Inchcape signs agreement to enter Iceland with acquisition of leading distributor Askja
Inchcape plc, the leading global automotive distributor, has signed an agreement to acquire Askja and its associated businesses, the number one automotive distributor in Iceland. This acquisition marks a significant strategic milestone for the Group, establishing its presence in a new market and further advancing its Accelerate+ strategy.
Founded two decades ago, Askja and its associated businesses are renowned in Iceland for their strong OEM partnerships and outstanding customer service. The group holds exclusive distribution rights for several of the world’s most respected automotive and parts brands including Kia, Mercedes-Benz Cars and Vans, Honda, Daimler Trucks and Buses, smart, XPENG, Continental and Yokohama.
This acquisition expands Inchcape’s reach in Northern Europe and strengthens its OEM portfolio by introducing new and adjacent OEM relationships.
“We are delighted to welcome the talented team at Askja into Inchcape,” said Glafkos Persianis, CEO of Inchcape Europe & Africa. “Their people are at the heart of what has made the business a trusted partner for customers and OEMs in Iceland. As we integrate, we look forward to combining their local expertise with Inchcape’s global scale and digital capabilities to create even more value for our OEM partners, customers and colleagues.”
“We are entering a new chapter with Inchcape where we join a strong company with an excellent reputation and diverse global operations,” said Jón Trausti Ólafsson, CEO of Askja. “The combination of Askja’s deep local expertise and culture with Inchcape’s global know-how will ensure we can continue to lead the Icelandic automotive sector, an exciting new market for Inchcape in Northern Europe.
“I am very proud of Askja’s achievements over the past two decades, including what we have delivered for our OEMs and customers, and what we have built for our people. We look forward to an exciting future with Inchcape.”
The acquisition is expected to complete during Q3 2025, subject to customary conditions and approvals.
This announcement marks another step forward in Inchcape’s ambition to be the partner of choice for the world’s leading mobility companies, delivering sustainable growth through innovation, operational excellence and strategic expansion.
Read full details in the Regulatory News Service Announcement (RNS) published here.