RRG and Norton Way owner Marubeni Auto Investment has completed the acquisition of a majority shareholding in three-site used car supermarket business HPL Motors Group.

Marubeni Auto Investment, a UK subsidiary of the Tokyo-based Marubeni Corporation headed-up by former Jardine and cinch director Jason Cranswick, adds used car retail operations in Preston, Oldham and Atherton through the move.

HPL Motors Group founder Jonathan Herman will retain a minority shareholding and continue to drive the business as managing director.

“I am excited to join the Marubeni family and can see how HPL will really compliment the current Marubeni group structure”, said Herman.

“The synergies of being part of a leading UK automotive dealer group, means that we will be able to develop our combined businesses into incredible mobility provider for the future”

Cranswick, who is chief operating officer at Marubeni Auto Investment said: “Like all sectors globally, the automotive industry is experiencing rapid change and is embracing omni-channel retailing as part of its business strategy for a digital world.

“We have admired how Jonathan has evolved his business to become one of the UK’s best independent used car supermarkets.

“We feel that this acquisition will enable our wider group to innovate further and to deliver incredible customer experiences with long-term shareholder value.”

Manchester-based RRG Group was acquired by Japanese trading company Marubeni Auto Investment for a sum thought to be in the region of £15m back in 2000.

Six years later it acquired four Smith Knight Fay Toyota and Lexus dealerships from European Motor Holdings, before adding Norton Way in 2008.

Commenting on Marubeni Auto Investment’s latest acquisition in the UK, David Kendrick of UHY, who advised on the deal, said: “HPL has grown significantly in the North West over the past decade and this transaction not only allows the growth to continue with a much larger financial backer in Marubeni, but also a much larger pool of trade vehicles generated by the franchise retail outlets owned. A very strategic move…”

Last month Kendrick spoke to AM as part of a news insight feature into the car retail sector's M&A outlook amid warnings of the longest recession on record.