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Inchcape, the global car dealer group, has expanded in Russia with another multi-million pound acquisition.
The retailer has bought a 75 per cent stake in two dealerships from its Russian joint venture partner Olimp Group for $43m (£21.6m).
The Audi and Peugeot sites are both in St. Petersburg and Inchcape said the acquisitions were in line with its strategy of developing a larger presence in the Russian car market.
Further
Inchcape has also announced that its Toyota dealership in the city will be relocated at a cost of $26m after out growing its current premises.
The Lexus business will also relocate within St. Petersburg at a later date.
Both businesses were acquired by Inchcape in January of this year.
Andre Lacroix, Inchcape chief executive, said the changes in the Russian business would provide a foundation for further consolidation.
“’Our strong balance sheet has enabled us to invest in first class sites and facilities that gives us access to a strong and established infrastructure in a booming market and further strengthens our position as the leading international car retailer,” he added.