Extreme stock market volatility in recent weeks has seen new car retail giant Eagers Automotive Limited (ASX:APE) announce its intention to buy back up to 10% of its issued share capital (up to 25,693,310 ordinary shares).
ASX-listed company Eagers Automotive has confirmed it will go ahead with the July-scheduled acquisition of Janrule Automotive Group from WFM Motors Pty Ltd. giving it a sizeable market footprint in the Australian Capital Territory.
Porsche Australia says its new Porsche Studio which has opened in the Automall West precinct of the Indooroopilly shopping centre is part of its future retail concept to reach out to new and younger target groups as well as existing customers.
Eagers Automotive wants to expand its national footprint by acquiring the Canberra dealership assets of Janrule Pty Ltd from it’s major shareholder, WFM Motors Pty Ltd, for $205 million. The parties signed a non-binding agreement as the deal is subject to OEM and landlord consent as well as shareholder approval because WFM executive chairman Nick Politis, also sits on the board of Eagers Automotive. Brands represented by Janrule Automotive Group include (Canberra)Toyota, Ford, Volkswagen, Jeep, Lexus, Subaru, Mitsubishi, Volvo and GMSV situated in Belconnen, Fyshwick, Phillip and Gungahlin. The dealerships operate across 10 owned properties and three commercially leased sites. According to Eagers Automotive, Janrule Automotive Group has an annual turnover of $450 million and the 400 employees will remain with the business ensuring a smooth transition for customers, staff and OEM partners. Eagers Automotive chief executive Keith Thornton says the ACT is a key strategic region and has long been identified by Eagers Automotive as an opportunity to grow its national footprint. “The acquisition of this group marks an entry point into this region for Eagers Automotive which offers immediate scale and scope for future growth.
Australian online orders for the BYD Atto 3 (Yuan Plus) electric SUV need to be in at EVDirect.com.au by 5pm on March 11 for inclusion in July deliveries.
