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Pendragon to sell UK motor business in shift to States
Evening Standard
|September 18, 2023
CAR dealership firm Pendragon is set to sell its UK motor business, including CarStore and luxury vehicle sales firm Stratsone, in order to focus on the sales management tech it offers to other dealerships.
US giant Lithia, which is valued at $8 billion (£6.5 billion) and also owns Jardine Motors in the UK, will buy Pendragon's dealerships for £250 million. Of that total, £240 million will then be returned to shareholders via a dividend.
Pendragon will then change its name to Pinewood, the name of its dealer management software business, and start a joint venture with Lithia to roll out the tech, which helps car salesmen manage their sales, across the "highly attractive" North American market.
Esta historia es de la edición September 18, 2023 de Evening Standard.
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