Pendragon to sell Chevrolet dealership in California for ?17.2m

(Sharecast News) - Car dealership Pendragon said on Friday that it has agreed to sell its Chevrolet motor vehicle dealership in Puente Hills, California, for around £17.2m in cash.
The business will be sold to Scott Biehl, the operator of a privately-owned dealership group, and the precise consideration will be determined following the preparation of completion accounts in respect of the deal, Pendragon said.

Proceeds from the transaction will initially be used to reduce net debt. Pendragon said the deal is in line with its stated strategy of disposing of its US Motor Group and follows the disposal of two dealerships in California for approximately £60 million, which was announced back in May.

"The company continues to progress the disposal of the remainder of its US Motor Group," it said.