2016 12:31
A great day for Democracy over Corpocracy! Automotive corporations have lined up in support of 'Remain' over recent weeks, threatening the livelihoods of hard working British people. It's time for corporations to listen to the voice of the people. Automotive corporations have paid the price this morning with falling share prices, for their arrogance towards the will of the people. Lets hope they rethink their values, update their rhetoric and avoid losing the support of their workforce... their most valuable asset!