AHG acquires Victorian dealer network
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Automotive Holdings Group ramped up its push into Victoria, acquiring all but one of Jeff Wignall Group’s 10 car dealerships for $14 million.
The nine JWG dealerships to be acquired comprise four Ford dealers, four Kia dealers and a Mitsubishi dealer, at five locations throughout Victoria’s Mornington Peninsula.
The acquisition remains subject to the approval of automotive manufacturers, AHG said in a statement.
AHG managing director Bronte Howson said the acquisition was a significant addition to the group’s Victorian operations.
“AHG has an underweight presence in Victoria and we plan to continue to build our business in Melbourne where we can add value,” Mr Howson said in a statement.
“We acquired Ferntree Gully Toyota in 2010 and the purchase of JWG gives us further scale with some leading brands in Ford, Mitsubishi and Kia.
“This builds on and strengthens our existing relationships with these key manufacturers.”
At 10:45AM WST, AHG shares had gained slightly, up 2.4 per cent to trade at $1.95.