Lithia Motors in talks to buy Jardine Motors in U.K., report says

In August, Sky News reported that Lithia had made a “non-binding board-approved proposal” to Pendragon, which was “an irrevocable offer” from each of the company’s five major shareholders. He pointed out that it is a condition to receive a “promise”. However, Pendragon said he could not get involved with one of the proposed shareholders.

At that time, Pendragon was Europe’s 9th largest dealer group by news europe‘s guide to Europe’s biggest dealers 2021 had 142 new car franchise points in the UK, Pendragon also has its own dealer management system.

Lithia CEO Bryan DeBoer has hinted that the company will enter other international markets outside of Canada, including Lithia’s entry into Canada in August 2021.

At Lithia’s third-quarter earnings call in October, DeBoer reiterated interest in Lithia’s entry into Europe, particularly the UK, while companies in Western Europe typically trade at lower multiples than dealers do in the US. I pointed out that it is.

“If we can find the right team because of the high value of the dollar, it seems like a good time to do it,” DeBoer said at the time.

Lithia of Medford, Oregon car newsUpdated list of the top 150 U.S.-based distributor groups with 260,738 new vehicle sales in 2021. Through the third quarter of 2022, Lithia has overtaken his rival AutoNation Inc. in new car sales for 2022. Ranked 1st for the year.

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