Inchcape has appointed former RMA boss Sanjiv Shah as the chief executive for its Kenyan operation in what is seen as a strategy to benefit from his contacts and knowledge of the local luxury car market.
The multinational says it expects its Kenyan business to break even at best in the short- term, adding that it has a bullish long-term outlook.
Inchcape says it expects total sales in the new luxury car segment to grow at a compound annual growth rate of 11 per cent in the six years ending 2022, with sports utility vehicles (SUVs) tipped to lead the growth.
London-based luxury car dealer Inchcape Plc has confirmed its appointment as the local dealer of Jaguar Land Rover (JLR), replacing RMA Kenya from which it bought the franchise.
Inchcape has also appointed former RMA boss Sanjiv Shah as the chief executive for its Kenyan operation in what is seen as a strategy to benefit from his contacts and knowledge of the local luxury car market.
“Today we announce our eighth distribution business win over the last 24 months, a new Jaguar Land Rover contract in Kenya: a small business today, but a key milestone for development of our African footprint,” Stefan Bomhard, the CEO of Inchcape Plc, said in a statement on Thursday.
“It represents our first contract win in Africa in 50 years and means that we have achieved incremental business in all of the world regions on which we are focused as part of our Ignite strategy.”
The multinational says it expects its Kenyan business to break even at best in the short- term, adding that it has a bullish long-term outlook.
Inchcape says it expects total sales in the new luxury car segment to grow at a compound annual growth rate of 11 per cent in the six years ending 2022, with sports utility vehicles (SUVs) tipped to lead the growth.
RMA exited the Kenyan market after five years, having taken over the JLR franchise from CMC Holdings in 2013.
Inchcape, which already sells JLR brands in the UK, inherits the most valuable and one of the fastest-selling portfolios of luxury cars in Kenya including Range Rover and Jaguar models.
The UK multinational sells several vehicle brands including Mercedes Benz, Toyota, Audi and BMW in 31 countries.
Kenya will become Inchcape’s second market in Africa after Ethiopia where it currently deals in several brands including Toyota and Hino.
Sales of new luxury cars in Kenya jumped 16.1 per cent in the first half ended June to 137 units, led by Land Rover and Porsche models.
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