Sale of Inchcape Fleet Solutions to Toyota announced
11 October 2019
Author: Sean Keywood
The sale of Inchcape Fleet Solutions (IFS), a division of automotive distributor Inchcape, to Toyota Fleet Mobility has been agreed for a price of £100million.
Inchcape says it has decided to sell IFS as it has limited synergy with its UK retail dealerships, and says the sale will help it focus on its core distribution operations.
IFS leases fleet vehicles and provides fleet management services to B2B customers including Toyota.
Inchcape group CEO Stefan Bomhard said: "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.
"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."