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Has the UK car industry finally turned the corner?

Even though today's results from UK car dealership Pendragon showed a 50% fall in profits to just over £11 million for the half year, it was the comment regarding the situation within the UK car industry which caught the attention of most analysts. The company believes that the glut of unsold cars is nearly cleared in the UK and the future is brighter than it has been for some time.

When you consider that Pendragon, the U.K.'s largest car dealership, reduced its own car inventory by a massive £235 million since the end of 2008 we can only guess what has happened elsewhere in the sector. There is no doubt that the UK car scrappage scheme has brought significant interest and business to the UK car industry and while there are some concerns that business could drop off when the scheme ends, Pendragon is a company with its finger on the pulse and believes the sector has turned.

The only downside to UK consumers is the inevitable rise in the price of UK cars as the number of unsold vehicles continues to drop and demand continues to rise. However, for those quick enough to take advantage of the UK government's car scrappage scheme there are still potential savings and attractive deals in the market place.

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