Pendragon PLC (LON:PDG) shares nudged higher on Thursday morning after agreeing to sell off a couple of Jaguar Land Rover dealerships in California.
The dealership in Mission Viejo is being sold to US group Lithia Motors for £29mln, while a showroom in Newport Beach has been offloaded to US Auto Trust for £31mln.
Mission Viejo was valued in Pendragon’s books at £24.6mln and generated an underlying profit of £0.9mln last year.
The Newport Beach site had a value of £42.9mln and turned an underlying profit of £6.0mln in 2018.
Pendragon said the disposals were part of its strategy to get out of the US market.
Shares edged 0.9% higher to 22.8p in early deals on Thursday.