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:
"Today marks
the formal completion of our investment in Pinewood and
Pendragon. This begins an exciting new chapter in our
long-term growth strategy, as we turn our efforts to 2024 and
beyond, executing and demonstrating the power of what the Lithia
& Driveway ecosystem can and will produce. We look forward to
delivering on the significant potential in this new partnership,
adding $4.5B in revenue, entering the
fleet management space and welcoming our new colleagues to the
Lithia & Driveway family."
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:
"Our investment in Pendragon expands our
footprint into Wales and
Scotland, while serving to
increase our brands, markets, and density in existing locations.
This increased footprint, alongside the integration of Pendragon
Vehicle Management and migration to a single technology platform
with Pinewood, establishes Lithia as a diversified, innovative, and
scaled UK presence with significant advantages to peers. We look
forward to working with our new talented colleagues and OEM
partners in the pursuit of providing transportation solutions
wherever, whenever, and however customers desire."
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)
Lithia & Driveway (NYSE: LAD) is one of the
largest global automotive retailers providing a wide array of
products and services throughout the vehicle ownership lifecycle.
Convenient and hassle-free experiences are offered through our
comprehensive network of physical locations, ecommerce platforms,
captive finance solutions and other synergistic adjacencies. We
deliver consistent, low-risk, and profitable growth in a massive
and unsolicited industry. Our highly diversified and competitively
differentiated design provides us the flexibility and scale to
pursue our vision to modernize personal transportation solutions
wherever, whenever, and however consumers desire.
Sites
www.lithia.com
www.investors.lithiadriveway.com
www.lithiacareers.com
www.driveway.com
www.greencars.com
www.drivewayfinancecorp.com
Lithia & Driveway on Facebook
https://www.facebook.com/LithiaMotors
https://www.facebook.com/DrivewayHQ
Lithia & Driveway on Twitter
https://twitter.com/lithiamotors
https://twitter.com/DrivewayHQ
https://twitter.com/GreenCarsHQ
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SOURCE Lithia Motors, Inc.