Pinewood Technologies Group has started trading on the OTCQX Best Market which will open the door to US investment in the business.
The new development falls in line with Pinewood’s plans to expand in the US after taking a £3.43 million stake in artificial intelligence (AI) specialist Seez.
The investment in Seez is part of Pinewood’s plans to expand into the US market, in partnership with Lithia Motors.
Pinewood’s admission to the OTCQX market will provide trading for investors in the US, ensuring they have access to the same level of information and disclosure available to investors in the UK, but through US-facing platforms and portals.
The company’s ordinary shares will continue to trade on the main market of the London Stock Exchange. No new ordinary shares will be issued as part of the commencement of trading on OTCQX.
Bill Berman, chief executive of Pinewood Technologies Group, said: “Trading on the OTCQX Market offers investors in the US the opportunity to purchase shares in Pinewood Automotive Intelligence more easily.
“With the global market for dealer management software solutions fragmented, the Pinewood Automotive Intelligence platform capitalises on the universal need for clarity between customer, dealer and manufacturer.
“Strengthened by our partnership with Lithia, one of the largest automotive dealer groups in the US, we believe Pinewood Automotive Intelligence is a compelling investment proposition that will continue to deliver significant value for shareholders.”
US dealership giant Lithia Motors acquired the dealership groups owned by Pendragon, including Stratstone, Evans Halshaw, California and Car Store in February 2024.
The deal also saw Lithia acquire a major shareholding in previously Pendragon-owned Pinewood, with the two firms establishing a US joint venture under which Lithia will rollout Pinewood software into its own systems as well as support taking the product to market to encourage adoption by dealership rivals.
The joint venture was key to the company’s success in growing its US operations where the core automotive DMS and CRM applications constitute a $3.4 billion market.