Eagers Automotive will sell its New Zealand franchised dealership business, putting some of Auckland’s most iconic dealerships under new ownership, with nine retail and service locations spanning seven brands and around A$325 million, about NZ$355 million, in annual turnover. Settlement is expected in the final quarter of 2026.
The buyer has not been named.
The business trades as John Andrew Ford and Mazda in Grey Lynn, North Harbour Ford and North Harbour Mazda on the North Shore, and a Manukau cluster spanning Nissan, Hyundai, MG, Suzuki, Isuzu and GMSV, with sales, service and parts sites across Grey Lynn, Penrose, Wairau Valley, Glenfield, Silverdale, Manukau and Henderson, alongside Holden servicing through Davie Holden and a trade parts operation.
The divestment, disclosed in the Australian listed group’s half year results today, is framed as capital management discipline, with Eagers saying the sale “simplifies the New Zealand portfolio and reallocates capital to higher-return opportunities”, releasing capital while preserving a continued presence in New Zealand.
That continued presence comes through easyauto123, the group’s independent used vehicle operation, which Eagers will retain and grow. The business runs three New Zealand retail sites, two in Auckland and one in Christchurch, and is described in the results as a scalable independent used car platform and a strategic growth platform worth preserving.
The retained business is performing. Eagers’ independent used division delivered a record first half, with easyauto123 volume up 30.4%, revenue up 39.9% and underlying profit up 42.9% on the same period last year, and the group is targeting 100,000 units retailed annually by FY30, from around 30,000 this year.
The New Zealand exit sits within a wider reshaping of the group around its two core markets. Eagers completed its A$1 billion investment in CanadaOne Auto at the end of April, and the Canadian business contributed A$1 billion of revenue and A$43.2 million of underlying profit in just two months of ownership. The group has also taken a 49% stake in Sydney and Gold Coast dealer Grand Motors Group, acquired two Audi dealerships in Melbourne, and is buying 17.5% of vehicle subscription business Karmo.
The moves came alongside a record result. Group revenue reached A$8.1 billion, about NZ$8.8 billion, for the six months to June 30, up 24%, with underlying profit before tax of A$250.4 million, about NZ$273 million, up 26.6%. Australia and New Zealand contributed A$7 billion of revenue and A$207.2 million of underlying profit, up 8% and 4.8% respectively, and the group took a record 15.9% share of the Australian new vehicle market.
“Eagers has again delivered within a challenging backdrop, characterised by an Australian market with obvious economic headwinds, a persistent, elevated interest rate environment and an industry that is undergoing historic transformation,” chief executive Keith Thornton says.
On the outlook, Thornton says the industry transformation “demands a very deliberate and disciplined approach to capital allocation”, with continued consolidation, rationalisation and evolving go-to-market models for established and emerging brands. “Eagers is clearly best positioned to be a net winner in this changing market.”
The board approved a record fully franked interim dividend of 25 cents per share.
