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Automotive retailing and logistics group Automotive Holdings Group Limited (ASX:AHE) has announced the acquisition of dealerships in Victoria.
While the purchase price has not been revealed the dealerships currently generate revenue of about $75 million per annum and are expected to become earnings accretive immediately.
The Bayside Automotive Group includes Nissan, Suzuki and Chrysler Jeep Dodge dealerships in Frankston. The Peninsula Group includes Nissan and Chrysler Jeep Dodge dealerships at Mornington.
Managing Director Bronte Howson says with the spread of brands in place and further prospective acquisitions Victoria is poised to become a source of significant growth for the company’s automotive business.
Automotive Holdings Group reported a net profit of $53.6 million in the 2012 financial year.
