Pendragon warns of looming recession
18 May 2022
Pendragon’s chief marketing officer has warned of a “multitude of headwinds” coming at the auto retail sector for the second half of 2022.
Speaking at the NFDA’s Driving Digital conference, Pendragon’s CMO Kim Costello said she expected a recession in the second half of the year: “We’re entering what may be the most challenging market since the first lockdown.”
She added: “Basic economics tells us we’re staring down the barrel of a recession.”
Ms Costello said that retailers could help their situation by making sure they had “first party” data for their customers to make sure they can communicate directly with consumers while maintaining compliance with data protection laws.
She added that retailers with both a showroom and a website were in a better position than the disruptors such as Cazoo and Cinch which forced people to only buy online.
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