Autosports Group Ltd, Australia’s third largest listed automotive company is going international with the purchase of three Auckland-based BMW dealerships.
The group, which commenced operations in 2006 currently owns over 50 dealerships throughout Sydney, Melbourne, Brisbane and the Gold Coast in Australia, and primarily specialise in luxury brands like Aston Martin, Bentley, BMW, Lamborghini and Maserati.
However, their eyes are now set on a New Zealand expansion.
Autosports will become the owner of Auckland City BMW Ltd, which comprises Auckland City BMW and Rolls-Royce Motor Cars Auckland, Auckland Mini Garage, as well as East Auckland BMW and Mini.
The three dealerships make up 37 per cent of BMW’s market share in New Zealand, nearly 50 per cent of Mini’s, and 100 per cent of Rolls-Royce as they are the sole dealership in NZ.
A sale figure of $AUD63.3 million ($70.4 million) was agreed on for the acquisition with $55 million going towards the business itself and $15 million for its assets.
Nick Pagent, Chief Executive Officer of Autosports Group Ltd said that the acquisition “provides immediate scale as we enter the NZ luxury auto brands market enhancing the geographic diversity and reach of our business beyond Australia,”
“With its market-leading share in luxury brands – BMW, Mini and Rolls-Royce – Auckland City BMW will complement our existing business while continuing our growth strategy in the luxury market.”
Managing director of Auckland City BMW Ltd, Ian Gibson will remain part of the business.
Gibson says the two parties share “a common absolute focus on outstanding service to our customers and we are very excited about the benefits which will flow from joining the group.”
The acquisition is a part of Autosport’s growth strategy and will be completed by August 1 this year.
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