Lithia

Lithia & Driveway Enters into a Strategic Partnership with Pinewood Technologies and Completes Acquisition for Pendragon PLCs Fleet Management and UK Motor Divisions

Retrieved on: 
Thursday, February 1, 2024

MEDFORD, Ore., Feb. 1, 2024 /PRNewswire/ -- Lithia & Driveway (NYSE: LAD) announces today that it has completed the transaction with Pendragon PLC ("Pendragon", to be renamed Pinewood Technologies Group PLC "Pinewood Technologies") acquiring the UK motor and fleet management divisions of Pendragon, the UK's third largest automotive dealership group and forming a strategic partnership with Pinewood Technologies.

Key Points: 
  • MEDFORD, Ore., Feb. 1, 2024 /PRNewswire/ -- Lithia & Driveway (NYSE: LAD) announces today that it has completed the transaction with Pendragon PLC ("Pendragon", to be renamed Pinewood Technologies Group PLC "Pinewood Technologies") acquiring the UK motor and fleet management divisions of Pendragon, the UK's third largest automotive dealership group and forming a strategic partnership with Pinewood Technologies.
  • Pinewood's dealer management software remains listed on the London Stock Exchange under the name Pinewood Technologies plc and will become a pure-play software-as-a-service (SaaS) business.
  • These additions build on the final adjacencies contemplated in the company's strategic design outlined in 2020 and growth in the United Kingdom.
  • Bryan DeBoer, Lithia & Driveway President and CEO, said:
    "Today marks the formal completion of our investment in Pinewood and Pendragon.

Auto Dealership Buy/Sell Market Hits New High, On Track for Record Year as Dealerships Focus on Expansion through Acquisitions

Retrieved on: 
Monday, December 18, 2023

As a result, dealership valuations remain near peak levels in 2023, on average about two times pre-pandemic values, although slightly lower than 2022.

Key Points: 
  • As a result, dealership valuations remain near peak levels in 2023, on average about two times pre-pandemic values, although slightly lower than 2022.
  • “It is important to keep in mind that dealership valuations do not rise and fall in lockstep with industry earnings.
  • “In an evolving auto retail environment, dealers are facing a crossroads to either grow their enterprise or exit,” continued Kerrigan.
  • The Kerrigan Auto Retail Index is designed to track dealership valuation trends, while also providing key insights into factors influencing auto retail.

Reviver Marks Addition of Lithia Motors Dealerships to Rapidly Growing Licensed Auto Dealer Reseller Network

Retrieved on: 
Wednesday, November 8, 2023

The group has joined the Reviver Auto Dealer Reseller program to offer RPLATE digital license plates to customers at locations in California and Michigan, as part of the vehicle purchasing process and at in-store merchandise and accessories departments at Lithia dealerships.

Key Points: 
  • The group has joined the Reviver Auto Dealer Reseller program to offer RPLATE digital license plates to customers at locations in California and Michigan, as part of the vehicle purchasing process and at in-store merchandise and accessories departments at Lithia dealerships.
  • "We are thrilled with the mutual growth and benefits we are seeing with our auto dealer partners.
  • And welcoming Lithia Motors represents a significant enhancement to the program," said Reviver Founder & Chief Strategy Officer Neville Boston.
  • For more information on the Reviver licensed Auto Dealer Reseller program, visit: https://reviver.com/dealer .

KBRA Assigns Preliminary Ratings to LAD Auto Receivables Trust 2023-4

Retrieved on: 
Thursday, November 2, 2023

KBRA assigns preliminary ratings to four classes of notes (seven tranches) issued by LAD Auto Receivables Trust 2023-4 (“LADAR 2023-4”), an auto loan ABS transaction.

Key Points: 
  • KBRA assigns preliminary ratings to four classes of notes (seven tranches) issued by LAD Auto Receivables Trust 2023-4 (“LADAR 2023-4”), an auto loan ABS transaction.
  • LADAR 2023-4 represents the sixth overall ABS securitization for Driveway Finance Corporation (“DFC” or the “Company”), and fourth of 2023.
  • DFC is a wholly owned subsidiary of Lithia Financial Corporation, itself a wholly owned subsidiary of Lithia Motors, Inc. (“Lithia”).
  • KBRA considered its onsite operational review of Lithia and DFC at its Tigard, OR location, as well as periodic due diligence updates with Lithia and DFC.

Lithia & Driveway Improves Terms to 35.4p Per Pendragon Share with Significant Future Upside

Retrieved on: 
Monday, October 2, 2023

The combined value of the consideration to Pendragon existing shareholders is initially equivalent to approximately 35.4 pence per share with significant upside expected from the strategic partnership and North American joint venture opportunity.

Key Points: 
  • The combined value of the consideration to Pendragon existing shareholders is initially equivalent to approximately 35.4 pence per share with significant upside expected from the strategic partnership and North American joint venture opportunity.
  • The additional cash consideration is expected to increase the cash dividend payable to Pendragon's existing shareholders 49% to 24.5 pence per share.
  • The improved terms and preliminary commitments from Lithia demonstrate support for the transformation of Pinewood Technologies into a standalone business and unlocking significant future potential.
  • Bryan DeBoer, Lithia & Driveway President & CEO, said:
    "Our transaction provides considerable value and certainty for Pendragon shareholders while unlocking Pinewood's ability and massive potential as a standalone, pure-play SaaS business.

