A further maximum of £1m will become payable dependent upon the profit achieved from the new business in the 12 months to June 30, 2007.
The dealer group announced the new acquisition at its AGM, which also reported its current year franchise dealer network like-for-like sales are ahead of the new car market and in line with its expectations.
Lookers said it was confident for its outlook for 2007 and its aftersales division continues to go from ‘strength to strength’.
Phil White, Lookers chairman, said: “I am pleased to report that Lookers continues to make strong progress. Through our proven successful strategy, we remain dedicated to expanding our complementary business streams through both organic growth and strategic acquisitions.
“Our de-centralised management structure and close manufacturer relationships continue to enable us to deliver superior returns across the franchises we operate. We continue to see the benefits from our largely completed refurbishment programme across a number of our outlets.
He added that the acquisitions made last year from HR Owen had been fully integrated, expanding the dealer group’s presence in the south of England.
"This acquisition broadens our offering in the growing parts distribution aftermarket, particularly in such a fast growing sector as turbochargers and will be an important contributor to the expansion of our parts distribution operation.
“The year has started well against strong comparatives for the first quarter last year and is in line with the Board’s expectations. We remain confident in the outlook for 2007,” added White.