His private companies WFM Motors Pty Ltd and NGP Investments Pty Ltd – both owned by Mr Politis and associates – now have a combined 27.7 per cent stake in Eagers.

The shareholding is worth, on this week’s share price average, $892 million. It also entitled Mr Politis’ companies to earn, up to the end of March 2023 when the previous period’s 49c/share dividend was struck, dividends of $34.6 million.

In the current financial year, Mr Politis’ businesses spent $5.49 million buying 450,000 Eagers’ shares – but in that time did not sell any. 

The on-market purchases were made following Eagers’ announcement on June 16, 2022, that it would begin a share buy-back program aiming at securing up to 25.693 million of its shares, representing about 10 per cent of the shares on issue.

Mr Politis in this financial year also had another win when Eagers shareholders agreed in June last year that the company should buy his ACT dealerships for $205 million.

Eagers bought a portfolio of franchises and properties in Belconnen, Fyshwick, Phillip and Gungahlin including four Toyota dealerships, as well as Lexus of Canberra, Subaru Canberra, Volvo Car Canberra and Phillip Mitsubishi.

These were all held by WFM associate Janrule Automotive which is run by COO Mirko Milic.

In the sale were also Jeep, Ford, Volkswagen and GMSV dealerships. Combined, they turn over about $450 million a year and employ 400 people of whom Eagers said will remain with the businesses.

The sale was made by Mr Politis’ WFM Motors Pty Ltd and associated entities. WFM, the majority shareholder in Eagers, retains about 20 dealerships in NSW, Queensland and Victoria.

Before the sale to Eagers, WFM’s car dealership interests employed about 2000 people and had an annual turnover of more than $2 billion.

By Neil Dowling