US dealer Lithia Motors is the mysterious ‘major international’ that reportedly made a €550 million offer for British dealer holding company Pendragon earlier this month. This is reported by Sky News.
That offer would have been blocked by Hedin Motors, the largest shareholder in Pendragon with 53 percent. Whether Lithia Motors is abandoning its efforts is still unknown at this point.
Big in America
In just a few years, Lithia Motors has grown into one of America’s largest car dealers. In the first three months of this year, the listed company with 21,500 employees and three hundred branches traded 65 thousand cars. Quarterly revenue was $6.7 billion, representing annual revenue of more than $25 billion.
By comparison: Hedin Mobility Group has an annual turnover of 2.6 billion euros in 2021.
In a recently announced strategic plan, Lithia aims to double its revenue in five years. “We think we can accomplish that. We have other projects that we all focus on locally,” said CEO Brian DeBoer, the grandson of the founder of Lithia in 1946 in Medford, Oregon. So far, the company has no operations outside the US.
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