Another major Auckland car dealership has changed hands with the McMillan family selling its 50% shareholding in Team McMillan to co-owner Collins Asset Management.
Collins, whose managing director is Auckland investor Tim Cook, has been a 50% shareholder for seven years in the company, which retails BMW, Mini and Rolls-Royce cars. The transaction, which was not disclosed, take effect on June 30.
Mr Cook is already on the Team McMillan board. Collins' other interests include 16% of NZX-listed Veritas Investments and held a 19.7% stake in juice maker Charlie's Group until it was sold to Asahi Group in 2011.
Mr Cook is also managing director of Cook Executive Recruitment and this month joined the board of MyWave after Collins participated in the software start-up's capital raising to become its second largest shareholder on 7.1%. It also owns about 27 percent of VnC Cocktails
The latest move coincides with the retirement of Bob McMillan, who says at 72 he has had “petrol running through my veins” for 52 years.
“I believe it is the right time for me to be getting out of the driver’s seat and enjoy retirement with my wife Kerry,” he says in an email to customers.
“I have a long bucket list and want to start ticking these off and put some different kilometres on the clock with some well overdue overseas travel.”
Team McMillan has been BMW's biggest dealership for two years in a row and is heading toward a third, Mr McMillan says. BMW is also the country's leading luxury car brand, a statement from BMW NZ managing director Nina Englert says.
In 2012, Mr McMillan became the country’s first exclusive Rolls-Royce dealer and in recent years has focused his efforts on that marque.
He says he is confident Team McMillan's success will continue under the leadership of managing director Ian Gibson, his management team and the staff.
Mr McMillan’s son Andrew, the used vehicle sales manager, will also withdraw from the business after 12 years in the car industry both here and in Australia,In
February, Giltrap Group sold its Auckland Toyota dealerships to Rick Armstrong.