REG - Pinewood Tech Gp PLC - Significant New Contract Award

Pinewood TechnologiesAnnouncement

Tue 07:00

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RNS Number : 4862G  Pinewood Technologies Group PLC  29 April 2025

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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

 

FOR IMMEDIATE RELEASE

29 April 2025

 

Pinewood Technologies Group PLC

("Pinewood" or the "Company")

 

Significant New Contract Award

 

Pinewood secures contract with Volkswagen Group Japan

 

Pinewood Technologies Group PLC, a leading pure-play cloud-based software
business providing innovative retail solutions to the automotive industry, is
delighted to announce it has entered into a five year contract with Volkswagen
Group Japan to implement the Pinewood Automotive Intelligence™ platform into
all the Volkswagen and Audi dealerships in Japan.

 

Volkswagen Group Japan imports vehicles, parts, accessories and other
components of the Volkswagen and Audi marques into Japan, and has nation-wide
authorised dealerships in Japan.  This contract is to deploy the Pinewood
platform into all of the c.350 Volkswagen and Audi dealerships in Japan.

 

The contract represents a significant new customer base and is aligned with
the Company's goal set out at its Capital Markets Day to sign a contract with
Volkswagen Group Japan.  Pinewood expects the roll-out and revenues to
commence in the first half of 2026.

 

Bill Berman, Chief Executive Officer of Pinewood Technologies Group, said:

 

"We are thrilled to welcome Volkswagen Group Japan as a customer and key
partner. We look forward to working together and we believe that our
innovative Automotive Intelligence™ Platform will help Volkswagen Group
Japan drive growth and achieve significant operating efficiencies through
their Volkswagen and Audi dealership network.

 

"As we set out in our Capital Markets Day in October 2024, we are committed to
making Japan a focal point of our strategy and customer base. We look forward
to working with Volkswagen Group Japan and hope to add other OEMs in Japan as
customers in the future."

 

Lennart Nigmann, Group Network Management Director of Volkswagen Group Japan
K.K, said:

 

"We are looking forward to the implementation of Pinewood's state of the art
software solution, which will enable our dealer partners in the near future to
offer an even better customer experience and improve efficiency at the same
time. Especially the seamless integration of various Volkswagen Group systems
into the platform will be a great leap forward compared to our current
solution."

 

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:

 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.AI) 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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