British automotive company Inchcape Plc is acquiring a 60-percent controlling stake in CATS Group of Companies, a leading distributor of luxury vehicles in the Philippines.
Inchcape, the leading global automotive distributor, formed a joint venture with CATS Group which includes the acquisition by Inchcape of a controlling 60-percent stake, with the remaining 40 percent held by the CATS’ founding Ang family.
Inchcape Philippines, the joint venture, combines Inchcape and CATS’ commercial resources, advanced digital capabilities, global insights and local market knowledge with the goal to power better mobility in the Philippines.
The expansion into the Philippines further builds on Inchcape’s well-established presence in the Asia-Pacific region of over 10 markets.
Inchcape said the joint venture is indicative of its “Accelerate Strategy” that aims to expand the group’s global footprint and presence in Asia and other growth markets.
It also strengthens Inchcape’s geographic reach and partnerships with key global OEM brands Mercedes-Benz, Chrysler, Dodge, Jeep and Ram, Jaguar, Land Rover as well as Mazda and Harley-Davidson.
Alex Hammett, managing director of South Asia & Pacific, will assume responsibility for the business in the Philippines with the local leadership team, including Frankie Ang as chief operating officer of Inchcape Philippines.
Inchcape Philippines will bring global market knowledge and processes, leadership in digital and data and EV expertise to the fast growing and dynamic Philippine market where automotive sales are forecasted to grow to 500,000 by 2026 with the luxury vehicle market expected to grow at an even faster rate.
“We are very excited to officially announce our entry into the Philippine market. This deal is a highlight of our ambition to be the undisputed distribution partner for mobility companies. With a shared ambition for innovation to drive better operational performance and to deliver an exceptional customer experience, we look forward to powering better mobility for the Philippine automotive market,” Hammet said.
“For over 30 years of operating in the Philippines, our core purpose and mission has always been to fulfil our customers’ aspirations of owning the cars of their dreams. Together with Inchcape’s digital leadership and global scale advantage, we can usher in a new era for mobility via Inchcape Philippines,” Ang said.