Aggressive motor dealer to reorganise region north of Sydney following earlier purchases in the area
October 15, 2012
Automotive Holdings Group (AHG)
has snapped up Iveco Trucks Australia’s Newcastle dealership.
The expansionary Perth-headquartered automotive retailer and logistics group expects revenues of $32 million a year from the buy following next year’s planned rationalisation of the its broader Newcastle area strategy.
The purchase includes branch network operations in Gosford, Tamworth, Scone and Coffs Harbour and is valued at $3.35 million, representing the value of net tangible assets only, it says, with
no payment for goodwill.
In August, AHG bought Newcastle Hino from Bradstreet Automotive Group and Mercedes-Benz Commercial Vehicles in Newcastle, Rocklea and Caboolture from Mercedes-Benz Australia-Pacific (MBAuP).
AHG also purchased the operations of SelecTrucks of Brisbane from MBAuP.
Forecast revenue for the combined Iveco, Hino and Mercedes-Benz operations acquired in New South Wales and Queensland is about $142 million.
“The Iveco acquisitions further strengthen the AHG’s position in NSW and Queensland and offer AHG customers a comprehensive truck and bus portfolio across the Australian market,” AHG Managing Director Bronte Howson says.
The group also operates an Iveco dealership in Perth.
AHG says the Mercedes-Benz acquisitions complemented the purchase announced in October last year of Diesel Motors Trucks in Perth, now Daimler Trucks Perth, and the Hino acquisition added to AHG’s existing Hino dealerships in Perth and Melbourne.
