Holdcroft Motor Group has doubled its representation with Mazda and added two new Hyundai sites after finalising the acquisition of Vantage Motor Group franchises in Oldham and Stockport.
The Stoke-based AM100 retailer took its number of franchised outlets to 23 with the addition of the Hyundai franchise in Stockport and Mazda and Hyundai dealerships in Oldham, which was completed earlier this month.
Holdcroft’s acquisition follows that of ALM Garages in Macclesfield, for an undisclosed sum, in June.
ALM Garages currently represents the Hyundai franchise and has Honda service centre.
Holdcroft now represents Dacia (2), Honda (4), Hyundai (7), Isuzu, Mazda (2), Mitsubishi, Nissan (3), Renault (2) and Volvo at locations across the Midlands and North-West.
Holdcroft managing direector, Darren Holdcroft, told AM: "The Macclesfield acquisition really came about when we knew that things would be moving forward with Vantage and we're really pleased with the new additions to the group."
Holdcroft said that he expected the Stockport Hyundai and Mazda Olham franchises to be profit enhancing in 2018, but said that the Hyundai Oldham business was loss-making and would take a little more time to turn around.
Asked whether the group's recent growth would continue, he added: "Yes, I think so. When you consider the eceonomies of scale that you really need to be profitable in the current climate, it makes sense. We'll be keeping our eyes open for further acquisitions."
In October the Vantage Motor Group posted a pre-tax loss of £134,000, despite realising a record turnover of £262m – up 25% on 2015.
The Knaresborough-based business said in a statement that investments in property, facilities, fixtures and in turnaround operations to restore a number of loss-making and under-performing dealerships had led to the loss in profits.
During 2016 Vantage invested more than £3 million throughout the group, including the completion of two new-build showrooms, one of which was the Mazda Oldham facility now acquired by Holdcroft.
Vantage had taken on the Mazda franchise in Oldham in August 2015 with hopes of boosting its turnover by £8 million with the venture.