Autosports Group announced at the beginning of August that it has successfully completed the acquisition of 100 per cent of Auckland City BMW Limited.
In July, the Australian car dealership group announced it would be acquiring Auckland-based dealerships for $70.4 million ($AUD63.3 million).
Auckland City BMW Limited comprises three dealerships including Auckland City BMW and Rolls-Royce Motor Cars Auckland, Auckland Mini Garage, as well as East Auckland BMW and Mini.
Autosports Group’s expansion into New Zealand is a result of the group wanting to diversify into international markets.
The group currently operates over 50 dealerships throughout Sydney, Melbourne, Brisbane and the Gold Coast in Australia who specialise in luxury brands like Aston Martin, Bentley, BMW, Lamborghini and Maserati.
CEO of Autosports Group, Nick Pagent said: “We are very excited to enter the New Zealand market with a well-established and luxury business providing immediate scale and geographic diversity for our Group,”
“Completion of this international acquisition marks an important milestone in our growth strategy and reinforces the positive business relationship we have built with BMW Group over the last five years.
“We look forward to working closely with Ian Gibson who continues as Dealer Principal and welcome the Auckland City BMW team to Autosports Group.”
Current managing director of Auckland City BMW Ltd Ian Gibson will remain part of the business.