May 3, 2019 — British dealer group Pendragon PLC (LON: PDG) announced yesterday it is selling two California Jaguar Land Rover dealerships as part of its plan to exit the U.S. market.
Pendragon is selling its Jaguar Land Rover dealership in Newport Beach to U.S. Auto Trust for $40.3 million (£31 million). U.S. Auto Trust is a company that was formed just over a year ago by Ed Glazer, co-chairman and owner of the Tampa Bay Buccaneers NFL football team, according to business filings with the California Secretary of State.
The company acquired Pendragon’s Aston Martin dealership for approximately $4 million in July 2018.
The Jaguar Land Rover dealership generated more than $55.7 million in revenue last year with a profit of about $7.8 million.
Lithia Motors is buying the Jaguar Land Rover store in Mission Viejo for $37.7 million (£29 million). Mission Viejo was valued in Pendragon’s books at $31.9 million generating profit of $1.1 million.