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Immediately is the date that the deal between America’s Lithia and Driveway and AM100 seller group Pendragon is because of full, leaving Lithia accountable for almost 200 franchised dealerships within the UK.
The acquisition will see Lithia take possession of Pendragon’s motor retail companies, which vary from Stratstone and Evans Halshaw franchised dealerships to Evans Halshaw Carstore used automobile supermarkets. Pendragon PLC will proceed underneath the brand new guise of Pinewood Applied sciences, its automotive software program arm.
Lithia already has simply over 50 franchised shops within the UK in its Jardine Motors enterprise, which it acquired in 2022. The Pendragon acquisition will add 137 franchised shops plus nearly a dozen Carstore automobile supermarkets, in keeping with the 2023 AM100 figures.
By way of mixed turnover, Lithia’s UK enterprise is predicted to be confirmed within the subsequent AM100 analysis because the UK’s second largest motor retailer, behind Sytner however leapfrogging Arnold Clark.
Pinewood Applied sciences will enter a strategic partnership with a completely owned subsidiary of Lithia Motors, to provide a foothold for the Pinewood seller administration system in North America.
Following completion of the transaction, Pendragon confirms its intention to return a money quantity equal to roughly 24.5 pence per odd share to shareholders by means of a particular dividend which is now anticipated to be paid in Q1/Q2 2024.
The PLC’s chief government Invoice Berman and the board of Pinewood Applied sciences might be joined by two Lithia executives: Chris Holzshu, chief working officer, and George Hines, chief expertise officer, in non-executive director roles.
Mark Willis will step down as director and chief monetary officer of the Pinewood Applied sciences and his successor might be Oliver Mann.
Lithia grew to become embroiled in a bidding warfare for Pendragon final autumn, as its preliminary provide attracted counter-offers from abroad rivals Hedin and Penske, and finally Lithia elevated its acquisition provide for Pendragon by 42%, one other £117 million, taking the quantity being supplied for all its Stratstone, Evans Halshaw, Carstore and PVM motor companies as much as £397 million.
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