Stoneacre Motor Group has announced its acquisition of Toyota Durham and Toyota Sunderland from Jardine Motors Group for an undisclosed sum on 30th July 2021.
It now represents Toyota in seven locations: Stockton-on-Tees, Darlington, Northallerton, Newcastle-upon-Tyne, Gateshead, Durham and Sunderland and Lexus in Newcastle-upon-Tyne and Stockton-on-Tees.
The latest acquisitions increase manufacturer representation to 29 franchises with 140 franchise locations at 64 branches.
Stoneacre managing director Shaun Foweather said:- “As with the rest of the Motor Trade we have seen many challenges through 2020 and 2021, having to deal with a major pandemic and find ways to run our operations whilst ensuring a safe working environment for our team and visiting customers, dealing with electrification as we transit from the Internal Combustion Engine to all electric vehicles, changing our internal processes to handle the increase in digital acceptance from customers and the review of franchise representation that is being driven by some manufacturers as an agency model concept. Despite this our teams have been resourceful, supportive and diligent which has delivered in excess of £1bln revenues and record profits for our company during our latest financial year.
“Toyota and Lexus have an incredible product range with some amazing models due to enter the market very soon, the latest acquisition will allow us to ensure we provide a great market share in the North East territory whilst providing an excellent on site and digital experience for our customers.
“The newly acquired team were extremely enthusiastic to join the Stoneacre family and I would like to welcome them all.
“Acquisitions such as this are usually only possible with the full support of the relevant manufacturer partners and I would like to thank the senior team at Toyota and Lexus for the opportunities.”
Stoneacre has said that it remains acquisitive and would discuss any franchise opportunity with either dealer groups, owner drivers, stakeholders, existing or potential franchise partners.