Mercedes-Benz Canada has offered seven of its dealerships within the Higher Toronto Space to a pair of vendor teams.
AWIN Group of Dealerships and Zanchin Automotive Group have joined forces to purchase Mercedes-Benz’s Toronto Retail Group.
Phrases of the transaction weren’t disclosed, however the deal is to be finalized by the top of the primary quarter in 2022.
The sale signifies that all 59 Mercedes shops in Canada at the moment are privately owned.
“Mercedes-Benz Canada is divesting the dealerships, identified collectively because the Toronto Retail Group, in an effort to finest place itself for long- time period development,” the corporate stated in a press release.
Mercedes-Benz Canada stated the 2 teams had been chosen after a aggressive bidding course of and had been chosen “based mostly on their collective monitor report of enterprise success, well-established histories of making distinctive buyer experiences and shared dedication to ongoing investments.”
The Toronto Retail Group is comprised of the next dealerships:
- Mercedes-Benz Downtown
- Mercedes-Benz Markham
- Mercedes-Benz Thornhill
- Mercedes-Benz Maple
- Mercedes-Benz Maple Van Centre
- Mercedes-Benz Midtown
- Mercedes-Benz Mississauga
- Mercedes-Benz Mississauga Van Centre
- Mercedes-Benz Etobicoke
The AWIN/Zanchin group will collectively personal all seven dealerships. The particular administration construction at every dealership can be decided by the brand new possession group as soon as the switch of possession is accomplished.
Eva Wiese, CEO of Mercedes-Benz Canada, stated in a press release the sale will create a community of dealerships “that may act with much more velocity and agility to ship the very best stage of buyer expertise.”
“This transfer will permit Mercedes-Benz Canada to focus its efforts and sources on supporting a robust, impartial nationwide vendor community,” Wiese stated.
The 2 teams are not any strangers to the posh model.
Sylvester Chuang of the AWIN Group of Dealerships operates Mercedes-Benz Oakville, Mercedes- Benz Victoria and Mercedes-Benz Nanaimo, whereas the Zanchin Automotive Group owns Mercedes-Benz Newmarket and Mercedes-Benz Durham.
The AWIN Group of Dealerships at the moment owns 20 dealerships throughout Toronto, Richmond Hill, Thornhill, Markham, Durham and Oakville.
Based in 1973 by Joe Zanchin, the Zanchin Automotive Group at the moment operates greater than 34 dealerships throughout Ontario.
The report can be up to date.