Eagers Automotive and Mitsubishi Corporation sign MOU for strategic alliance

Eagers Automotive Limited has signed a non-binding Memorandum of Understanding (MOU) with Mitsubishi Corporation to explore a range of joint initiatives across the automotive and mobility sector.

The alliance will focus on leveraging Mitsubishi Corporation’s global experience and existing OEM and joint venture relationships to accelerate growth opportunities in Eagers Automotive’s new vehicle dealership network and independent used car operations, including easyauto123 and Carlins Auctions.

Potential areas of collaboration also include financial services, fleet management, and lifecycle ownership solutions for new energy vehicles.

Mitsubishi Corporation, an integrated trading and investment company, operates eight business groups across multiple industries through its global partner network. Its Mobility group has a value chain spanning production, sales, distribution, financing and aftersales, with a strong presence in the ASEAN region.

In Australia, Mitsubishi Corporation’s core mobility business is the distribution of Isuzu vehicles through Isuzu UTE Australia, which will remain separate from the new alliance.

Mitsubishi Corporation Executive Vice President and Group CEO of the Mobility Group, Shigeru Wakabayashi, said the company saw “an extensive amount of attractive opportunities” to work with Eagers Automotive.

“We see an extensive amount of attractive opportunities to leverage our combined expertise, global network and common motivation to collaborate on strategic growth initiatives for the benefit of our customers, investors and our broader stakeholders over the long term,” he said.

Eagers Automotive CEO Keith Thornton said the partnership represented a “compelling opportunity” for growth.

“This alliance provides a runway of significant opportunities for growth, both here and overseas, leveraging Mitsubishi Corporation’s deep industry experience, geographic reach and market insights as both a strategic investor and leading operator in the global automotive and mobility sector,” he said.

The MOU outlines initial exploration of opportunities, with no binding commitments at this stage.