Peter Warren Automotive chief executive Andrew Doyle says trading conditions are as bad as he’s ever seen, after Australia’s second-largest car dealership warned that profit margins collapsed in May following a rapid downturn in the market.

Soaring fuel prices stemming from the Middle East war and three interest rate hikes had hit confidence, while there was also a backlog of orders for some electric vehicles, with supply constraints emerging as customers sought smaller, fuel-efficient vehicles, the company said.

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