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Friday, February 23, 2024

Pendragon deal boosts Lithia’s firepower in UK market

Pendragon’s multi-million pound sale of its dealerships and leasing companies to US-based seller group Lithia & Driveway will see its UK chief Neil Williamson on the helm of a enterprise with appreciable market affect.

Below the deal, Pendragon’s UK motor and fleet administration divisions will now report back to Williamson, Lithia’s UK regional president.

He had been CEO of Jardine Motors since 2015 when the £1.5bn turnover enterprise ranked seventh within the AM100 and headed its integration when Lithia acquired it final 12 months.

The £367m deal leaves Lithia answerable for almost 200 franchised dealerships within the UK which vary from Stratstone and Evans Halshaw to Carstore’s used automotive supermarkets.

Because of Lithia’s new acquisitions, within the area of 18 months, Williamson has gone from heading what was the UK’s ninth largest seller group (Jardine Motors, ninth in 2021 AM100) with simply £1.35 billion revenues and 48 dealerships to overseeing what’s going to now rank second within the AM100 with revenues of round £5bn – behind Sytner however leapfrogging Arnold Clark.

Instantly after the deal accomplished, Williamson stated Lithia’s funding in Pendragon would see it broaden its footprint into Wales and Scotland and enhance its manufacturers, markets, and density in current places, all of which mirrored its guardian’s dedication to put money into the UK automotive trade.

The listed Pendragon will now proceed beneath the guise of Pinewood Applied sciences, its automotive software program arm, which is able to combine its know-how platform throughout all Uk websites and also will develop know-how options to capitalise on the North American market by means of a deliberate three way partnership.

Lithia added that its acquisition of Pendragon Automobile Administration added a extremely worthwhile fleet administration providers enterprise and ‘rounded out the attain and density of the community within the UK market’.

“This elevated footprint, alongside the combination of Pendragon Automobile Administration and migration to a single know-how platform with Pinewood, establishes Lithia as a diversified, progressive, and scaled UK presence with vital benefits to friends, stated Williamson.

“We look ahead to working with our new proficient colleagues and OEM companions within the pursuit of offering transportation options wherever, every time, and nonetheless clients need.”

Chris Holzshu, Lithia’s chief working officer, and George Hines, chief know-how officer, have been appointed to Pendragon’s board.

Mark Willis, who served because the director and chief monetary officer, who resigns, fingers over to Oliver Mann, previously the director of group finance at Pendragon.

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