Luxury car group Autosports to acquire 10 Barry Bourke Motors dealerships for $34m

Sydney-headquartered Autosports Group (ASX: ASG) will bolster its presence in Victoria through the $34 million acquisition of 10 Barry Bourke Motors dealerships, strengthening its relationships with several luxury car brands with an acquired business that turned over more than $212 million in FY25.

The expansion represents a 13 per cent increase on Autosports' current dealership count of 75 across Australia and New Zealand, including its first foray into Canberra in September following the $13 million acquisition of a dealership in the nation's capital that is known for selling Porsche and other prestige brands.

More recently in October the group completed the acquisition of an 8,785sqm site at Southport on the Gold Coast where it will set up a purpose-built Mercedes-Benz facility over an estimated two-year period.

The latest deal includes dealerships for Audi, Volvo Cars, Jaguar Land Rover, Geely, GMSV, LDV, Peugeot, Renault and Suzuki in Berwick, and Jaguar Land Rover in Doncaster.

Autosports reports $14 million of the consideration will be in the form of ASG shares to be issued at a price of $4.50, with the cash consideration to be funded by existing debt facilities.

The total consideration includes $29 million for goodwill and approximately $5 million for net tangible assets, plant and equipment, subject to usual adjustments.

"This strategic acquisition deepens our collaboration with Jaguar Land Rover, Audi, Volvo Cars and Geely, while expanding our presence in Victoria," says Autosports CEO Nick Pagent.

"The acquisition is expected to be immediately earnings accretive, with business margins anticipated to improve to Autosports Group’s average margins within the first 12 months.

"We acknowledge the goodwill and support of Barry Bourke and Darren Bourke throughout the transaction process and thank our OEM partners for their continued commitment and support."

At today's annual general meeting (AGM) today, Pagent gave further context to what the latest acquisition will mean to Autosports' locations and suite of brands, with Jaguar Land Rover in Doncaster and Berwick to run alongside an existing dealership for the brand in Brighton, while Audi Berwick will be its seventh location for the brand and its first in Melbourne.

He added that Volvo Cars in Berwick would run alongside Autosports Group’s Brighton, Doncaster and South Yarra Volvo Cars dealerships, while Geely in Berwick would deepen the relationship with Geely Holdings Group brands.

Also at the AGM, chair Peter O'Connell highlighted substantial progress for the group in its disciplined approach to strategy with record sales revenue.

"We have demonstrated resilience through a challenging first half of FY25 before seeing improved conditions in the second half and positive momentum into FY26," O'Connell said.

"By being consistent and reliable, we have become a luxury OEM (original equipment manufacturer) partner of choice. These partnerships are built on years of performance, trust, and shared commitment to excellence, providing us with access to new opportunities and the ability to represent an outstanding portfolio of luxury brands that positions us strongly for the future.

"We have organically grown our portfolio to 14 Geely Holding Group dealerships, after opening four Polestar sites in Sydney and Melbourne, two ZEEKR sites in Melbourne, and then after the financial year end, Geely Leichhardt in Sydney, and Volvo Cars Gold Coast. These are all greenfield sites leveraging our existing operational footprint."

Barry Bourke Motors is a family business that has been in operation for more than three decades, and also lists locations for Škoda in Frankston and CUPRA in Nunawading.

ASG shares are down 1.81 per cent at $4.35 at 12:12pm AEDT.