Autosports Group Limited Melbourne has bought BMW Group Australia’s factory-owned dealerships including BMW Melbourne, Mini Garage Melbourne and BMW Body Shop.
The $22 million purchase will be completed in the final three months of the year under the proviso that all current business operations, staff and processes of the South Melbourne and Southbank-based businesses will be retained.
Southbank Motorcycles is also part of the deal, with the combined business to be renamed ‘BMW Melbourne’.
The sale is completely separate from BMW’s recently announced intention to sell its Southbank property located at City Road.
The purchase consolidates ASG’s presence in the BMW, BMW Motorrad, Mini and Alpina markets following its acquisitions of Doncaster and Bundoora BMW earlier this year. ASG said in its ASX announcement that BMW Melbourne achieved revenues of $236 million for the 12 months ending 31 December 2016.
BMW Australia Chief Executive, Marc-Heinrich Werner, described the move as strategically important.
“BMW Group is about to experience a massive influx of exceptional product,” he said. “We are ensuring we have a seamless network structure and partners to guarantee the highest levels of customer service.”
ASG Chief Executive, Nick Pagent, said the collaboration would be beneficial for both businesses.
“This acquisition is a perfect strategic and geographic fit for Autosports Group. We’re looking forward to deepening our relationship with the BMW Group in the important market of Melbourne,” he said.
Autosports Group currently owns 35 new and used luxury dealerships in Melbourne, Sydney and Brisbane, including Audi, Volkswagen, Mercedes-Benz, Bentley, Alfa Romeo, Volvo, Maserati and Lamborghini.