India, July 22 -- British automotive distribution company Inchcape Plc (INCH.L) on Tuesday revealed that it has agreed to acquire Iceland-based automotive distributor Askja and its associated businesses. The company said that this acquisition marks its entry into the Iceland market, as part of its expansion into the Europe and African regions and diversifying its OEM partnerships.
Inchcape said that Askja, which has a diversified OEM portfolio over the last 20 years, is the exclusive distributor in Iceland for several major global brands, like Mercedes-Benz Cars and Vans and Kia. In fiscal 2024, Askja generated revenue of 150 million pounds and employed 260 people.
According to the company, Iceland's Total Industry Volume or TIV for new p...