Lithia & Driveway To Form Strategic Partnership With Pinewood Technologies And Acquire Pendragon

 


  1. This strategic move is anticipated to have a substantial impact on Lithia's financials, with the expectation that it will generate over $4.5 billion USD in annual revenues. The deal represents a substantial expansion of Lithia's presence in the UK automotive market.


  3. At its core, this transaction involves Lithia forming a strategic partnership with Pinewood Technologies and acquiring Pendragon's UK motor division and vehicle management division. These divisions are instrumental in Pendragon's operations, and their acquisition marks a pivotal moment in Lithia's expansion strategy.


  5. One of the key aspects of this transaction is the investment in innovation. Under the agreement, Pendragon's business will undergo transformation, becoming a purely software-as-a-service (SaaS) entity under the name Pinewood Technologies plc. The Pinewood DMS platform, which is an integral part of the business, will continue, emphasizing its role as a profitable SaaS offering.


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