After closing 2023 with solid results and significant growth across the Italian market, including the expansion of its network into Rome, Autotorino continued its positive trend in the first quarter of 2024 and announced the first step in its European international expansion journey: on May 6, an agreement was signed with Mercedes-Benz Poland for the acquisition of the entire share capital of its Warsaw subsidiary. The announcement was made during Automotive Dealer Day, the leading industry event held every year in Verona.
This step confirms the competitiveness of Autotorino’s “made in Italy” management model on a European scale.
The transaction includes all of the Warsaw subsidiary’s official operations: sales of Mercedes-Benz passenger cars and light commercial vehicles, as well as used vehicles, after-sales services, financing, and vehicle insurance. In 2023, Mercedes-Benz Warsaw sold more than 3,000 new and used vehicles.
The subsidiary’s more than 150 employees will become the first international colleagues to join the wider Autotorino team, sharing the same goal: to provide an ever-better service to the more than 3 million people living in the Warsaw metropolitan area.
As required by applicable regulations, completion of the acquisition is subject to approval by the Polish Antitrust Authority. If approved, the transaction is expected to be completed in the second half of 2024.
Already a leading company in the Italian automotive sector and the only Italian representative among the top 50 operators in the ICDP European Biggest Dealers’ Guide, where it ranked 31st by size in the 2023 edition, Autotorino is entering its first foreign market and taking on the exciting challenge of bringing its business model beyond Italy. Poland has the fifth-largest vehicle fleet in Europe, with 26.4 million cars on the road, and with 475,000 vehicles registered in 2023, it was the sixth-largest market in the EU (ACEA data).
“Today’s milestone is the result of our 59-year history, made possible by an exceptional team and by partnerships built and strengthened over time, such as the one we began with Mercedes-Benz in 2007. We are honored and highly motivated to take on this first international challenge with such an important partner,” said Plinio Vanini, President of Autotorino.
“Entering the European market opens up new business opportunities for us, while maintaining a strong focus on dialogue and collaboration with our strategic partners and further strengthening the expertise of our team,” Vanini added. He concluded: “The continued trust of our customers and the results achieved over time give us confidence as we embark on this new project. Our management model, based on strong local presence, listening to people, and the enabling use of technology, has repeatedly proven successful in integrating new businesses. This agreement, like the other achievements of our company, is the result of teamwork. I would therefore like to thank, in particular, Chief Executive Officer and General Manager Stefano Martinalli, Vice President Mattia Vanini, and International Network Development Director Radek Jelinek, together with everyone at Autotorino.”
The announcement of the agreement paving the way for Autotorino’s international acquisition follows the company’s strong 2023 results, with 63,000 vehicles sold, more than 600,000 workshop services performed, and revenue of €2.1 billion, up 30% compared with 2022.
In the first quarter of 2024, the company recorded revenue of €640 million, up 24% compared with the first quarter of 2023, along with growth in the number of customers turning to Autotorino both for the purchase of new or used vehicles (+8.9%) and for after-sales services (+2.7%).
Autotorino development plan is continuing: over the next three years, the company will invest €90 million in the renewal of its Italian dealerships and in the development of new franchises.
Autotorino was advised by Osborne Clarke on legal matters and by DGM Consulting on strategic matters.