Motor Trader The award-winning and longest running UK magazine for car retailing professionals. Your first stop for News, Jobs and Reports for the motor industry.
The Financial Conduct Authority has given the go ahead to Pendragon and Lithia for the change of control of Pendragon Finance and Insurance Services.
As a result, the overall takeover is set to go ahead on 31 January which will mark the beginning of the transformation of Pendragon into Pinewood Technologies, a pure-play software SaaS business headed up by Bill Berman (Pictured).
In an announcement Pendragon said: “The board strongly believes that the growth prospects for the company will be enhanced materially as a result of becoming a standalone business, as well as through the strategic partnership with Lithia.
The $30m strategic partnership with Pinewood will mean the roll out of Pinewood’s software across Lithia’s existing 50 UK locations, adding 2,500 users within the next 12 months.
It will also give speed up entry into the $2.6bn North American market, targeting Lithia’s 17,500 users across 296 locations in the medium-term alongside new