Eagers Automotive, Australia’s largest car dealership group, has reported a significant increase in its market share of electric and hybrid vehicles, climbing from 22 per cent to 34 per cent year-on-year. The company’s revenue for the 12 months ending December 31 rose by 16.5 per cent to $13 billion. Eagers Automotive operates car dealerships across Australia and has recently expanded into the pre-owned vehicle market. Billionaire Nick Politis, chairman of the Sydney Roosters, holds a 28 per cent stake in the company.
Net profit for the period reached $261.2 million, up from $222.9 million the previous year. The company kept its final dividend steady at 50¢ per share. Eagers has experienced strong demand for the Chinese EV brand BYD, with its dealerships accounting for approximately 80 per cent of that brand’s sales within Australia.
Chief executive Keith Thornton noted the company’s strong performance in the national secondhand car business, easyauto123. Despite inflationary pressures, Thornton stated that demand remains resilient and anticipates continued profitable growth from the expansion of the pre-owned business. In October, Eagers invested $1 billion to acquire a 65 per cent stake in CanadaOne, marking its first venture into overseas markets.
