REG - Pinewood Tech Gp PLC - New Contract Award

Pinewood TechnologiesAnnouncement

22/10/2024 07:00

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RNS Number : 0241J  Pinewood Technologies Group PLC  22 October 2024

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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

 

FOR IMMEDIATE RELEASE

22(nd) 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:

 

 Jefferies International Limited (Joint Corporate Broker)  +44 (0) 20 7029 8000
 Philip Noblet
 Thomas Bective
 Jordan Cameron

 Berenberg (Joint Corporate Broker)                        + 44 (0) 20 3207 7800
 Ben Wright
 Mark Whitmore

 Richard Andrews

 Headland Consultancy (PR & Communications)                +44 (0) 20 3805 4822
 Henry Wallers
 Jack Gault

 

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.

 

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