China Yongda Auto to acquire Inchcape Asia Pacific for £54m.

China Yongda Auto, a passenger vehicle retailer and comprehensive service provider in the PRC focusing on luxury and ultra-luxury brands, agreed to acquire three retail sites of Inchcape Asia Pacific, a wholly-owned subsidiary of Inchcape, a multi-brand automotive distributor and retailer, for £54m. The sites comprise Lexus in Shaoxing, Porsche in Nanchang and Mercedes-Benz in Jiujiang, and their disposal will enable Inchcape to refocus its regional resources on the more attractive Distribution markets. “The disposal of our three remaining sites in mainland China marks a further shift towards focusing on our core Distribution business model, thereby allocating our resources towards more attractive profit pools in the Asia region. Through the Ignite strategy, our focus is on growing both organically and inorganically in Distribution as evidenced through the 10 businesses we have won and acquired since 2016. The global opportunities for Inchcape are exciting; whilst we exit three Retail sites in China today, through our acquisitions to date we have become a top 5 Distributor of Chinese OEMs across the markets we operate in Latin America. We remain focused on ensuring we are driving value for shareholders today and for the future,” Stefan Bomhard, Inchcape CEO.