Pendragon set to receive £60m from sale of California dealerships

Time 3 years ago

THE Pendragon dealer group, hit by heavy losses during 2018 and currently reviewing its operations, is selling two Jaguar Land Rover dealerships in California.

The dealerships – in Mission Viejo and Newport Beach – form part of the company’s overall US motor group.

In relation to the Mission Viejo transaction, the purchaser of the business is Lithia Motors, which will be buying the dealership for about £29m.

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US Auto Trust will acquire the Newport Beach dealership, and will be forking out £31m for the privilege.

Pendragon and US Auto Trust have done business before, with the latter having acquired Pendragon’s sole Aston Martin business in the US last July for £3.1m.

Completion of the JLR transactions is subject to a number of conditions – and must win the approval of JLR as the OEM.

The transactions are in line with Pendragon’s stated strategy of disposing of its US motor group – and the company said today that it would be carrying on with that process.

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Dave Brown's avatar

Dave, production editor on Car Dealer Magazine, is a journalist with more than 30 years' experience in the worlds of newspapers, magazines and public relations.

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