MAJOR prestige dealer Autosports Group is closing in on becoming Australia’s third listed vehicle retailer with a stock exchange debut expected in late November.

This week the group, headed by father and son Ian and Nick Pagent, appointed former Woolworths chief financial officer Tom Pockett as chairman.

Ian Pagent, currently chairman of Autosports Group, will become executive director when the company lists, while his son Nick will retain the title of CEO and managing director.

Stockbrokers questioned by GoAutoNews Premium were positive about the listing, saying institutional and private investors took comfort from the success of Automotive Holdings Group (AHG) and AP Eagers.

“The AHG and AP Eagers model is simple to understand by investors and is a model that has proven to work,” said one stockbroker who did not wish to be named.

“Autosports is also dealing in luxury vehicles which have shown to have a strong growth in the Australian market.”

With 17 dealerships in NSW and Queensland, Autosports sells nine brands including Audi, Mercedes-Benz, Volvo and Lamborghini.

It also has two dedicated used-car outlets and two smash repair centres.

A spokesman for Autosports said the total fund-raising or the share price at par had yet to be determined, although the value of the company is estimated at about $300 million.

He was not able to advise where the funds would be spent, saying that the final details would be in the prospectus, possibly due to be issued in October.

Autosports recently sent background details of its operation to prospective investors. It said the company had revenue of more than $1 billion a year and, since 2014, had added seven dealership sites of which five were greenfields.

Mr Pockett retired from Woolworths in 2014 and is on the boards of the Insurance Australia Group and Stockland.

As chairman, he is expected to be on the board of directors of Autosports with Ian and Nick Pagent. Non-executive directors may include Grant Thornton Australia accountant Robert Quant and former ANZ and Esanda executive Malcolm Tilbrook.

Autosports Group was last year awarded Audi’s Major Metro dealer of the year for the fourth consecutive year. It was also a dealer of the year for Volkswagen in 2015 and was Mercedes-Benz dealer of the year for 2015.

By Neil Dowling