Coronavirus poses ‘biggest threat’ to UK car retailers
In the seven days after the first UK death from the virus, on March 5, Pendragon’s share price declined 32.5% to 8p; Vertu Motors by 24% to 24p; Marshall by 15.3% to 130p; Lookers by 43.8% to 22.45p; Inchcape by 11.5% to 517.5p; Cambria by 13.3% to 55.5p; and Caffyns by 16.3% to 335p.
David Peel, Peugeot UK managing director, told AM that his PSA Group bosses in France had advised staff not to take trains or planes due to the coronavirus risk.
Peel said its field team is still visiting dealers “at the moment” but Peugeot has given guidance to limit the risks through use of hand sanitiser and regular washing.
Gupta said Marshall had taken the decision to cancel all international travel for group employees, which had meant postponing a reward trip to Abu Dhabi for its top performing staff.