Group 1 Automotive completes takeover of Inchcape’s automobile dealerships
Group 1 Automotive has accomplished its £346 million takeover of Inchcape Retail, including 54 automobile and van dealerships in a “monumental transaction” that can put it into the highest 5 of the AM100 rankings of UK’s largest motor retailers.
Doing so expands Group 1 Automotive UK’s buying and selling space into the Midlands and the North West of England, and into Wales, plus provides extra websites in its present geographic footprint within the East and South East of England.
It additionally broadens its model portfolio with Audi, BMW, Jaguar Land Rover, Lexus, Mercedes-Benz, Mini, Porsche, Sensible, Toyota, Volkswagen and Volkswagen Business Automobiles.
Group 1 stated the previous Inchcape companies are anticipated to convey $2.7bn (£2.1 bn) of extra annual revenues. Which means the enlarged UK enterprise will climb the AM100 rankings to compete with Vertu Motors, which was ranked 4th within the 2023 AM100.
Martin Wastie, chief monetary officer at Inchcape Retail, thanked his colleagues for 9 months of onerous work to get this “monumental transaction” over the road, and added that Group 1 UK and Inchcape Retail collectively “develop into some of the preeminent forces within the automotive sector within the UK”, with glorious portfolios and scaleability.
It’s Group 1’s largest acquisition within the UK since it took over nine-dealership group Robinsons in East Anglia throughout 2021.
“This transformative acquisition successfully doubles our UK footprint, giving us entry to new markets all through England with a group of excellent manufacturers,” stated Group 1’s president and chief govt Daryl Kenningham. “We’re delighted to welcome our new crew members as we collaborate to ship a superb buyer expertise.”
Group 1’s senior vice chairman and chief monetary officer Daniel McHenry added: “Inchcape Retail and its crew convey a 50-year status to Group 1’s UK presence. This strategic acquisition is aligned with our capital allocation technique, which allows us to establish alternatives that create extra scale and worth for our shareholders.”
In 2013 Group 1 acquired Inchcape’s Ford dealership division.
