Automotive Holdings Group Limited
(ASX:AHG) has agreed to buy the Lance Dixon group of dealerships at Doncaster, near Melbourne for $12 million.
The Lance Dixon dealership represents luxury car brands such as Jaguar, Land Rover, Fiat and Alfa Romeo.
AHG’s managing director, Bronte Howson, says that, “
There are only limited opportunities to acquire … [Jaguar Land Rover] dealerships in major metropolitan markets” and that AHG is “
excited by the opportunity”.
The company also bought a Hyundai dealership at Penrith (in western Sydney) for $6.5 million, and sold its Duncan Nissan business in Victoria Park, Western Australia for $3 million.
AHG reported a net profit of $51.8 million at 31 December 2015.
