UK-based Inchcape acquires Iceland’s Askja, a leading automotive distributor, to expand its presence in Europe and Africa. Askja, with £150m revenue in FY 2024, holds a 16% market share in Iceland’s TIV of 12,000 vehicles. The deal, expected to close in Q3 2025, broadens Inchcape’s OEM partnerships and geographic footprint.

Inchcape CEO Duncan Tait praises Askja’s strong track record and diverse OEM portfolio, highlighting the strategic fit. Askja’s local expertise combined with Inchcape’s global capabilities aim to drive value for shareholders, brand partners, and customers. The acquisition aligns with Inchcape’s Accelerate+ strategy to expand in new markets and strengthen OEM relationships.

Askja’s CEO Jón Trausti Ólafsson looks forward to joining Inchcape, emphasizing the blend of local expertise with global operations. The partnership aims to continue leading Iceland’s automotive sector and explore opportunities in Northern Europe. Both companies are excited for the future and the growth potential in the Icelandic market.

Read more at Yahoo Finance: Inchcape acquires Askja distributor in Iceland