Troubled car seller Pendragon appoints new chief executive

Troubled car dealership firm Pendragon has appointed Bill Berman as its new chief executive, weeks after it warned over profits.

Mr Berman had been the interim executive chairman since October, but has now been named to replace Mark Herbert who left the firm in June after just three months in the role.

Last year, the group – which trades under the Evans Halshaw and Stratstone brands – cut around 300 jobs as part of plans to shut a raft of Car Store showrooms.

Mr Berman said he plans to drive the company forward during a period of “rapid change” as consumer confidence remains weak.

The car seller warned last month that losses would widen on the back of a slowdown in new vehicle sales and a crackdown on personal contract purchase loans.

The new boss joined Pendragon as a non-executive director in April 2019.

The firm said he will continue to perform the role of chairman on an interim basis while the process to find a non-executive chairman continues.

Before joining the UK-listed retailer, Mr Berman was president and chief operating officer of AutoNation, the largest motor retailer in America.

He said: “In my relatively short time with the business, it is already clear to me that Pendragon is a company with great potential and a talented team.

“As chief executive, I look forward to building on strong relationships with our team members, customers, suppliers, our partners and investors as we move forward together in a period of rapid change and innovation in the automotive retail sector.”

Analysts at Liberum said the move “looks like a good appointment” by the motor retailer.

Shares in the company nudged 0.8% higher to 12.57p in early trading on Wednesday.