The local luxury car segment might look noticeably different soon. This is after a new joint venture between premium car distributor CATS and global player Inchcape is finalized in the coming months.
Inchcape, an independent multi-brand global car distributor, has acquired a controlling stake in the Philippine Mercedes-Benz distributor CATS—a deal that is expected to close in the second half of 2023 with the Ang family retaining 40% of the company.
Other brands covered by the move include Jeep, Chrysler, and Dodge. CATS was founded way back in 1989 by Felix Ang and has since grown to become one of the most notable names in the local luxury car scene.
The deal is part of Inchcape’s “Accelerate Strategy” mindset that reflects the company’s ambition to expand its footprint in Asia and other markets. The company says it will bring its “digital and data and EV expertise” to the fast-growing local market.
“We are very pleased to be entering the new and strategically important market of the Philippines through the acquisition of a controlling stake in CATS’ Philippine operations. As the leading luxury vehicle distributor in the market, CATS has excellent OEM relationships, and we look forward to working with them and the Ang family to drive the business forward,” Inchcape’s Asia Pacific CEO Ruslan Kinebas said in a statement.
“After over 30 successful years of operating independently, we believe the time is now right for CATS to take the next step in our growth journey, and in Inchcape we have found the right partner to drive us forward,” CATS Group of Companies founder Felix Ang added, sharing Kinebas’s sentiment.
So, how do you think Mercedes-Benz will fare under the management change?
