Breaking News
Buckles bow out for $36m
Sue Hoban
20 February 2008
THIRD-GENERATION peninsula business the Bill Buckle Auto Group is likely to pass out of local hands at the end of next month when it is sold to one of Australia's biggest automotive retail groups for $36 million.
Bill Buckle Autos is a rich prize, with assets that include new Subaru and Volkswagen showrooms and a turnover of $170 million a year. It is also a big local employer with 180 staff. The sale to A.P. Eagers is in the final stages of due diligence and includes full equity in the business, its assets, goodwill, property and buildings which occupy prime positions on Pittwater and Harbord roads in Brookvale.
Current managing director Bill Buckle, whose grandfather William started selling cars in 1927, declined to comment on the pending sale yesterday, but Eagers' announcement to the market suggested he would be staying on as dealer principal.
It is not clear whether his sister Jane, who was also actively involved as a director and co-dealer principal will also continue.
The Brisbane-based buyer is one of three big publicly listed industry players aggressively competing for marketshare with a flurry of acquisitions.
It has bought out a series of dealerships in Queensland and regional NSW but the Buckle group, which comes with Toyota, Subaru, Audi and Volkswagen franchises, would provide its first foothold in the Sydney market.
Eagers chief executive Martin Ward said the Buckle purchase was an exciting development for his company because of its prime location and "premium" franchises which suited the peninsula's demographic.
Eagers, which recently upgraded its profit predictions to $39-$40 million, now has 62 dealerships around the country.
The Buckle sale leaves the market clear for former competitors to appeal to local allegiances with Col Crawfords already looking at promoting itself as the only family owned and operated car dealership left in Brookvale.
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