Wednesday brought with it a profit warning for Pendragon, the biggest car retailer in the UK. Part of the problem was unsold used cars. From the FT this morning:Pendragon had £458m worth of used car stock at the end of 2018, compared to £372m a year earlier, and “an excess of stock held across the business,” the group said on Wednesday.Some wider context for the used car market. May brought with it the largest used car price decline since 2012, according to Cap HPI, which was blamed in part on “heavy supply”.Auto finance has been flagged as one of the major post-crisis risks for a while now. It's also worth noting that, over the past decade, European car companies have hugely expanded the balance sheets of their captive finance companies to originate new lending, which in turn drive sales
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Wednesday brought with it a profit warning for Pendragon, the biggest car retailer in the UK....