4:50 pm, July 3, 2019
TROUBLED dealership group Pendragon has offloaded one of its two Californian Jaguar Land Rover dealerships for £28.2m, it announced today.
As reported by Car Dealer in May, Pendragon said it would be selling its Mission Viejo and Newport Beach showrooms amid a review of its operations, and in a statement issued today via the London Stock Exchange, it confirmed that it had now sold the Mission Viejo dealership in line with its stated intent of disposing of its US motor group.
The transaction was completed on Monday, with Lithia Motors as the buyer. US Auto Trust is set to acquire the Newport Beach dealership.
It comes less than a week after new chief executive Mark Herbert quit after being in the top job for less than three months.
Pendragon suffered heavy losses last year, with the condition of the UK motoring industry among the reasons provided for its poor performance.
It sold its sole US-based Aston Martin dealership to US Auto Trust last July for £3.1m.
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