CCR was owned by The Colt Car Company Ltd and comprised of 11 dealerships spanning from Weston-super-Mare along the M4 to Putney.
The Colt Car Company Ltd managing director, Lance Bradley said: ‘VT Holdings approached us last summer, explaining that they were looking to establish themselves in the UK and that they would be interested in buying CCR. At the time we were not actively seeking to sell CCR.
‘When we did our research, however, we became aware of the very good reputation VT Holdings have in other parts of the world and recognised the benefits they could bring us.’
VT Holdings is a Japanese business specialising in car retailing and after sales, and are listed on the stock exchange in Japan.
The business has 125 dealerships in Japan representing brands including Honda, Nissan, Ford and Jaguar, and has Suzuki, Fiat, Alfa Romeo and Peugeot dealerships in South Africa. VT Holdings has set out a plan to establish themselves in Europe, and purchasing the CCR Group is their first step along this path.
Bradley added: ”I am delighted that VT Holdings have chosen Mitsubishi as their entry into the European market. It is a real endorsement of the product we already have and future products arriving later this year.’