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South Island Company Buys Two Car Dealerships

South Island Company Buys Two Prominent Auckland Car Dealerships

Press Release April 2005.

Christchurch based company Landseer Motor Investments Limited is set to become one of the country’s largest retail motor groups with the purchase of two prominent Auckland Mitsubishi dealerships.

Already New Zealand’s largest seller of Mitsubishi cars, Landseer will have turnover of around $150 million and staff totalling 250.

The acquisition from Mitsubishi Motors New Zealand includes the well-known Kirk Motors Newmarket site, which is currently undergoing an $11 million redevelopment to become Mitsubishi’s flagship dealership for New Zealand.

Landseer managing director Andrew Simms said this impressive new Mitsubishi dealership represents a huge investment in the future of Mitsubishi Motors in New Zealand, and is due for final completion in December 2005. It will trade as Andrew Simms Mitsubishi.

The other dealership to be purchased is Kirk Motors North Shore, located in the rapidly developing Wairau car zone, which will trade as Simon Lucas Mitsubishi.

Both dealerships will commence trading under their new names from July1.

Mr Simms describes the acquisition as timely, and a logical progression from the company’s existing Mitsubishi operations, Donnithorne Simms Mitsubishi in Christchurch and Stephen Duff Mitsubishi in Dunedin.

“Our company has a long term, highly cooperative relationship with Mitsubishi Motors New Zealand which gives both parties the advantage of knowing exactly what to expect,” says Simms.

The existing staff of Kirk Motors have been offered positions with the new Landseer companies, which are seeking to grow and build a much stronger presence for Mitsubishi in Auckland.

Mitsubishi Motors New Zealand is selling all four Auckland based Kirk Motors branches into private ownership in line with global Mitsubishi Motors policy. Established Auckland Mitsubishi dealer Auckland Motors, is purchasing the Kirk Motors branches located at Manurewa and Waitemata.

ENDS

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