The listed public company, which has its origins 176 years ago as merchant traders in Scotland, had a revenue growth of 45 per cent to £5.6 billion ($A10.8b) – which it said was supported by the Derco acquisition – as well as a 13 per cent increase in organic revenue growth.

Inchcape group chief executive Duncan Tait said: “Inchcape has produced another excellent performance during the first half of 2023, driven by growth from acquisitions and by consistently strong organic growth.

“In particular, the acquisition of Derco has transformed our market position in the Americas and is already having a positive impact on the group.”

Mr Tait said the first-half performance highlights Inchcape’s “continued commercial momentum”, supported by its global scale and long-standing OEM relationships, underpinned by a “highly differentiated technology platform”.

He said the business in the Americas and Asia Pacific regions are performing well, while its European operations are also performing well “despite challenges in certain markets”.

Inchcape signed 11 distribution deals and acquisitions in the first half of the year, including a global strategic agreement with Great Wall Motors, the brand behind GWM Ora.

This includes Australia but GWM told GoAutoNews Premium that for this market, it is a relationship for business improvements including talent and intelligence exchange and does not affect GWM’s current distribution strategy or network in Australia.

In March Inchcape bought 70 per cent of Mercedes-Benz’s Indonesian business leaving its local partner, Indomobil, with 30 per cent. The business has been operated by Mercedes-Benz since 1970, and includes both distribution and assembly operations.

The deal – which is expected to add £200 million ($A386m) in annual revenue – will expand Inchcape’s existing distribution footprint in Indonesia and also strengthen its relationship with Mercedes-Benz.

It also signed distribution contracts in the Americas region in recent years with Mercedes-Benz, as well as in the Philippines.

 Also in the region, in January Inchcape entered into a joint venture with CATS Group of Companies (CATS), the leading distributor of luxury vehicles in the Philippines. Inchcape also bought a controlling 60 per cent stake in CATS.

The deal involves partnerships with OEMs including Mercedes-Benz, Chrysler, Dodge, Jeep, Ram, Jaguar and Land Rover. CATS is expected to add about £120 million ($A232m) in annualised revenue.

Inchcape’s modern presence in Asia-Pacific started in 1967 with the acquisition of Borneo Motors, a company founded in 1925 to distribute vehicles in Singapore.

Inchcape APAC, headquartered in Singapore, has since expanded significantly across the region and today distributes new vehicles and parts in Australia, Brunei, Hong Kong, Indonesia, Guam, Macau, New Zealand, Saipan, Singapore and Thailand.

Its portfolio of OEM brands includes Toyota, Subaru, Suzuki, Jaguar Land Rover, BMW Group, Chevrolet, Great Wall Motors, Peugeot Citroen, Harley-Davidson, Daimler Trucks and Buses and Hino.

Mr Tait said: “Inchcape continues to build its position as the global leader in automotive distribution thanks to the combination of our people, who bring industry-leading expertise, our diversified geographic footprint and our digital and data capabilities.

“We are uniquely placed to deliver outstanding performance for our OEM partners and drive consolidation in a highly fragmented market, supporting sustainable growth and value for our stakeholders. As a result, we remain confident in our medium-term outlook.”

By Neil Dowling