Newcastle car dealership Bradstreet Motor Group – which grew out of a 1950’s Cessnock car yard – is set to change hands when a $73 million deal with Automotive Holdings Group (AHG) is finalised.
Local motor trader Boy Bradstreet, now aged in his mid-eighties, has run the company, which includes seven Newcastle dealerships and 13 franchises, since his father died in 1954.
Automotive Holdings Group managing director Bronte Howson says the acquisition of the new dealerships would add approximately $600 million to AHG’s 2015 result.
Howson says the acquisition of the outlets in Cardiff, Maitland, Glendale and Newcastle is a significant one.
“This would be a strategic addition to our NSW dealership network,” Howson told The Newcastle Herald.
“They also complement our established Newcastle truck hub … giving AHG a very strong presence in the region”.
The Perth-based group acquired the Beresfield truck hub, Newcastle Hino, from Bradstreet in 2012.
From a customer’s perspective it will be business as usual with management teams staying on at all locations.
“The dealerships operate from well-maintained properties on long-term leases under an experienced management team,” says Howson.
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