In a statement, Inchcape said: “Baltic Motors represents Ford, BMW and Land Rover in Latvia, the Baltics’ largest and fastest growing market. The acquisition is in line with the group’s strategy to expand into the emerging markets and builds on other recent investments in the Baltic States.”
Baltic Motors’ main business is based in the Latvian capital, Riga, with additional dealerships in the regional cities of Liepaja and Ventspils. It is currently Inchcape’s third party Land Rover retailer in Latvia, also retails BMW and is the exclusive distributor and retailer of Ford in Latvia.
Following completion of the transaction, Inchcape will have a market leadership position in Latvia with distribution and retail of Ford, Land Rover, Jaguar and Mazda and retail of BMW.
The total automotive market in Latvia is estimated to have grown by 51% in 2006 to over 28,000 units. The acquisition of Baltic Motors, together with Inchcape’s existing Mazda and Jaguar retail business, will make Inchcape market leader with a market share of over 10%. It also provides a good fit with the Ford business recently acquired in Lithuania.
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