Moshe Bronofsky, co-owner of Subaru import agency JapanAuto, has acquired the other half of the shares in his business from Daniel Berkovitch for $20 million. The deal was closed today.
Aside from vehicle importation, the agency’s assets include a Tel Aviv office building, a garage in Herzliya Pituach, and a commercial space on Yitzhak Sadeh street in Tel Aviv. Their collective value is estimated at up to $30 million.
For many years, Subaru was the leading car brand name in Israel. As competing Japanese brands, such as Honda, Toyota and Mitsubishi, entered the marketplace in the early ‘90s, JapanAuto’s sales began falling off gradually.
Subaru finished 1996 in 16th place among Israeli car imports, with 2,900 deliveries. In the first half of 1997, the company had 1,300 deliveries. According to estimates, there are some 200,000 Subaru vehicles on Israel’s highways, representing a profit center for the company, in terms of replacement parts and service.