The buyer is Servco Australia, the local arm of a 98-year-old Hawaiian-based automotive, insurance and home appliance retail company that, after the purchase of Downtown Toyota in Brisbane in 2007, now owns 14 dealerships in NSW, Victoria and Queensland.
Jefferson founder and director Simon Jefferson said he sold the centre-city dealership because “the offer was a very good price”.
The sale comprises Melbourne City Lexus at 559 Elizabeth Street; Melbourne City Toyota at 621 Elizabeth Street; South Melbourne Kia at 207-211 Normanby Road, Southbank; and South Melbourne Toyota at 215-217 Normanby Road in Southbank. Servco Australia will take up the leases on Elizabeth Street and Normanby Road.
Mr Jefferson, who started the group in 1980 with a small Melbourne Ford dealership, said the Elizabeth Street businesses sold 300 new and 150 used vehicles a month.
Despite the loss of those dealerships from his company, he believes that profits will continue to grow from the other outlets with six brands. He has also retained the parts business and a metropolitan service centre.
He said that he would retain his other dealerships, including his most profitable dealership, Nunawading Toyota. The Jefferson Automotive Group now owns eight dealerships in Victoria with brands Toyota, Mitsubishi, Skoda, Subaru, Hyundai and Ford.
Prior to the Jefferson purchase, Servco Australia was one of the country’s biggest Toyota dealerships with nine outlets, plus two Lexus dealerships and the Hino outlet in Cairns. It also has a Chrysler Jeep Dodge and a Subaru dealership in Echuca.
By Neil Dowling
Read More: Related articles
