UK-based dealer groups are proving irresistible targets for overseas buyers - particularly those based in North America – tempted by both the weak pound and the quality of the businesses themselves.
On Monday, Pendragon – owner of brands such as Stratstone and Evans Halshaw - said it would sell its dealer network comprising more than 160 sites and leasing company to Oregon-based Lithia Motors for £280 million. The deal grows Lithia’s UK presence after the company agreed to buy Jardine Motors Group in March in a deal reportedly worth £300m-£400m.
