Vertu buys Tees-based Honda dealership

Vertu Motors

A Stockton Honda dealership has been bought out by Gateshead-based Vertu Motors.

Benfield Honda at Preston Farm Industrial Estate is one of three Honda dealerships acquired by Vertu in a £2m deal.

The company has also acquired Honda dealerships in Nottingham and Derby.

After the acquisition of these three leasehold sites the group will operate 12 Honda car outlets and two Honda motorcycle outlets.

The Stockton dealership, formerly owned by the Benfield Group, complements the group’s existing North-East Honda outlets in Durham and Sunderland.

The Nottingham and Derby outlets have been owned by Lookers PLC for several years and their sales territories are adjacent to the group’s existing Honda outlets in Mansfield and Grantham.

For the year ended 31 December 2015 the three dealerships achieved unaudited revenues of £39m and a break even trading result.

The board expects this acquisition to be earnings enhancing in its first full year of ownership.

Vertu CEO Robert Forrester (pictured) said: “We are delighted to be expanding our representation with Honda in these areas which will provide us with strong marketing and other operational synergies.

“Honda has a very strong new product line up with New Jazz, New Civic, New CR-V, New HR-V alongside sportier premium products such as Type R and NSX. This is driving increased consumer interest and demand.

“Our existing business achieved the accolade of Honda Dealer Group of the Year in December 2015 for the second successive year, recognising its performance in customer satisfaction in particular, and the newly acquired outlets will enable us to build upon this success driven by our excellent franchise management team.”

 

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