LONDON -- UK dealership group Inchcape scrapped its dividend and said its board and senior management would take a 20 percent pay cut as it sought to cut costs to endure the coronavirus downturn.
The company is also considering accessing the British government's Coronavirus Corporate Financing Facility, to boost liquidity, Inchcape said in a statement on Tuesday.
Inchcape said that it was comfortable that its 600 million pounds ($737 million) of liquidity would be sufficient to see it through a period of reduced activity in 2020, but it would explore the government scheme given the uncertainty.
The company has operations in more than 32 international markets, some of which like Australia and Hong Kong continue to trade at lower levels, it said.
Inchcape is Europe's sixth-largest dealer group by revenue, according to Automotive News Europe's 2019 Guide to Europe's Biggest Dealers.
