AutoWallis takes another significant step towards international expansion by becoming the importer of the Opel brand in Croatia, Slovenia as well as in Bosnia and Herzegovina.
For the group, this can greatly increase the revenue and the number of new vehicles sold, the company has announced on the website of the Budapest Stock Exchange.
According to the announcement, Wallis Automotive Europe (WAE Ltd.), a subsidiary of AutoWallis, shall – upon the completion of the contemplated transaction – acquire the importer rights of another vehicle brand, Opel, in three Central and Eastern European countries. Based on the agreement extending to Croatia, Slovenia and Bosnia and Herzegovina, WAE shall take over the employees involved in the import activities of the countries concerned, and begin the distribution of Opel vehicles after the official merger clearance approval of the respective authorities. Gábor Ormosy, Chief Executive Officer of AutoWallis, called this agreement a crucial acquisition in the group’s history, making WAE an importer of one of the most significant German vehicle brands.
As a result, AutoWallis can considerably increase its new vehicle sales: Opel sold 11,700 vehicles of this brand in 2019 in the three countries concerned. Regarding the agreement, Andrew Prest, General Manager of WAE talked about how delighted they were to be chosen by Opel to represent such a highly recognized and respected brand in these markets. Opel has strong traditions in the region and its extremely competitive product line-up and progressive design promise an exciting future. Gábor Ormosy emphasized that AutoWallis was committed to facilitating growth in Hungary and in the region as well even in today’s ever-changing and greatly challenging environment, as also shown by the acquisitions of the past few months.
He recalled that this was the fifth significant business development operation of the corporation: they announced the purchase of the largest Hungarian Opel dealership in the beginning of this year, starting the distribution of Jaguar and Land Rover models in Hungary in April, the takeover of the largest Slovenian BMW dealership (upon the successful obtaining of the necessary approvals from the relevant authorities) in June, and acquiring a share in Iniciál Autóház, a significant sales and servicing facility of seven important vehicles brands (Dacia, Nissan, Opel, Peugeot, Renault, Suzuki, and Toyota) in Western Hungary a few weeks ago. All these steps point to the domestic and international expansion of AutoWallis, continuing on the road set forth by the corporation’s strategy announced last year, in which it plans to double its revenue by 2024. The company’s objective is to become a major mobility service provider of the Central and Eastern European region by 2029.
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