Sale of car dealerships group completes
The 54 car dealerships in the Inchcape business have now been bought by United States-based rival Group 1 Automotive.
It includes Volkswagen sites in Shrewsbury and Telford and retail offices in Birmingham.
The deal had been announced in April and has now been closed.
Group 1 has 260 dealerships in the US and UK and the addition of the Inchcape dealerships is expected to take Group 1annual revenue to around £3 billion.
“This transformative acquisition effectively doubles our UK footprint, giving us access to new markets throughout England with a collection of outstanding brands,” said Group 1’s president and chief executive Daryl Kenningham.
“We are delighted to welcome our new team members as we collaborate to deliver an excellent customer experience.”
Group 1’s senior vice president and chief financial officer Daniel McHenry added, “Inchcape Retail and its team bring a 50-year reputation to Group 1’s UK presence. This strategic acquisition is aligned with our capital allocation strategy, which enables us to identify opportunities that create additional scale and value for our shareholders.”
