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VW to Shed 275 Retail Outlets in Europe
Volkswagen AG’s European retail affiliate, Porsche Holding Salzburg, is selling 275 of its sales outlets so it can focus on marketing the VW Group’s own brands.
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Volkswagen AG’s European retail affiliate, Porsche Holding Salzburg, is selling 275 of its sales outlets so it can focus on marketing the VW Group’s own brands. Terms were not disclosed.
The dealerships currently are managed by Porsche Holding’s PGA Motors subsidiary. The outlets will be acquired in July by the Emil Frey Gruppe in a deal expected to propel the Zurich, Switzerland-based independent dealership chain to the top position in Europe.
The two largest dealer groups in Europe until now have been Penske Automotive and Pendragon. Porsche Holding Salzburg was founded 70 years ago by children of auto pioneer Ferdinand Porsche. The company is not affiliated with Porsche Automobil Holding SE, which controls 52% of VW Group’s voting shares.
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