Latest news with #BillBerman
Yahoo
3 days ago
- Automotive
- Yahoo
PINEWOOD.AI ANNOUNCES AGREEMENT TO ACQUIRE LITHIA'S MAJORITY STAKE IN NORTH AMERICAN JOINT VENTURE
to Acquire Lithia's 51% Stake; New Contract Secures Deployment Across Lithia's Dealerships in US and Canada by 2028 LONDON and MEDFORD, Ore., June 6, 2025 /PRNewswire/ -- Pinewood Technologies Group plc ( a leading cloud-based software provider for the automotive retail industry, and Lithia UK Holdings Limited, a wholly-owned subsidiary of Lithia & Driveway (NYSE: LAD), today announced an agreement in which will acquire Lithia's 51% interest in their North American joint venture for $76.5 million. The acquisition will be satisfied through the issue of 14,560,691 new ordinary shares in and values the joint venture at $150 million. Full ownership of the joint venture gives complete control of its North American platform, removing potential barriers to its broader adoption and supporting its expansion across the region's $6.5 billion automotive retail software sector. The acquisition will also simplify structure and financial reporting, enabling full revenue consolidation and greater transparency. Alongside the proposed transaction, the two companies have signed a five-year contract committing to the rollout of the Pinewood Automotive Intelligence™ platform across all Lithia's current and future dealerships in the US and Canada projected by the end of 2028. The contract also includes an agreement on pricing for Lithia's use of expects to generate approximately $40 million in annual recurring revenue once the current rollout is complete. With additional North America-specific features planned for release by the end of 2028, projected annual revenue from Lithia is expected to reach approximately $60 million. The valuation attributed to the joint venture has been independently supported by Kroll LLC and is based on the deployment of DMS platform and layered applications across Lithia's North American footprint. "We are delighted to have reached an agreement with Lithia to acquire the majority stake of the North America joint venture. The US and Canada are central to our growth strategy, and through the joint venture, we have made significant progress towards commercializing the Pinewood Automotive Intelligence™ platform for the North American market. Assuming full control of the joint venture will strengthen our ability to fully capitalize on the opportunities available in a key strategic growth market," commented Bill Berman, Chief Executive Officer of Pinewood Technologies Group plc. "Today, we are also announcing that we have agreed the terms of a five-year contract with Lithia to implement the Pinewood Automotive Intelligence™ Platform across all its current and future sites by the end of 2028. This is a significant milestone on our journey to entering the North American market and we remain on track to pilot the platform in Lithia's US stores in the second half of 2025, with the full system rollout commencing in 2026. I would like to take this opportunity to thank Lithia for their partnership in the joint venture and we look forward to working with them as a key customer long into the future." "This agreement represents the next step in our strategic partnership with and supports our vision to modernize customer experiences across our ecosystem. As largest global customer, we are excited to partner in the rollout of their platform across our North American network and accelerate our transformation into a fully integrated, data-driven retailer. is now able to emerge as the leading automotive intelligence provider in the U.S. Each of our global stores are committed to the Pinewood Automotive Intelligence™ Platform, and we will continue partnering on best-in-class product development," said Bryan DeBoer, President and CEO of Lithia & Driveway. Following completion, Lithia will remain a committed minority shareholder and key long-term customer. About Pinewood Technologies Group PLC First established in 1981, Pinewood Technologies Group PLC (Pinewood) is a leading cloud based full-service technology provider to automotive retailers and OEMs. Pinewood's system is a market-leading automotive intelligence platform, which has been developed collaboratively with dealers and OEMs to provide secure cloud-based software across sales, aftersales, accounting and CRM. Headquartered in the UK, Pinewood has a team of over 200 people serving over 35,000 global users across 21 countries and long-standing partnerships with over 50 OEM brands. Previously part of Pendragon PLC, in 2024 Pinewood became an independent entity following the sale of Pendragon's UK Motor and Leasing divisions to Lithia Motors, Inc., one of the largest automotive retailers in North America. Pinewood simultaneously signed a strategic partnership with Lithia to roll out its software across Lithia's UK locations and form a joint venture to co-develop capabilities and accelerate Pinewood's entry into the North American market. LSE: PINE OTCQX: PINWF About Lithia & DrivewayLithia & Driveway (NYSE: LAD) is the largest global automotive retailer providing a wide array of products and services throughout the vehicle ownership lifecycle. Simple, convenient, and transparent experiences are offered through our comprehensive network of physical locations, e-commerce platforms, captive finance solutions, fleet management offerings, and other synergistic adjacencies. We deliver consistent, profitable growth in a massive and unconsolidated industry. Our highly diversified and competitively differentiated design provides us the flexibility and scale to pursue our vision to modernize personal transportation solutions wherever, whenever and however consumers desire. View original content to download multimedia: SOURCE Lithia Motors, Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
