Wallis Automotive Europe, a subsidiary of AutoWallis Plc., has obtained the exclusive importer rights of Jaguar Land Rover vehicles and spare parts in a new country, this time in Hungary. Based on the outcome of the international tender, Wallis Automotive Europe will start selling Jaguar and Land Rover vehicles in the Hungarian market from April, 2020, which means that the company will be present with these two classic brands in a total of nine countries. According to the company’s press release, with this step, AutoWallis continues on the road set forth by the corporation’s strategy announced in the spring, in which it plans to double its revenue by 2024 via organic growth and acquisitions.
AutoWallis Plc., a company listed in the Premium category of the Budapest Stock Exchange, has made this significant move towards reaching its growth objectives, via its subsidiary, Wallis Automotive Europe (WAE Kft.). Regarding the agreement, Andrew Prest, the managing director of WAE explained that the two premium brands were not unknown to them, as they have been representing them in the Central and Eastern European region since 2016. At first, they were exclusive importers in seven countries (Albania, Bosnia and Herzegovina, North Macedonia, Montenegro, Serbia, Slovenia), which was expanded by Kosovo this spring, and now with Hungary, increasing their international presence related to these two brands to nine countries. Based on the agreement, Jaguar Land Rover will be represented in the Hungarian market by the Netherlands-based AutoBinck Group until next April, who will be working closely together with WAE in order to realize a successful transfer.
The managing director pointed out that they would most likely present their Hungarian market strategy related to the Jaguar and Land Rover brands, together with the planned distribution and sales models, next April. Gábor Ormosy, the CEO of AutoWallis Plc. explained that they were counting on the Hungarian market of Jaguar Land Rover being almost as large as that of the other 8 countries together, where a total of 1,577 cars were sold in 2018, so this step would allow the group to further strengthen its market position in the Central and South-Eastern European region. He added that the present Jaguar Land Rover acquisition fits neatly in the AutoWallis strategy announced in the spring, in which they calculated with an organic growth until 2024, with the quadrupling of the EBITDA (earnings before interest, tax, depreciation and amortization), the doubling of last year’s revenue of HUF 65.5 billion, and an even more significant growth considering the possible acquisitions.