Lithia & Driveway completed the acquisition of the UK motor and leasing businesses of Pendragon for $482m.

Lithia & Driveway, an American nationwide automotive dealership group, completed the acquisition of the UK motor and leasing businesses of Pendragon, an automotive dealership group, for $482m. "Today marks the formal completion of our investment in Pinewood and Pendragon. This begins an exciting new chapter in our long-term growth strategy, as we turn our efforts to 2024 and beyond, executing and demonstrating the power of what the Lithia & Driveway ecosystem can and will produce. We look forward to delivering on the significant potential in this new partnership, adding $4.5bn in revenue, entering the fleet management space and welcoming our new colleagues to the Lithia & Driveway family," Bryan DeBoer, Lithia & Driveway President and CEO.