Alliance eyes market growth
Eagers Automotive hopes to explore “significant opportunities for growth” on both sides of the Tasman after signing a deal to form a strategic alliance with Mitsubishi Corporation.
The companies have entered into a non-binding memorandum of understanding to explore collaboration initiatives and business opportunities in the automotive and mobility sector.
Eagers says the new alliance will leverage Mitsubishi’s industry experience and existing original equipment manufacturer and joint venture partnerships to accelerate growth opportunities across its new-vehicle dealership network and independent used car business, which trades as easyauto123 in New Zealand.
There is also scope to explore business openings across financial services, fleet management and lifecycle ownership solutions for new energy vehicles.
Keith Thornton, chief executive officer at Eagers, says: “Partnering with such a high-quality, large-scale investment powerhouse in Mitsubishi Corporation represents a compelling opportunity for Eagers Automotive.
“This alliance provides a runway of significant opportunities for growth, both [in Australia] and overseas, leveraging Mitsubishi Corporation’s deep industry experience, geographic reach and market insights as both a strategic investor and leading operator in the global automotive and mobility sector.”
Mitsubishi Corporation is an integrated trading and investment company that develops and operates eight business groups across multiple industries with a global network of business partners.
Through its Mobility Group, it has developed a global value chain spanning production, sales, distribution, financing and aftersales with a focus on the Asean region.
Shigeru Wakabayashi, executive vice-president group CEO, Mobility Group, says: “We are thrilled to announce our strategic alliance with Eagers Automotive, the clear market-leading automotive retailer in Australia and New Zealand.
“We see an extensive amount of attractive opportunities to leverage our combined expertise, global network and common motivation to collaborate on strategic growth initiatives for the benefit of our customers, investors and our broader stakeholders over the long term.”
