German Holding Purchased the Largest Auto Trading Company “Avtotehna Vis”
The Avtotehna Company sold its Avtotehna Vis subsidiary to the German AVAG Holding, which is one of the largest auto traders on the Slovenian market.
Avtotehna Vis was purchased by the Vienna AV International Company. According to the Avtotehna’s Executive Director Milan Perović, the new owner of the auto trader is part of the AVAG Holding. This information comes from the Dnevnik reviewer Sebastjan Morozov.
The Siol.net website reported in June that Avtotehna VIS would be soon sold to the German giant of the automobile industry, which annually generates more than 1.6 billion euros of profit from car trading. In addition, it was stated that the Germans were just waiting for approval from the Agency for Protection of Competition (APC). The new owners promise to keep all four shopping centres of the Avtotehne Vis Auto Trading as well as the brand itself. At the same time, the Holding’s management plans to enrich Avtotehna VIS with their own products and add other benefits.
Last year, the AVAG Holding sold 97 thousand vehicles, about 48 thousand of which were new cars.
Milan Perović did not specify the exact sum paid for the Avtotehna Vis Company by the AVAG Holding, which already owns more than 150 retail outlets and over 3,000 employees in Austria, Germany, Hungary, Poland and Croatia. This is a trade secret. According to the unofficial data of the Dnevnik Edition, the value of the transaction amounted to 4.35 million euros.
The Avtotehna Vis Company employs 170 people. According to the bizi.si business directory, last year the Company received 51.8 million euros of income, 641 thousand euros of profit and 8.8 million euros of debts. The Company has representative offices in Ljubljana, Kranj, Škofja Loka and Koper. Auto trading and sales of Opel brand cars are the main activities of the Company. Since 2009, the Company operates as an authorized trader of Peugeot and Citroën brands. In addition, it provides exclusive repair and maintenance services for the Chevrolet brand and the Hummer military vehicles. Last year, the net return on sales in Avtotehna VIS reached about 52 million euros, which corresponds to the almost record level of 2014. The net income amounted to 640 thousand euros.