30-04-2025
- Automotive
- Yahoo
Pinewood Technologies signs 5-year software deal with VW Group Japan
Pinewood Technologies Group PLC has signed a five-year contract with Volkswagen Group Japan to deploy its cloud-based platform across approximately 350 Volkswagen and Audi dealerships in Japan, according to a press release. The UK-headquartered software provider said the agreement marked a 'significant new customer base' and was aligned with its strategic goals. The roll-out and associated revenues are expected to begin in the first half of 2026. Pinewood, which became an independent entity in 2024 following the sale of Pendragon PLC's UK motor and leasing divisions to Lithia Motors Inc, develops cloud-based retail systems for automotive retailers and OEMs. Volkswagen Group Japan imports vehicles and components for both the Volkswagen and Audi marques and operates a network of authorised dealerships nationwide. Lennart Nigmann, Group Network Management Director of Volkswagen Group Japan, said the platform would allow dealer partners to improve both 'customer experience and efficiency', highlighting the benefit of 'seamless integration' with existing Volkswagen Group systems. Pinewood CEO Bill Berman said the company was 'thrilled' to be working with Volkswagen Group Japan and reiterated Pinewood's ambition to make Japan a core strategic market, adding the firm hoped to 'add other OEMs in Japan as customers in the future.' The software business serves over 30,000 users across 21 countries and maintains partnerships with over 50 OEM brands. "Pinewood Technologies signs 5-year software deal with VW Group Japan" was originally created and published by Motor Finance Online, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
25-02-2025
- Automotive
- Yahoo
OTC Markets Group Welcomes PINEWOOD TECHNOLOGIES GROUP PLC to OTCQX
NEW YORK, Feb. 25, 2025 (GLOBE NEWSWIRE) -- OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced PINEWOOD TECHNOLOGIES GROUP PLC (LSE: PINE; OTCQX: PINWF), a cloud-based dealer management software provider, has qualified to trade on the OTCQX® Best Market. PINEWOOD TECHNOLOGIES GROUP PLC upgraded to OTCQX from the Pink® market. PINEWOOD TECHNOLOGIES GROUP PLC begins trading today on OTCQX under the symbol 'PINWF.' U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws. Bill Berman, CEO of Pinewood Technologies Group, commented:'We are thrilled to begin trading on the OTCQX Market, which offers investors in the U.S. the opportunity to purchase shares in Pinewood Automotive Intelligence™ more easily. As the first fully integrated secure cloud-based ecosystem operating in 21 countries and partnering with more than 50 manufacturers, Pinewood Automotive Intelligence™ is uniquely positioned to offer real-time solutions to real world retail problems. The Pinewood Automotive Intelligence™ platform gives dealers and OEMs alike the ability to drive growth and unlock greater profits while operating securely in our fully connected environment. 'With the global market for Dealer Management Software solutions fragmented, the Pinewood Automotive Intelligence™ platform capitalizes on the universal need for clarity between customer, dealer and manufacturer. Strengthened by our partnership with Lithia, one of the largest automotive dealer groups in the U.S., we believe Pinewood Automotive Intelligence™ is a compelling investment proposition that will continue to deliver significant value for shareholders.' About PINEWOOD TECHNOLOGIES GROUP PLC (Trading as established in 1981, (Pinewood Automotive Intelligence™) is a leading pure-play cloud-based business, providing innovative solutions to automotive retailers and OEMs. system is a market-leading automotive intelligence platform, which has been developed collaboratively with dealers and OEMs to provide full end-to-end secure cloud-based software across sales, aftersales, accounting and CRM. Headquartered in the UK, has a team of over 200 people serving over 30,000 global users across 21 countries and long-standing partnerships with over 50 OEM brands. About OTC Markets Group Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market. Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets. OTC Link ATS, OTC Link ECN and OTC Link NQB are each SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC. To learn more about how we create better informed and more efficient markets, visit Subscribe to the OTC Markets RSS Feed Media Contact:OTC Markets Group Inc., +1 (212) 896-4428, media@ in to access your portfolio
