16 Mar 2022

UK dealers Inchcape says Russia business is 'no longer tenable'

Russia's invasion of Ukraine has hit Europe's third-largest dealership group following Western sanctions.

British car distributor Inchcape said it had started transitioning its Russian business after noting ownership interests in the country were "no longer tenable" amid Western sanctions on Moscow following its invasion of Ukraine.

Inchcape's retail-only business in Russia accounted for about 10 percent of the group's revenue in 2021 after it sold operations in St. Petersburg, the London-listed company said.

Inchcape sells new and used cars, including premium brands such as BMW, Audi and Mercedes-Benz. The company operates in over 30 markets and also sells car parts.

Inchcape is Europe's third-largest dealership group by revenue, according to Automotive News Europe's 2021 Guide to Europe's biggest Dealers. It has 152 new-vehicle franchise points in the UK.