Pendragon has completed the sale of its Hornburg Jaguar Land Rover dealership in Los Angeles – for some half a million pounds more than originally thought.
In an announcement issued via the London Stock Exchange this morning (Feb 1), the dealership group said the trade and assets of the business were now with Triunity Automotive Group, with the £16.3m cash sale completing on January 29.
It made the original announcement of the sale of the showroom in West Sunset Boulevard, West Hollywood, last September, to the privately owned dealership group Triunity, saying at the time that it would be for some £15.8m ‘subject to completion adjustments’.
Proceeds from the sale will go towards general corporate purposes at Pendragon.
Pendragon said in 2017 that it was getting rid of its US arm as part of a restructuring operation. But current chief executive Bill Berman told Car Dealer last May that he would never have sold the American Pendragon businesses if he’d been in charge back then.
The group also sold two Jaguar Land Rover dealerships in California for £60m in May 2019, and offloaded its sole US-based Aston Martin dealership to US Auto Trust in July 2018 for £3.1m.