LONDON - Pinewood Technologies Group PLC, a SaaS provider specializing in retail solutions for the automotive industry, has secured a five-year contract with Marshall Motor Group, a major automotive retailer in the UK. This agreement marks a significant step for Pinewood as it expands its reach within the UK automotive retail market.
Pinewood stock surged 13% following the news.
Marshall Motor Group, which operates around 120 dealerships across the UK and is a part of Constellation Automotive Group, has chosen to implement Pinewood's suite of products across its stores. This move follows the recent successful integration of Pinewood systems into the UK operations of Lithia Motors (NYSE:LAD), including the former Jardine Motor Group and Pendragon.
Pinewood's CEO, Bill Berman, expressed confidence in the company's market position as a leading automotive retail ecosystem provider, highlighting the Marshalls contract as a strong endorsement of their product suite. Berman also noted the ongoing rollout to Lithia Motors' UK dealerships and the company's anticipation for new customer acquisitions in the coming months.
Avril Palmer-Baunack, Executive Chairman of Constellation Automotive Group, commented on the partnership's potential to enhance their customer service and system integration, indicating a forward-looking approach to business partnerships.
This new business relationship is considered inside information under Article 7 of Regulation (EU) No 596/2014, as incorporated into UK law. Oliver Mann, CFO of Pinewood Technologies Group, is credited with arranging the release of this announcement.
The partnership between Pinewood and Marshall Motor Group is a strategic move for both entities, as they aim to improve operational efficiency and customer service within the automotive retail sector. This collaboration is expected to commence in the following months, as per the press release statement.
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