Napleton Auto Group Improves Top Ranking Among National Dealer Groups as Most Responsive to Website Customer Inquiries

Retrieved on: 
Monday, September 18, 2023

Key Points: 
  • View the full release here: https://www.businesswire.com/news/home/20230917964138/en/
    Compared to typical auto industry performance, fifteen of the seventeen dealer groups scored higher than the overall auto industry average.
  • Victory Automotive Group, Napleton Auto Group and AutoNation also improved substantially from 2022 to 2023.
  • For the top scoring dealer group, Napleton Auto Group, 80% of their dealerships scored over 80, while only 9% scored under 40.
  • The 2023 Pied Piper PSI® Dealer Group Internet Lead Effectiveness® (ILE®) Study was conducted between May 2023 and July 2023 by submitting website inquiries directly to a sample of 1,614 dealerships nationwide representing seventeen national dealer groups.

Lithia & Driveway to Form Strategic Partnership with Pinewood Technologies and Acquire Pendragon PLC's Fleet Management and UK Motor Divisions

Retrieved on: 
Monday, September 18, 2023

MEDFORD, Ore., Sept. 18, 2023 /PRNewswire/ -- Lithia & Driveway (NYSE: LAD, "Lithia") announced today that it intends to enter a strategic partnership with Pinewood Technologies and acquire the UK motor and fleet management divisions of Pendragon plc ("Pendragon"), the UK's third largest automotive dealership group.

Key Points: 
  • MEDFORD, Ore., Sept. 18, 2023 /PRNewswire/ -- Lithia & Driveway (NYSE: LAD, "Lithia") announced today that it intends to enter a strategic partnership with Pinewood Technologies and acquire the UK motor and fleet management divisions of Pendragon plc ("Pendragon"), the UK's third largest automotive dealership group.
  • This acquisition will round out Lithia's presence in the UK market and is expected to generate over $4.5 billion USD in annual revenues.

Osino Partner Completes Phase 1 Earn-In at Omaruru Lithium Project, Namibia, Proceeds to Phase 2

Retrieved on: 
Friday, September 1, 2023

VANCOUVER, British Columbia, Sept. 01, 2023 (GLOBE NEWSWIRE) -- Osino Resources Corp. (TSXV:OSI) (NSX:OSN) (FSE:RSR1) (OTCQX:OSIIF) ("Osino” or “the Company”) is pleased to report the completion of the phase 1 earn-in (“Phase 1”) on its majority-owned Omaruru Lithium Project (“Omaruru” or “the Project”) in Namibia by Prospect Resources Limited (ASX:PSC) (FRA:5E8) (“Prospect”) and announces that Prospect will proceed with the phase 2 earn-in (“Phase 2”).

Key Points: 
  • Heye Daun, Osino’s President and CEO commented: “We are encouraged by the results of the Phase 1 program on our Omaruru Lithium Project.
  • The success of the Phase 1 program sets the stage for potential new discoveries during the Phase 2 drilling campaign planned for Omaruru.
  • The tenement is located near several advanced mining projects including Lepidico’s Karibib Lithium Project and Osino’s Twin Hills Gold Project.
  • Figure 1: Omaruru Lithium Project location relative to the Twin Hills Gold Project, other Osino projects and mines and deposits in the area.

XPEL Announces Appointment of John North to Board of Directors

Retrieved on: 
Tuesday, August 29, 2023

XPEL, Inc. (Nasdaq: XPEL), a global provider of protective films and coatings, announced today the appointment of John North to its Board of Directors.

Key Points: 
  • XPEL, Inc. (Nasdaq: XPEL), a global provider of protective films and coatings, announced today the appointment of John North to its Board of Directors.
  • Mr. North has a deep knowledge of the automotive industry with proven experience in global retail operations, finance, acquisitions and integrations.
  • Mr. North currently serves as CEO of Lazydays (NASDAQ: LAZY), a $1.3 billion leader in the RV industry providing sales, service, and ownership experiences.
  • Ryan Pape, President and Chief Executive Officer of XPEL stated, “We are pleased to add John to XPEL’s Board of Directors.

KBRA Assigns Ratings to LAD Auto Receivables Trust 2023-3

Retrieved on: 
Wednesday, August 23, 2023

KBRA assigns ratings to seven classes of notes issued by LAD Auto Receivables Trust 2023-3 (“LADAR 2023-3”), an auto loan ABS transaction.

Key Points: 
  • KBRA assigns ratings to seven classes of notes issued by LAD Auto Receivables Trust 2023-3 (“LADAR 2023-3”), an auto loan ABS transaction.
  • LADAR 2023-3 represents the fifth overall ABS securitization for Driveway Finance Corporation (“DFC” or the “Company”), and third of 2023.
  • DFC is a wholly owned subsidiary of Lithia Financial Corporation, itself a wholly owned subsidiary of Lithia Motors, Inc. (“Lithia”).
  • KBRA considered its onsite operational review of Lithia and DFC at its Tigard, OR location, as well as periodic due diligence updates with Lithia and DFC.