Allied Group buys 51% Autodeal stake for NIS 100m

Itzhak Swary

Founders and co-CEOs Meir Ohayon and Tomer Dotan will continue managing the auto trade-in chain.

Autodeal used car chain founders and co-CEOs Meir Ohayon and Tomer Dotan, both 47, have sold their 51% stake in the company to investment firm Allied Group for NIS 100 million, reflecting a NIS 200 million value for the chain, sources inform "Globes." Autodeal was founded in 1997.

In 2005, Allied Group, the parent company of auto importer Champion Motors, acquired 49% of Autodeal's shares from Ohayon and Dotan, and will own 100% after the current deal is completed. The founders will continue in their positions as joint-CEOs after the sale, in addition to their other business of importing luxury Aston Martin cars and real estate held jointly with Allied Group.

Autodeal, one of the largest companies in its field in Israel, works through two main sales divisions: a trade-in division and a private sale division. The company sold 10,000 vehicles last year, and its annual sales turnover for the year was NIS 1 billion. Autodeal has 80 employees and four branches in Israel. The company's headquarters are located on an 18-dunam (4.5-acre) site that it owns in Bnei Brak. The site contains a display hall, sales offices, purchasing departments, and management offices. Autodeal's other offices are in Haifa, Jerusalem, and Rishon Lezion.

Autodeal is the official exclusive trade-in representative of fellow-subsidiaries Champion Motors, which imports Audi, Volkswagen, SEAT, and Skoda cars to Israel, and the Mediterranean Car Agency, which imports Fiat, Alfa Romeo, and Lancia cars to Israel. In the luxury brands segment, Autodeal supplies trade-in services for Aston Martin and Audi.

Many years of real estate activity

The Allied Group, headed by chairman Prof. Itzhak Swary, is a holding company of many years standing operating in real estate, electronics, infrastructure, and the auto industry. Besides Champion Motors, Mediterranean Car Agency, and Autodeal, its holdings include UPS, Newpan, and Mini Line.

Published by Globes, Israel business news - en.globes.co.il - on October 16, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

Itzhak Swary
Itzhak Swary
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