Auto retail giant Lithia Motors, which Sky News in August named as the unidentified bidder in a failed deal to buy Pendragon, one of the largest auto retailers in the UK, is in talks to buy a different dealership group, according to a Sky News report on Monday.
Sky News, citing sources, said Lithia is "within weeks of finalizing a deal to buy" Jardine Motors Group for around $371.4 million (300 million pounds).
Sky News reported that the deal remains under discussion.
Jardine Motors, part of conglomerate Jardine Matheson holdings, is Europe's 23rd-largest dealership group by annual revenue, according to Automotive News Europe's 2022 Guide to Europe's biggest dealers. It then had 45 new-vehicle franchise points in the UK. Jardine Motors' portfolio of 14 vehicle brands ranges from Mini and BMW to Ferrari, according to its website.
In a statement to Sky News, a Lithia spokesperson confirmed that the auto retailer has held discussions with Jardine Matheson.
"Lithia views the potential acquisition of Jardine Motors as a platform for future growth in the UK and plans to invest in the business, working with Jardine Motors' market-leading management team to build on the strong momentum the group has generated in recent years," the Lithia spokesperson said in the statement to Sky News. "Discussions around a potential transaction are ongoing and a further update will be issued in due course."