Inchcape plc, a UK-based automotive distributor, has announced that it has completed a deal to acquire Silver Star, the official distributor of Mercedes-Benz passenger vehicles and Daimler Trucks and Buses in Bulgaria.
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Inchcape’s distribution partnership with Mercedez-Benz began in 2019 and today spans Inchcape’s three regions.
This acquisition, Inchcape says, will further scale Inchcape’s share of passenger vehicles in the Bulgarian market as well as expanding its presence into the truck category.
The acquisition reflects the Group’s Accelerate+ strategy and its ‘disciplined approach to capital allocation’, which focuses on opportunities that enhance long-term shareholder returns.
With this addition, Inchcape said its Bulgarian market share will increase from c.13% to more than c.16% in passenger vehicles and from c.6% to c.8% in Light Commercial Vehicles. Inchcape has also gained a c.11% market share in trucks.
Duncan Tait, Group Chief Executive of Inchcape, said: “As we welcome our new colleagues to Inchcape, I’m excited to see what the newly expanded team will deliver, as we grow our partnership with Mercedes-Benz by bringing passenger vehicles and Daimler Trucks and Buses into our Bulgarian market portfolio.”
