Pinewood Technologies

File:Pendragon logo.png

The company was established when the vehicle division of Williams Holdings, which operated nineteen car dealerships, was demerged as Pendragon PLC in November 1989.{{cite news|url=https://www.independent.co.uk/news/business/bottom-line-good-timing-at-pendragon-1499431.html|title=Bottom Line: Good timing at Pendragon|date=23 March 1993|newspaper=The Independent|access-date=23 March 2024}} From that time until April 2010, the company was chaired by Sir Nigel Rudd.{{cite news|first=Graham |last=Ruddick|url=https://www.telegraph.co.uk/finance/newsbysector/transport/7653595/Pendragons-Sir-Nigel-Rudd-to-step-down-after-20-years.html |title=Pendragon's Sir Nigel Rudd to step down after 20 years|newspaper=The Daily Telegraph|date=30 April 2010}}

In 1990, the company expanded its portfolio to incorporate volume car franchises, such as Ford and Vauxhall. Following this, Pendragon began a series of high profile acquisitions. The Stratstone brand, largely associated with London, was acquired in 1992, establishing a relationship for Pendragon with Jaguar and Land Rover.{{cite web|url=http://www.nottinghampost.com/200-companies-Pendragon/story-26707898-detail/story.html|title=Top 200 companies: Pendragon|publisher=Nottingham Post|date=16 June 2015|access-date=22 August 2015|url-status=dead|archive-url=https://web.archive.org/web/20150722071107/http://www.nottinghampost.com/200-companies-Pendragon/story-26707898-detail/story.html|archive-date=22 July 2015|df=dmy-all}} In August 1997, the company acquired 17 volume car dealerships from Lex Service PLC.{{cite web|url=https://www.fleetnews.co.uk/news/1998/3/18/firm-used-market-helps-pendragon-group-profits-to-30-rise/3061/|title=Firm used market helps Pendragon group profits to 30% rise|date=18 March 1998|newspaper=Fleet News| access-date=22 March 2024}}

In August 1998, Pinewood Computers was acquired by Pendragon, expanding the company's portfolio into the specialist areas of dealer management systems, telecommunications and remote security monitoring systems for the retail motor industry.{{cite news|url=https://www.motortrader.com/general-news/pinewood-goes-for-growth-15-10-2001|title=Pinewood goes for growth|date=15 October 2001|newspaper=Motor Trader|access-date=23 March 2024}}

Pendragon went on to acquire Evans Halshaw of Birmingham in February 1999. After this, a further 32 franchised dealerships were bought from Lex Service PLC in March 2000.{{cite news|url=https://europe.autonews.com/article/20000313/ANE/3130875/late-news|title=Late News|date=13 March 2000|newspaper=Automotive News Europe}}

In July 2000, Pendragon expanded into America, with their acquisition of Bauer Jaguar, the third largest Jaguar dealership in America. Throughout the remainder of 2000 and into 2001, various other dealerships based in California were acquired including, in April 2001, Hornburg, which held the Jaguar and Land Rover dealership in Los Angeles.{{cite web|url=https://www.am-online.com/news/2001/4/18/pendragon-buys-jaguar-and-land-rover-outlets-in-us/1455/|title=Pendragon buys Jaguar and Land Rover outlets in US|date=18 April 2001|work=am-online.com|access-date=22 August 2015}}

Pendragon PLC acquired C. D. Bramall of Harrogate, taking on 111 new dealerships, in March 2004,{{cite web|url=https://assets.publishing.service.gov.uk/media/555de44440f0b669c400011f/pendragon.pdf |title=Completed acquisition by Pendragon plc of CD Bramall plc|publisher=Office of Fair Trading|access-date=22 March 2024}}{{cite news|url=https://www.thenorthernecho.co.uk/news/7002606.pendragon-takeover-cd-bramall-takes-top/|title=Pendragon takeover of CD Bramall takes it to the top|date=24 January 2004|newspaper=Northern Echo| access-date=22 March 2024}} and then bought Reg Vardy PLC of Sunderland, taking on 96 new dealerships, in December 2005.{{cite news|first=Scott |last=Reid|url=http://www.highbeam.com/doc/1P2-16481645.html |title=Pendragon in top gear|newspaper=The Scotsman|date=26 April 2008|archive-url=https://web.archive.org/web/20140629122244/http://www.highbeam.com/doc/1P2-16481645.html |archive-date=29 June 2014 }} However, in April 2006, Pendragon were unable to complete a proposed takeover of Lookers.{{cite news|url=http://www.highbeam.com/doc/1G1-145044017.html |title=Pendragon takeover plan falters|newspaper=The Birmingham Post|date=28 April 2006|archive-url=https://web.archive.org/web/20140629122247/http://www.highbeam.com/doc/1G1-145044017.html |archive-date=29 June 2014 }} Soon thereafter, the automotive industry was hit by a recession, leading to the closure of dealerships, and job cuts in both the United Kingdom and United States.{{cite news|first=Clinton |last=Manning|url=http://www.highbeam.com/doc/1G1-180785305.html |title=your money: Pendragon faces bumpy ride|newspaper=Daily Mirror|date=1 July 2008|archive-url=https://web.archive.org/web/20140629122236/http://www.highbeam.com/doc/1G1-180785305.html |archive-date=29 June 2014 }}{{cite news|first=Scott |last=Reid|url=http://www.highbeam.com/doc/1P2-15365743.html |title=Pendragon's warning of bumpy road ahead in 2008 for car sales|newspaper=The Scotsman|date=21 February 2008|archive-url=https://web.archive.org/web/20140629122240/http://www.highbeam.com/doc/1P2-15365743.html |archive-date=29 June 2014 }}

