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Lithia & Driveway has bought Jardine Motors Group from Jardine Matheson.
The acquisition represents the US Group’s first entry into the UK.
Jardine management will remain in place and Lithia has said that employees will not be negatively impacted by the transaction.
The group is expected to generate over $2 billion in annual revenue.
Reports of Lithia’s interest in buying Jardine emerged in the early part of 2023, after it was linked with talks to purchase Pendragon in 2022.
Under Jardine Matheson’s 31 years ownership, Jardine Motors Group has grown from a family-run vehicle retailer in East Anglia into a retailer representing 14 different brands.
Neil Williamson, chief executive officer of Jardine Motors Group UK, said: “Today’s announcement is an exciting day for the future of our company. I would like to thank Jardine Matheson for the strong support and partnership over the past 31 years.
“With Jardine Matheson’s considerable support, we have built a strong position in the UK motor sector underpinned by high quality relationships with our brand partners, and their contribution has been instrumental in our successful implementation of a strategy focusing on the luxury and premium sector.
“We are delighted to have found in Lithia a partner committed to further growing and developing Jardine Motors Group. Lithia is one of the world’s most admired vehicle retailers, and their support and expertise will enable us to capture the considerable growth opportunities we see ahead. I am confident Jardine Motors Group will thrive under this new ownership and I am looking forward to working closely with them as we realise our growth ambitions in the UK.
“Lithia and Jardine Motors Group share a commitment to providing customers with the highest quality service and buying advice and a recognition that this is best achieved through investing in and empowering teams. Through our discussions together, we have been pleased to see Lithia recognize the great strength of both our teams and our network of dealers across the UK.”
Bryan DeBoer, Lithia & Driveway President and CEO, added: “The acquisition of Jardine Motors Group represents a significant new chapter in Lithia’s progress and strategic direction.
“Their complementary business model, sound financial performance and excellent OEM relationships all make Jardine Motors Group the ideal partner for our expansion into the United Kingdom. As part of our broader growth plan, we firmly believe the combination of our two businesses will deliver significant value for employees, partners, and customers alike.”