NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART,
DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO
DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF SUCH JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE
INFORMATION.
FOR
IMMEDIATE RELEASE
22nd October 2024
Pinewood
Technologies Group PLC
("Pinewood" or the
"Company")
New
Contract Award
Pinewood
secures contract with Marshall Motor Group
Pinewood Technologies Group PLC, a
leading pure-play SaaS business providing innovative retail
solutions to the automotive industry, is delighted to announce it
has entered into a 5 year contract with Marshall Motor Group
("Marshalls"), to implement
Pinewood systems into their stores.
Marshalls is one of the leading
automotive retailers in the United Kingdom with circa 120
dealerships and is part of the Constellation Automotive Group,
which also includes cinch, BCA and webuyanycar.
The contract represents the first
non-associated major dealership group in the UK to adopt the
Pinewood product suite following the recent successful
implementation into the Litha Motors' UK businesses (formerly
Jardine Motor Group and Pendragon).
Bill Berman, Chief Executive Officer of Pinewood Technologies
Group, said: "Entering into a contract with a company like Marshalls, one of
the largest franchised dealer groups in the UK, is an extremely
strong validation of the Pinewood product suite and it underlines
our position as one of the leading automotive retail ecosystem
providers in the market.
"Today's announcement follows the
ongoing rollout programme of our system to the UK dealerships of
Lithia Motors, our strategic partner, which is progressing well and
I am pleased with the progress we are making in this market. We now
supply our software to four of the top-20 UK dealer groups and are
confident in our pipeline of new customers in the months
ahead."
Avril Palmer-Baunack, Executive Chairman of Constellation
Automotive Group, said: "We are
excited to be embarking on this new partnership with Pinewood over
the coming months. This partnership will allow us to
integrate and upgrade our systems whilst enhancing and accelerating
our continuing strive to deliver market leading customer service to
our consumer and business partners."
This announcement contains inside
information for the purposes of Article 7 of Regulation (EU) No
596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018, as amended. The person
responsible for arranging release of this announcement on behalf of
the Company is Oliver Mann, Chief Financial Officer.
Enquiries:
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Jefferies International Limited (Joint Corporate
Broker)
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+44 (0) 20 7029 8000
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Philip Noblet
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Thomas Bective
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Jordan Cameron
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Berenberg (Joint Corporate
Broker)
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+ 44 (0) 20 3207 7800
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Ben Wright
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Mark Whitmore
Richard Andrews
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Headland Consultancy (PR &
Communications)
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+44 (0) 20 3805 4822
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Henry Wallers
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Jack Gault
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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 30,000 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.
Important Notices
This announcement is not intended to, and does
not constitute, or form part of, any offer to sell or an invitation
to purchase or subscribe for any securities or a solicitation of
any vote or approval in any jurisdiction.
This announcement has been prepared for the
purpose of complying with the applicable law and regulation of the
United Kingdom and information disclosed may not be the same as
that which would have been disclosed if this announcement has been
prepared in accordance with the laws and regulations of
jurisdictions outside the United Kingdom.