In April 2019, shares in the company fell 13%, after it posted their £2.8 million first quarter loss, substantially below the £6 million profit predicted by analysts.{{Cite web|url=https://www.standard.co.uk/business/luxury-car-seller-pendragon-dives-after-slower-sales-cause-shock-loss-a4120446.html|title=Luxury car seller Pendragon dives after slower sales cause shock loss|date=2019-04-17|website=Evening Standard|language=en|access-date=2019-04-23}} After an initial business review in June 2019, it was found that losses incurred by the Car Store division had jumped from £11.9m in 2018 to over £25m in 2019, as a result of excess used car stock and execution inefficiency.{{cite web|url=https://www.am-online.com/news/dealer-news/2019/06/12/pendragon-seeks-self-help-opportunities-after-significant-loss-predictions |title=Pendragon seeks 'self-help opportunities' after significant loss predictions |date=12 Jun 2019|publisher=City AM|access-date=28 June 2019}} Its CEO, Mark Herbert, left the company after serving for just three months.{{cite web|url=https://www.reuters.com/article/pendragon-ceo/update-2-pendragon-boss-quits-after-just-three-months-steering-uk-car-dealer-idUSL4N23Y1SX |title=Pendragon boss quits after just three months steering UK car dealer|date=27 Jun 2019|publisher=Reuters|access-date=28 June 2019}}

Following the sale of its motor dealerships (Stratstone, Evans Halshaw, California and Car Store) to Lithia Motors, the company changed its name from Pendragon PLC to Pinewood Technologies in February 2024.{{cite news|url=https://www.insidermedia.com/news/midlands/pendragon-completes-name-change|title=Pendragon completes name change|date=14 February 2024|newspaper=Insider Media|access-date=21 March 2024}}

In September 2024, Pinewood Technologies announced a strategic $4.2 million minority investment in Seez, a Dubai-based automotive AI company.{{cite news|url=https://www.motorfinanceonline.com/news/pinewood-technologies-invests-4-2m-in-seez-app/ |title=Pinewood Technologies invests $4.2m in Seez App|date=6 September 2024|newspaper=Motor Finance Online|access-date =6 November 2024}}

On 24 October 2024 Pinewood Technologies announced its customer-facing name is now Pinewood Automotive Intelligence, with a contemporary brand look that puts tech at the heart of the business and underpins global growth plans that were announced to investors at the company's first Capital Markets Day.{{cite news|url=https://cardealermagazine.co.uk/publish/dealer-management-systems-provider-pinewood-rebrands-to-bring-ai-to-the-fore/309339|title=Dealer management systems provider Pinewood rebrands to bring AI to the fore|date=28 October 2024|newspaper=Car Dealer Magazine|access-date=6 November 2024}}

The company is focused on pure-play software-as-a-service for car dealerships.{{cite news|url=https://www.morningstar.co.uk/uk/news/AN_1708431805776115800/in-brief-pinewood-technologies-ceo-berman-sells-gbp500000-in-shares.aspx|title=Pinewood Technologies CEO Berman sells GBP500,000 in shares|date=20 February 2024|newspaper=Morning Star|access-date=21 March 2024}}

{{Reflist}}

• {{Official|https://www.pinewoodtech.com/}}
• [https://data.companieshouse.gov.uk/doc/company/02304195 Pinewood Technologies Group PLC 02304195] via Companies House

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Category:Companies listed on the London Stock Exchange

Category:Companies in the FTSE SmallCap Index

Category:Retail companies established in 1989

Category:Companies based in Birmingham, West Midlands