New owner for BMW dealerships
An Australian company is taking over three dealerships in Auckland after agreeing a deal to snap up Auckland City BMW Ltd for NZ$70 million.
Autosports Group Ltd will buy the private enterprise, which is made up of Auckland City BMW and Rolls-Royce Motor Cars Auckland; Auckland Mini Garage; and East Auckland BMW and Mini.
The trio of businesses represent about 37 per cent of BMW’s market share in New Zealand, about 50 per cent for Mini, and 100 per cent of Rolls-Royce’s market share.
The sale price was NZ$55m plus about NZ$15 million for net assets, reports Go Auto, and the acquisition is set to be completed by August 1.
Ian Gibson, managing director and dealer principal of Auckland City BMW Ltd, will remain with the company after the purchase.
He says his company and Autosports 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”.
Autosports is Australia’s third-biggest listed automotive company and Nick Pagent, chief executive, says the acquisition is part of its growth strategy.
“It provides immediate scale as we enter the New Zealand luxury auto brands market enhancing the geographic diversity and reach of our business beyond Australia,” he adds.
