Lithia & Driveway Enters into a Strategic Partnership with Pinewood Technologies and Completes Acquisition for Pendragon PLCs Fleet Management and UK Motor Divisions |
Release: 2/1/2024 3:05:00 AM |
MEDFORD, Ore., Feb. 1, 2024 /PRNewswire/ -- Lithia & Driveway (NYSE: LAD) announces today that it has completed the transaction with Pendragon PLC ("Pendragon", to be renamed Pinewood Technologies Group PLC "Pinewood Technologies") acquiring the UK motor and fleet management divisions of Pendragon, the UK's third largest automotive dealership group and forming a strategic partnership with Pinewood Technologies. LAD's UK operations will expand their digital capabilities by integrating the Pinewood technology platform across all locations and will co-develop automotive technology solutions to capitalise on the North American market opportunity through a joint venture. Pinewood's dealer management software remains listed on the London Stock Exchange under the name Pinewood Technologies plc and will become a pure-play software-as-a-service (SaaS) business. LAD's acquisition of Pendragon Vehicle Management ("PVM") adds a highly profitable fleet management services business, and the UK motors business expands the brand and geographic footprint rounding out the reach and density of the network in the UK market. These additions build on the final adjacencies contemplated in the company's strategic design outlined in 2020 and growth in the United Kingdom. Bryan DeBoer, Lithia & Driveway President and CEO, said: The UK motor and fleet management divisions will report to Neil Williamson, Lithia's UK Regional President, who has led the rapid and seamless integration of Jardine Motors Group since March 2023 and the addition of two BMW stores in Maidstone and Tunbridge Wells in August 2023. Neil Williamson, Lithia UK Regional President, commented: These additions strengthen Lithia's presence in the UK market and is expected to generate over $4.5 billion USD in annual revenues. The transaction reflects Lithia's commitment to invest in the evolving UK automotive industry. About Lithia & Driveway (LAD) Sites Lithia & Driveway on Facebook Lithia & Driveway on Twitter View original content to download multimedia:https://www.prnewswire.com/news-releases/lithia--driveway-enters-into-a-strategic-partnership-with-pinewood-technologies-and-completes-acquisition-for-pendragon-plcs-fleet-management-and-uk-motor-divisions-302050213.html SOURCE Lithia Motors, Inc. |