Sytner’s US owner Penske Automotive Group has completed the acquisition of The Car People following an announcement of the move last month.
The Yorkshire-based used car supermarket operator, which has sites in Wakefield, Sheffield, Stockport and Warrington, will be operated by Sytner and cements the group’s position as the AM100’s number one retailer.
AM reported last month that the move would see Sytner operate a car supermarket division with almost £500m annual turnover, in which The Car People and CarShop will operate separately, led by Car Shop chief executive Jonathan Dunkley.
Jonathan Allbones, The Car People’s sales and marketing director, becomes its operations director under Sytner’s new structure, while Kirk O’Callaghan is operations director for CarShop.
Both report to Dunkley, who in turn reports to Sytner chief executive Darren Edwards.
Commenting on the completion of the acquisition this week, Penske Automotive Group chairman Roger Penske, said: "I am delighted to welcome The Car People team to Penske Automotive Group.
“The acquisition of The Car People accelerates the company's expansion of its used car supermarket business and reinforces our commitment to grow the used car business while strengthening the company's market position in the UK, our second largest market.”
Michigan-based Penske said in a statement that Car People sells approximately 18,000 vehicles annually and is expected to generate estimated annualized revenue of approximately $300 million.
On a combined basis, the company's Used Car Supermarket business in the UK is expected to sell more than 55,000 vehicles annually, it added.