MANILA -British automotive company Inchcape plc (Inchcape ) and the Ang-led CATS Group of Companies (CATS) have formalized their joint venture, sealing the former’s acquisition of a controlling stake in the latter.
Inchcape said this on Wednesday, announcing that it has officially entered the Philippine market through this agreement, where they gain a controlling 60 percent stake in CATS, the local distributor of luxury vehicle brands including Mercedes-Benz, Chrysler, Jeep, Dodge and Ram.
“This deal is a highlight of our ambition to be the undisputed distribution partner for mobility companies,” said Inchcape Managing Director for South Asia and the Pacific Alex Hammett.
“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,” he added.
For his part, Frankie Ang, who is now Inchcape Philippines chief operating officer, 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,” he added.
The British firm also said its expansion into the Philippines further builds on its well-established presence in the Asia-Pacific region, where it is present in more than 10 markets.
READ:
UK firm acquires controlling stake in Felix Ang’s CATS Group
Luxury car distributor: More models, including EVs, coming