Inchcape has bought a 75.1% share in Audi retailer OOO Orgtekhstroy (OTS) and 100% of Peugeot retailer OOO Concord. The two firms have been bought from St Petersburg-based car dealership Olimp Group.
As a result of deal, satisfied in cash, the new businesses will led by Inchcape’s existing Russian management team in St Petersburg. Inchcape is also undertaking a £26 million relocation and expansion of its Toyota Rustavelli site in Georgia.
The Russian car market is the largest in central and eastern Europe and Inchcape is planning to relocate its current Lexus dealership into a new site in St Petersburg, bringing its presence there to five outlets.
After the move the firm will have a 13.5% of the foreign brand market in the city.