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Corporation
apeagers.com.au

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About A.P. Eagers

A.P. Eagers is an automotive retail group with its main operations in Queensland, Adelaide, Darwin, Melbourne, Sydney, the Newcastle/Hunter Valley region of New South Wales and Tasmania offering a diversified portfolio of automotive brand.

A.P. Eagers Headquarter Location

5 Edmund Street

Newstead, Queensland, 4006,

Australia

(07) 3608 7100

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Latest A.P. Eagers News

AP Eagers: Holden withdrawal impacts still uncertain

Feb 17, 2020

Written on the 18 February 2020 by Matt Ogg GM will wind down sales, design and engineering operations in the two countries and retire the brand completely by 2021, just a few years after shutting down Australian manufacturing for good in 2017. The US company also announced it would withdraw Chevrolet from the Thai domestic market by the end of 2020, and will also sell its Rayong manufacturing facility in Thailand to China's Great Wall Motors. GM has indicated it expects net charges of approximately US$300 million (AUD$447 million) from these latest changes. In an announcement to the ASX after the market closed yesterday, AP Eagers responded to the news, which carried the caveat that Holden service outlets would be maintained for existing customers with warranty claims, spare parts, servicing and recalls for 10 years. "A.P. Eagers Limited (ASX:APE) has been a loyal partner of General Motors within Australia for ninety years having commenced operations in 1930, eighteen years prior to Holden's launch in this country," the group said. "This is therefore a very sad day for our company, our stakeholders and, particularly, our dedicated employees who have diligently represented the Holden brand on behalf of the General Motors manufacturer, some for over forty years personally. "General Motors has indicated that it intends to outline proposed transition and compensation arrangements with each dealer on a confidential basis and that these arrangements will be fair." The Brisbane-based group will not be able to assess the financial impact of these arrangements until further details are received from the US multinational. "We are expecting General Motors to be fair and reasonable in relation to the transition and compensation arrangements and to fully recognise our partnership that has spanned ninety years as well as the current commitments we have in place to represent them," AP Eagers said. There was a silver lining however to GM's announcement which the Australian Industry Group (Ai Group) found encouraging, and that was the company's decision to further its specialty vehicles business in Australasia. "I've often said that we will do the right thing, even when it's hard, and this is one of those times," said GM chairman and CEO Mary Barra. "We are restructuring our international operations, focusing on markets where we have the right strategies to drive robust returns, and prioritising global investments that will drive growth in the future of mobility, especially in the areas of EVs [electric vehicles] and AVs [autonomous vehicles]. "While these actions support our global strategy, we understand that they impact people who have contributed so much to our company. We will support our people, our customers and our partners, to ensure an orderly and respectful transition in the impacted markets." Business News Australia

A.P. Eagers Acquisitions

1 Acquisition

A.P. Eagers acquired 1 company. Their latest acquisition was Automotive Holdings Group on September 16, 2019.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

9/16/2019

$991

Acq - P2P

3

Date

9/16/2019

Investment Stage

Companies

Valuation

$991

Total Funding

Note

Acq - P2P

Sources

3

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