8:28 am, August 2, 2024
Former Lookers chief Mark Raban is to be the new group CEO for the combined Inchcape and Group 1 Automotive UK business.
Raban confirmed the news to Car Dealer this morning, and will take up the new role on October 1.
Yesterday (Aug 1), US giant Group 1 announced completion of its acquisition of Inchcape’s UK dealership business.
The deal, first agreed in April, saw Group 1 pay £346m for Inchcape’s UK showrooms, effectively doubling its footprint in the UK.
Inchcape will now exit retailing and focus on automotive distribution.
Making the announcement to the London Stock Exchange yesterday, Group 1 president and chief executive officer Daryl Kenningham, said: ‘This transformative acquisition effectively doubles our UK footprint, giving us access to new markets throughout England with a collection of outstanding brands.
‘We are delighted to welcome our new team members as we collaborate to deliver an excellent customer experience.’
Inchcape’s 54 showrooms will now come under Group 1’s arm and will be headed up by Raban.
The acquired dealerships are expected to generate $2.7bn (£2.1bn) in annual revenues for Group 1, bringing 2024 year-to-date total acquired revenues to $3.8bn (£2.9bn), the business said in a statement yesterday.
Raban took the helm as Lookers CEO in early 2020 and steered the company through the Covid-19 period and onto its eventual acquisition by Global Auto Holdings.
He stood down at the end of December 2023, and was replaced by ex-Inchcape boss James Brearley last month.
Story updated with Raban’s confirmation at 11:58, August 2
