Global automotive distributor Inchcape officially enters the Philippine market with the formalization of a joint venture with CATS Group of Companies, an endeavor first announced in January this year.
The company said in a statement the deal includes the acquisition by Inchcape of a controlling 60 percent stake, with the remaining 40 percent with the CATS’ founding Ang family.
Known as Inchcape Philippines, the joint venture strengthens Inchcape’s geographic reach and partnerships with key global OEM brands: Mercedes-Benz, Chrysler, Dodge, Jeep and Ram, Jaguar, Land Rover, as well as Mazda and Harley-Davidson.
The new company combines Inchcape and CATS’ commercial resources, advanced digital capabilities, global insights, and local market knowledge with the goal to power better mobility in the Philippines.
The expansion into the Philippines further builds on Inchcape’s well-established presence in the Asia-Pacific region of over 10 markets.
The joint venture also firms part of Inchcape’s “Accelerate Strategy” that aims to expand the Group’s global footprint as well as its presence in Asia and other growth markets.
Alex Hammett, managing director of South Asia & Pacific, will assume responsibility for the business in the Philippines with the local leadership team, including Frankie Ang, chief operating officer, Inchcape Philippines.
