Pinewood has entered into a five year contract with Global Auto Holdings to implement the Pinewood Automotive Intelligence™ platform into its 155 dealerships across the UK, North America and Scandinavia.
This marks the largest non-associated major dealership group to adopt the Pinewood Automotive Intelligence™ platform. Roll-out and revenues are expected to commence in the UK by 2026.
Roy Cui, Executive Vice President of Global Auto Holdings, said: “We are pleased to be partnering with Pinewood and believe this collaboration aligns perfectly with our strategic goal of becoming the leading consumer-facing global automotive company.
“This partnership will enable us to drive further efficiencies and optimize our processes for the benefit of all of our stakeholders.”
Bill Berman, CEO of Pinewood Technologies Group, said: “We’ve now achieved our target to sign up two of the top 20 auto retail groups in the UK and Ireland ahead of schedule, while laying the groundwork to expand our footprint across our core markets.
“This contract follows a highly successful first period for Pinewood as a standalone business, and this is reflected in our FY24 performance being delivered ahead of consensus forecasts.
“This illustrates the dedication and hard work of our employees who ensure our customers around the world receive a best-in-class service. We are optimistic about the year ahead and expect to continue to make further strategic and operational progress.”
The Company expects that underlying profit before tax for the 11 month financial period ending 31 December 2024 will be approximately £8.3m, ahead of current analyst consensus forecasts.
