Rick Armstrong began his motoring empire in Christchurch in 1993 and has now expanded across the country to 13 dealerships in Auckland, Wellington, Christchurch and Dunedin.
His Armstrong Motor Group employs more than 450 people and offers 19 different brands from top-end Mercedes to top-selling Toyota.
At any given time, Armstrong has more than 1500 vehicles in stock, and by far the biggest dealership is Auckland City Toyota, which was acquired from fellow Rich Lister Sir Colin Giltrap in 2014. That dealership now operates from three locations, offering a fully integrated parts and service operation.
After acquiring the Peugeot and Citroen distribution rights in New Zealand in 2017, the group moved into the travel business last year in a deal with the PSA Group to supply Kiwis leased holiday cars in Europe, through the wholly owned Drive Holidays.
While many of his dealerships operate from leased premises, including two major sites owned by Giltrap, Armstrong and his trustees can lay claim to a property portfolio worth more than $30m that also includes a $7.4m family home in the Auckland suburb of Parnell.
Armstrong’s 19-year-old son Marcus is one of the country’s leading motor racing talents. The Ferrari Academy driver competed in the inaugural FIA Formula 3 championship and the Toyota Racing series this year.
In addition to providing vehicles for the Royal New Zealand Ballet, Armstrong sponsors the Wellington Marathon and the Christchurch Kart Club.
2018: $55 million