It marks a push into the Melbourne community after its late-2016 public listing that amalgamated NSW and Queensland assets under the ASG umbrella.
ASG, controlled by father and son Ian and Nick Pagent and Dwyer Ogle, paid $46 million for the TIMG dealerships that are sited on properties owned by TIMG directors Ingo Reisch – the managing director – and Vin Kean of Adelaide BMW. The properties will continue to be leased to ASG.
TIMG assets bought by ASG are Doncaster BMW and Doncaster Mini Garage, Doncaster Motorrad (motorcycles), Bundoora BMW, Bundoora Motorrad, Evolution Financial Services, Bundoora Prestige Panels, Alpina Australia and Alpina Victoria.
Mr Reisch, talking exclusively to GoAutoNews Premium, said BMW and Alpina – the German bespoke car-maker based on BMW products – have agreed to the takeover by ASG.
TIMG employs 223 staff and in the 2016 financial year, had revenue of $235 million.
In a statement to the Australian Securities Exchange, ASG said: “This acquisition provides the first opportunity for ASG to represent the luxury brands of BMW, BMW Motorrad, Alpina and Mini”.
“Furthermore, it consolidates ASG’s move into the Victorian market, which commenced in August 2016 with the acquisition of Volvo Cars Brighton.”
ASG CEO Nick Pagent said: “We are looking forward to representing the BMW, BMW Motorrad, Alpina and Mini brands in the important markets of Doncaster and Bundoora in East Melbourne”.
“This acquisition will further assist the ASG in the execution of its growth strategy in the luxury vehicle sector. We thank BMW Group Australia CEO Marc-Heinrich Werner and the managing director of TIMG, Ingo Reisch, for their collaborative approach to the acquisition.”
Mr Reisch, a former beekeeper who arrived in Australia from Europe 34 years ago with $2200 in his pocket, told GoAutoNews Premium that “it was time” to sell the business and “make way to allow such an amazing company like ASG to take it to a new level again”.
“We have built it up to be a very successful business with the best employees and ASG is the perfect fit to cement it in the premium position within the Melbourne market,” he said.
Mr Reisch ha been involved with the business since 1993 when he was employed by the BMW dealership owned by a group of people including ex-ANZ chief Bill Bailey and car dealer Vin Kean.
He had a chance to invest in the business in 2000 with partner Mr Kean. It subsequently added a Mini franchise, Bundoora BMW and the BMW bodyshop, the BMW motorcycle businesses and more recently, became the national agents for Alpina.
Mr Reisch and Mr Kean remained partners in the Doncaster and Bundoora dealerships until ASG took over the dealerships in the second quarter of this year.
When ASG takes over the TIMG assets, Mr Reisch said he would then spend more time with his family “which is long overdue”. He remains a director of Adelaide BMW and the adjoining Adelaide Mini Garage, plus the state’s Ferrari dealership, with Mr Kean and his sons Kym and Christopher.
“I am extremely happy that the excellent staff are remaining,” he said.
“They are some of the best in Australia and are the core to the business.
“I have nothing but praise for Ian and Nick Pagent and know they (ASG) will continue to expand and improve the dealerships beyond even my expectations.
“It is pleasing to know that ASG will become the new owners after 24 years in operation. We had quite a few offers from other firms but I truly believe ASG has the necessary wealth of experience and financial backing to make our business shine brighter.”
Mr Reisch, who said he was passionate about the industry and about creating the best environment for customers, was responsible for details to the Doncaster BMW showroom including its cafe – boasting a choice including organic coffee – and the offer of sampling wine and cheese at its 5000-bottle wine cellar.
The dealership also invites prospective customers to test drive the cars through the nearby winding country roads of Wonga Park and the Yarra Valley “away from the congestion of the city. All of this is unique to Doncaster BMW”.
Doncaster BMW was the subject to a $20 million redevelopment by TIMG in mid-2013.
It included a tripling in size of the showroom to 15,000 square metres and a redesign to multi-levels, the cafe, an alfresco area with outdoor kitchen, new customer interactive tools, a larger and brighter workshop, and energy-saving concepts including rainwater recycling and solar-glass facade panels that can produce electricity from the sun to charge EVs.
“Both dealerships have their own solar power plants each generating a peak of 150kW which has been installed in line with BMW’s i-brand philosophy,” Mr Reisch said.
Doncaster also tips its hat at its master. The BMW showroom has four beehives on the roof, a look back at Mr Reisch’s previous life and now one that he said was another unique sign of the business’ commitment to be responsible for the environment “and one that I insist as being part of the business transactions”.
By Neil Dowling
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