June 25, 2019 / 2:32 PM / 5 months ago

Car dealership Lookers says watchdog probing its sales practices

June 25 (Reuters) - Lookers Plc said on Tuesday that the UK’s Financial Conduct Authority is investigating the British car dealership chain’s sales processes, sending the company’s stock over 20% lower.

The chain, which sells vehicles for 32 manufacturers including all major brands such as Volkswagen, Ford and BMW, said that the FCA’s investigation began recently and that no findings have been made.

The company said it was currently unable to determine what effect the investigation will have. (Reporting by Shariq Khan in Bengaluru; Editing by Jan Harvey)

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