UK-based independent automotive distributor Inchcape says it has agreed to acquire Iceland-based Askja and its associated businesses. Askja is described as Iceland’s ‘leading automotive distributor’.
The company says the bolt-on acquisition further scales and enhances the Inchcape Group’s geographic footprint in its Europe and Africa region and broadens the range of Inchcape’s OEM partnerships.
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Over the last 20 years, Askja has developed a broad-based and diversified portfolio of OEM partnerships in Iceland, where it is the exclusive distributor for a range of leading global OEM partners, across a diverse range of automotive sub-sectors, including Mercedes-Benz Cars and Vans and Kia – a new OEM partner for Inchcape.
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Askja generated revenue of £150m in FY 2024, employing 260 people. During FY 2024, Iceland’s TIV (Total Industry Volume for passenger cars and light commercial vehicles) was approximately 12,000 new vehicles, of which Askja holds a 16% market share.
The transaction is subject to customary conditions and approvals, and is expected to complete during Q3 2025.
Duncan Tait, Inchcape Group Chief Executive, said: “We are delighted to announce the acquisition of Askja, which is an excellent strategic fit for Inchcape, given its strong track record, diversified OEM brand portfolio, talented people and market leadership position. Iceland, a new market for Inchcape, represents an attractive opportunity to expand our footprint in our Europe and Africa region, while the acquisition also broadens the range of our OEM partnerships, as well as strengthening a number of our existing OEM relationships.
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By GlobalData“This acquisition exemplifies our Accelerate+ strategy in action, by scaling and diversifying our geographic profile and OEM partner portfolio. By combining the local knowledge and specialist expertise of the acquired businesses with Inchcape’s global, market-leading technology capabilities, this transaction will drive value for Inchcape, our shareholders, brand partners and new customers in Iceland.”
Jón Trausti Ólafsson, Chief Executive of Askja, added: “We are entering a new chapter with Inchcape where we join a strong company with an excellent reputation and diverse global operations. The combination of Askja’s deep local expertise and culture with Inchcape’s global know-how will ensure we can continue to lead the Icelandic automotive sector, an exciting new market for Inchcape in Northern Europe. I am very proud of Askja’s achievements over the past two decades, including what we have delivered for our OEMs and customers, and what we have built for our people. We look forward to an exciting future with Inchcape.”
