AutoWallis signs coop deal with Iniciál Group
Listed auto trader AutoWallis has concluded a cooperation agreement with the founder of Western Hungary’s automotive retailer, the Iniciál Group, which is expected to reach a turnover of HUF 19.3 billion this year, according to a press release sent to the Budapest Business Journal.
From left to right: Gábor Székely, investor relations officer at AutoWallis; Zsolt Taródy, founder of Iniciál Group; Gábor Ormosy, CEO, AutoWallis.
AutoWallis says that the main purpose of the agreement is to jointly increase their presence in the region, in the field of mobility services, via the development of new sites and dealerships.
One important strategic goal of AutoWallisʼ strategy of doubling its revenue by 2024 via organic growth and acquisitions is to increase the number of its dealerships in the Hungarian market together with the proportion of its services within the total revenue.
The company says that this would be supported by the cooperation agreement realized between AutoWallis and Zsolt Taródy, the founder of the Iniciál Group. Iniciál is involved in the sales and servicing of eight brands (Dacia, Kia, Nissan, Opel, Peugeot, Renault, Suzuki and Toyota) at four sites (Győr, Mosonmagyaróvár, Sopron, and Szombathely).
Regarding the agreement, Taródy emphasized that Iniciál has grown into a corporate group meeting all importer requirements in its region, and has managed to increase its turnover above the industry average in the past two years.
The development and the growth objectives of the company are well reflected in that in November they joined the ELITE business development program implemented by the London Stock Exchange Group in cooperation with the Budapest Stock Exchange. The parties are planning on completing the detailed elaboration of their cooperation in the first half of 2020.
Gábor Ormosy, CEO of AutoWallis explained that the company is exploring the possibilities of an ideal construction for starting the distribution of the brands represented – and, in some cases, recently acquired – by the company in the region covered by Iniciál. It is no secret that AutoWallis plans to appear in the area of fleet brands as well, besides the premium brand market, and Iniciál has considerable experience in this field.
Hungary Aims to Double Geothermal Utilization by 2030
Bulgaria's Household Income, Spending Rise 20% in 2023
Budapest Airport Building on ‘Strong Employer Brand’ and ‘Vi...
Silvanus Hotel Under Reconstruction, Will Reopen in Fall
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
