Lithia on Sept. 18 said it planned to buy Pendragon’s dealership and fleet businesses in a $350 million deal. As part of that deal, Pinewood, Pendragon’s dealership management system, would be transformed into a standalone software company called Pinewood Technologies. Lithia would gain about a one-sixth ownership stake in that entity. Lithia and Pinewood plan to form a joint venture to bring a DMS to North America.
Pendragon last week said it is required to hold a shareholders…
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