Pendragon has completed the disposal of its JLR dealership in Mission Viejo, California, for £28.2 million.
A statement issued via the London Stock Exchange today (July 3) stated that the transaction had been completed on July 1 “in line with the Company's stated strategy of disposing of its US Motor Group and work on the remaining disposals continues”.
AM reported in early April that Pendragon had disposed of its two Hornburg Group Jaguar Land Rover (JLR) dealerships in California for a total consideration for the two businesses amounts to £60 million as it progresses its plans to reduce its exposure to premium brands and withdraw from the US.
The AM100’s former number one franchised retail group announced that it had agreed to dispose of the trade and assets of the businesses in Mission Viejo and Newport Beach, California, as part of a bid to retrieve £100 million from its operations across the Atlantic.
Lithia Motors has now completed its acquisition of the Mission Viejo facility, while US Auto Trust will acquire the Newport Beach site, subject to completion of due diligence.
US Auto Trust’s planned acquisition follows its purchase of Pendragon’s single Aston Martin business in the US on July 2, 2018, for consideration of £3.1m.