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Ang family's luxury car distributor CATS forming joint venture with Inchcape

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Jekki Pascual, ABS-CBN News

<p>MANILA - Luxury car distributor CATS Group of Companies on Monday said it would form a joint venture with global automotive distributor Inchcape.</p><p>The Ang family, who founded CATS, will hold 40 percent of the company while Inchcape will eventually acquire 60 percent, the company said. The deal is expected to close in the second half of the year.</p><p>CATS founder Felix Ang said this is part of the evolution of the company after over 30 years of operating independently. </p><p>No amount was disclosed for the deal.</p><p>&quot;This is a very strategic move for CATS. We found a really good partner for this synergy. We are a multi-brand car company and so is Inchcape. There is a lot the synergy can give,&quot; said Ang.</p><p>Inchcape, which operates in many countries, eyes expanding its footprint in the Philippines. It earlier opened a Digital Delivery Center in 2021 providing digital and data analytics support for the company. Now, it is entering the vehicle distributorship locally with the deal. </p><p>It expects an additional £120 million or P8 billion in annual revenues.</p><p>&quot;We believe this is a very powerful combination of local knowledge and global resource. I think it will be eventually very positive for the community here, for our customers here including the automotive enthusiasts and for the Filipino economy overall,&quot; said Ruslan Kinebas, Inchcape APAC CEO.</p><p>CATS has a distribution agreement in the Philippines with Mercedes-Benz, Chrysler, Jeep, Dodge, Jaguar, Land Rover, Mazda and Harley Davidson Motorcycles.</p><p>The company is optimistic that despite economic challenges, the luxury vehicle segment will continue to grow. In fact, CATS COO Francis Ang revealed it has a big backlog due to supply issues with some customers ordering but have not received the vehicle for nearly a year now.</p><p>&quot;We&#x27;ve had a lot of supply issues this last 2 years, last 3 years. So by far the demand really for us has outstripped supply. We&#x27;ve had difficulty supplying sales to a lot of the customers and we have a very long waiting list,&quot; Ang said.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/09/12/21/global-ev-demand-seen-growing-11-fold-by-2035-in-zero-emission-shift">Global EV demand seen growing 11-fold by 2035 in zero-emission shift</a></li>	<li><a href="https://news.abs-cbn.com/business/01/10/23/rolls-royce-posts-record-car-sales-in-2022">Rolls-Royce posts record car sales in 2022</a></li>	<li><a href="https://news.abs-cbn.com/business/09/15/22/vehicle-sales-hit-pre-pandemic-level">Motor vehicle sales hit pre-pandemic level as industry recovers: group</a></li></ul><div><strong>FROM THE ARCHIVES:</strong></div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/ONuZyAT6yPg?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

Luxury car distributor CATS Group of Companies on Monday said it would form a joint venture with global automotive distributor Inchcape.

Ang family's luxury car distributor CATS forming joint venture with Inchcape

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Ang family's luxury car distributor CATS forming joint venture with Inchcape

Jekki Pascual,

ABS-CBN News

Published Jan 18, 2023 03:45 PM PHT

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