British auto holding Inchcape leaves Russia

A major international player in the automotive business, Inchcape Holding, is leaving the Russian market after 16 years of operation. Represented in 40 countries, the global dealer holding Inchcape is looking for buyers for its assets in Russia. The company's Russian subsidiary, which maintains about 20 dealerships in Moscow, generated revenue of £750m in 2021, about 10% of its global volume.

The holding calls the events in Ukraine the main reason for exiting the Russian business. So far, Inchcape auto centers in Russia continue to work as usual. Recall that the international dealer holding Inchcape entered the Russian market in 2006, and in 2008 it acquired a controlling stake in the Moscow dealer Musa Motors. Currently, Inchcape includes 19 dealerships in the Moscow region; the portfolio includes BMW, MINI, Rolls-Royce, Jaguar Land Rover, EXEED, Volvo, Toyota, Hyundai, Genesis and Mitsubishi brands.

According to experts, Inchcape car dealerships in Russia may be interesting because of their favorable location, but in the current conditions, car dealerships can only be sold at a significant discount.