CATS Group Inc. under automotive tycoon Felix Ang has forged a joint venture with U.K.-based firm Inchcape, as the British company also secured a majority stake in the said local luxury car distributor. The deal between the two entities will be finalized in 2023, with the Ang family controlling the remaining 40 percent of the company.
CATS Group founder Felix Ang shaking hands with Inchcape APAC CEO Ruslan Kinebas
The said deal between the two large automotive and mobility companies was announced during a press conference held at the Mercedes-Benz Showroom located at BGC, Taguig on January 18, 2023.
This is undoubtedly a huge deal for the CATS Group Inc. since via the joint venture, Inchcape will boost the luxury vehicle distributor’s efforts in expanding its footprint not only in the Philippines, but also globally.
To start off, Inchcape will bring in its own expertise in digitalization and data analytics. Currently, the British company also has a large IT network already present in the Asia-Pacific region. These will aid in keeping tabs on the ever-changing market demands of the Philippine and Asian market.
Inchcape Managing Director for the South Asia & Pacific region Alex Hammett
Inchcape’s contribution with digitalization might also result in a more seamless logistics network. This in turn will then result in easier access to aftermarket services for CATS’ clients. Furthermore, Inchcape is also set on sharing its expertise in electric vehicles with the CATS Group.
There’s also the potential for the said partnership to aid both companies in capturing an even larger market share of the growing luxury car market in the Philippines. In fact, it is projected that this market might see up to 500,000 units sold by 2026. So via this partnership, both entities are hoping to capture a large chunk of the proverbial pie.
Do note however that CATS Group already has a 35-percent market share in the Philippines alone. As mentioned, they officially distribute a number of luxury car brands locally. This includes the likes of Land Rover, Mercedes-Benz, Chrysler, Jeep, Dodge, and Ram. They even have dealerships for Mazda cars and Harley Davidson Motorcycles.
Mr. Ruslan Kinebas speaking at the CATS Group-Inchcape joint press conference
Inchcape, in turn, has been around since 1925 in Asia. It began as a distributorship in Singapore. Fast forward to the present, and it now sells a variety of models from a smorgasbord of luxury brands in territories like Brunei, Hong Kong, Indonesia, New Zealand, Singapore, and Thailand, among others.
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