Steven Eagell lines-up Inchcape Oxford Toyota dealership acquisition

Steven Eagell is set to grow its car retail market territory and its portfolio with Toyota through the acquisition of Inchcape’s car dealership in Oxford.

AM understands that the Milton Keynes-based car retail group has agreed a deal which will expand its Toyota representation to 23 locations when formally completed later this month.

It will be the group’s first acquisition since it secured the purchase of four Toyota and two Lexus car dealerships in the West Midlands from the Vantage Motor Group in March 2020.

The move would also represent a further disposal for Inchcape – profiled by AM last year – after a restructure brought about the sale or closure of 20 dealerships in the space of two years and the loss of the ‘retail’ classification from its London Stock Exchange listing as its global focus shifted towards distribution.

AM approached Steven Eagell, but the group made no comment on the acquisition.

Steven Eagell has seen rapid growth since AM last profiled the business back in 2016.

Then, the group had just completed the addition of Toyota dealerships in Peterborough, King’s Lynn and Bishop’s Stortford with the acquisition of sites from Marshall Motor Group and Hills Toyota.

Now a group boasting 23 Toyota franchises and nine with premium sister brand Lexus, Steven Eagell is now 28th in the AM100 rankings after delivering an annual turnover of over £514 million in 2020, having grown from £114m in 2015.

It is now set to rise further up the rankings.

In 2021 the group delivered turnover growth of 37% to £713m, with pre tax profits up 53.3% at £25.8m.