Inchcape, which is publicly listed and operates as a vehicle distributor and retailer in 32 markets, is the Australian distributor for Subaru, Peugeot and Citroen.

It also operates retail sites in Melbourne and Sydney, including the Trivett chain.

Two Parramatta dealerships, including the land, were sold two months ago to Nick Politis’ WFM automotive group.

Mr Politis is also the majority shareholder of AP Eagers, which is involved in a takeover of Automotive Holdings Group Ltd.

The dealerships purchased have the Honda and Mitsubishi franchises, with Mitsubishi confirming to GoAutoNews Premium that the buyer was WFM.

Trivett Honda – Parramatta

The third franchise is believed to be Trivett’s Isuzu Ute dealership, also in Parramatta.

The buyer is not confirmed but rumoured by industry sources to be the Sime Darby Group.

Sime Darby has been in negotiations with Inchcape for about three months. Staff at the dealership would not comment, though one said when asked about a new owner: “It’s going through now.”

The Volkswagen dealership was also rumoured to be involved in Inchcape’s sell-off and was linked to Sime Darby. But GoAutoNews Premium has been unable to confirm if it has been sold.

Inchcape announced to the UK stock exchange in February that pre-tax profits in 2018 fell more than 64 per cent and blamed the plunge mainly on weak trading conditions in Australia, adverse exchange rates against the Australian dollar, and a temporary supply problem with Subaru vehicles from Japan.

Trivett Mitsubishi

It followed up the gloomy news this month with another report to the stock market, stating that a half-yearly profit fall of three per cent was caused mainly by “significant temporary Subaru supply constraints and yen currency headwinds in Australasia”.

Vehicle distribution accounts for about 90 per cent of Inchcape’s profit.

Inchcape added that despite the Japanese currency “headwinds” in Australia, the company’s 2019 outlook was “resilient”.

Its statement also said: “In Australia we have now agreed the sale of a third retail site, in addition to the two site disposals announced in May. We have been able to realise cash proceeds of £13 million ($A23.3 million) in total in Australia through disposing of these unprofitable sites.”

Earlier this year, Inchcape announced the sale of its “loss-making” Honda and Mitsubishi retail sites in Australia, for £11 million ($A19.7 million) “as part of plan to optimise its retail operations”.

Inchcape Australia said through a spokesman that it would not comment on matters material to the company.

GoAutoNews Premium believes the third dealership sale is Denlo Isuzu Ute in Parramatta. The Honda and Mitsubishi dealerships, including the land, are already sold to WFM and are in the same street as the Isuzu showroom, as is Denlo Volkswagen that is also believed to be either sold or in the process of a sale.

By Neil Dowling