Following discussions between BMW Group New Zealand Limited and Jeff Gray Limited, a Colonial Motor Company subsidiary, the parties have agreed not to renew the dealer franchise agreement for Jeff Gray Limited. Jeff Gray Limited had the BMW and MINI franchises in Christchurch, Wellington, Palmerston North, and Hastings.
As a consequence, The Colonial Motor Company Limited has entered an unconditional agreement to sell the dealerships to two different buyers. The North Island dealerships, in Wellington, Palmerston North and Hastings, have been sold to the Winger Motor Group. The South Island dealership in Christchurch has been sold to Mathew Barr Motor Group. Both transactions will take place on 30 November 2016.
The Colonial Motor Company has 15 car dealerships throughout New Zealand selling primarily Ford and Mazda, also Nissan, Hyundai, Isuzu, Kia and Peugeot/Citroen. The Company has been associated with Ford continuously since 1908. It reported a trading profit after tax of $19 million on sales of $867 million for the year June 2016.
