The Craig Black Group of car dealerships in South West and Central Queensland has been fully acquired by AP Eagers as reported in AutoTalk in May this year.
The total purchase price for goodwill and net assets was approximately $33 million, comprising a cash payment and the issue of 1.25 million ordinary APE shares to the vendor.
2014 has been a busy year for A.P Eagers with the acquisition of three motor groups; Ian Boetcherr Motors, Craig Black Group and Volvo Sunshine Coast, as well as expanding on acquisitions which included Kedron and Reynella Subaru earlier this year.
Black Toyota is an iconic business in regional Queensland with an enviable reputation for customer service and local community support. The acquisition includes Black Toyota in Warwick, Dalby, Oakey and Chinchilla, and Central Highlands Toyota in Emerald, Longreach and Springsure (service only).
Also included are Hyundai dealerships in Warwick and Emerald, Volkswagen dealerships in Roma and Emerald, a Mitsubishi dealership in Emerald, Great Wall dealerships in Roma and Emerald, Western Fleet Services, a Budget rental car business servicing South West Queensland and the Boonarga fabrication and fitment business.
The company welcomed the fact that business founder, Craig Black, will continue as a consultant to the business and a shareholder in AP Eagers.
The automotive business also announced this week at the Morgans Queensland Conference that it expects to achieve national vehicle sales of 1.1 million units.
The aquisitions throughout 2014 added to Eagers’ property portfolio strategy execution is expected to result in $91 million in sales circa $16 million, with AP Eagers noting that $3.5 millon is expected in the second half of 2014, with the remainder in the 2015-2020 period.
The company also confirmed sales figures for new cars at 42,610 for 2013 in which nearly half (46%) of new car sales came from Queensland, while South Australia and New South Wales were tied in second spot with 21% each, while the Northern Territory followed with 7% of sales. National truck sales were 5% of the total.
In terms of the company’s used car sales figures for 2013, the figures show that AP Eagers sold 23,396 units, with south Australia coming in firstt place with 31% of sales, while Queensland came in second spot with 29%. However, Queensland also added another 24% from auction sales in 2013.
NSW took 9% of used car sales, followed by national used truck sales of 4%, while the Northern Territory had 3% of the sales total.
At the conference the company outlined plans for the next 12-24 months which include:
- Continue integration of Ian Boettcher Motors and The Black Group
- Complete Land Rover, Jaguar and Volvo move from Fortitude Valley to Newstead
- Improve truck retailing division
- Continue Carzoos expansion within APE
- Refine plan for Carzoos expansion externally
- Through organic development or selective acquisitions continue to evolve the current retail model to match the changes to consumer demands and behaviour.
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