Feb 2017 Financial News

Massy expands car sales in Colombia

Feb 13, 2017

As part of its continued regional diversification strategy, the Massy Group has acquired two large automobile dealerships in Colombia, a market it first entered in 2014.

On February 1, Massy Motors finalised its acquisition of Autogalias in Bogota and the Grupo Automontana in Medellin, which incorporates four dealerships. Through this acquisition, Massy Motors will now represent brands such as Renault, VW, Volvo and Hyundai, along with Mazda, Kia and Foton in Cali, Colombia.

According to Executive Vice President, Massy Group, David O'Brien, the acquisition will significantly expand Massy Motors' presence in the Colombian automobile market. He said: "In 2017, Massy is likely to sell more cars in Colombia than we do in Trinidad."

Commenting further on the acquisition, O'Brien noted that the now Massy-owned Renault dealership was ranked "Dealer of the Year" in 2015, with Automontana being one of the largest Mazda dealerships in the country.

Offering remarks to the 300 employees of the newly acquired companies, Massy Group Country Manager-Colombia, Alberto Rozo reiterated that Massy's commitment to the Colombian market was long-term oriented.

He said: "We welcome you all into this family, where support and collaboration are key pillars for our teams. When the Massy Group arrived in Colombia in 2014, we were clear that our business vision is long term"

In 2014, Massy Motors first entered the Colombian market with the purchase of the majority shareholding of Massy DeLima Grupo Automotriz S.A.S which operates the two dealerships in Cali, representing Kia, Mazda and Foton trucks. The group also acquired Wood Group Colombia in 2014, to form Massy Energy Colombia which provides production, maintenance and engineering services to clients in the oil and gas and mining sectors in Colombia.

Noting Massy's presence in the market since then, O'Brien added: "We have demonstrated that the values and focus of Massy Motors can deliver positive results in this market. We've built the foundation of the business in Colombia through strong supplier relationships, upgrading the showrooms and employee facilities focusing on customer satisfaction, particularly in after sales service. That model, which we created, has served us well as a foundation to improve our performance and position as a strong player in the automotive sector in Colombia."

O'Brien added that for 2016, the group experienced strong growth in automobile sales.

"Sales in Mazda improved 61 per cent, and Kia sales remain steady and strong. We are looking forward to applying our values-based model to the newest members of the Massy Motors family in Colombia," O'Brien said.

Source:
Darren Bahaw
Trinidad Guardian
Monday February 13, 2017

http://www.guardian.co.tt/business-lead/2017-02-12/massy-expands-car-sales-colombia