1:10 pm, February 14, 2025
Pinewood Technologies has agreed a landmark five-year deal with Lookers owner Global Auto Holdings (GAH) to roll out its Automotive Intelligence platform at dealerships across the world.
The Canadian-backed GAH operates more than 155 franchise dealerships across North America, Scandinavia and the UK, where it has come under strong criticism for its running of Lookers.
However, recent times have seen the firm look to move on from controversy, with a new top team now in place and looking to bring some much-needed stability.
To that end, the car dealer, and others in the GAH stable, will now utilise Pinewood’s ‘end-to-end ecosystem of apps’, which are ‘designed to help dealership groups unlock automotive business value and drive performance’.
As part of the deal, GAH has been assigned a 7% stake in Pinewood, equating to 6,098,093 ordinary shares.
The majority of those shares (5%) related to rollout of the platform in the UK with 1% each for North America and Scandinavia.
The development comes after Pinewood, which was previously the dealer management software division of Pendragon, also signed with Lithia in the UK.
In a trading update issued this morning, Bill Berman, CEO of Pinewood Technologies Group, hailed the agreement as a major step forward.
He said: ‘We are delighted to welcome Global Auto Holdings as a customer and key partner.
‘This collaboration will drive efficiencies and unlock new revenue opportunities across their dealership network.
‘We have also achieved our goal of securing two of the UK’s top 20 auto retail groups ahead of schedule, reinforcing our market position.’
Roy Cui, European vice president of GAH, echoed the sentiment, adding: ‘Partnering with Pinewood aligns perfectly with our ambition to be the world’s leading consumer-focused automotive company.
‘This collaboration will streamline our operations and enhance stakeholder value.’
Following the deal, Pinewood now forecasts a pre-tax profit for 2024 of £8.3m – £500,000 more than previous market exceptions.
