Toyota Motor agreed to acquire Inchcape Fleet Solutions, which leases fleet vehicles and provides fleet management services to B2B customers, from Inchcape, the leading independent multi-brand automotive distributor with global scale for £100m ($122m). "This transaction is a further demonstration of strategic progress and focus on our core Distribution activities which generate 90% of Group trading profit. We are pleased to have been able to further streamline our UK Retail market activities by selling IFS at a good valuation. We remain focused on our Ignite strategy which frames our operational excellence initiatives, has driven 10 Distribution deals since 2016, and sets the foundations for capabilities that will enable us to position Inchcape well for the future. I would like to thank our IFS team for all their hard work and dedication and wish them success under Toyota, Inchcape's oldest OEM partner," Stefan Bomhard, Inchcape Group CEO.