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Servco Pacific buys Aussie car business


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POSTED: Thursday, May 07, 2009

Honolulu-based Servco Pacific Inc. has purchased Pacific Toyota, a Toyota and Lexus dealership in Cairns, Australia, for undisclosed terms.

The dealership will be led by dealer principal Greg Eastment and will continue to do business with the same name, under Servco Australia.

The division was established in December 2007 when the company bought Downtown Toyota in Brisbane.

Pacific Toyota had been a top dealership in Australia until it encountered financial difficulties and was placed into receivership last year, according to Servco.

“;We believe that Toyota dealerships in Australia, if bought at the right price and managed well, will be a great source of future revenue, profitability and growth for Servco,”; said Mark Fukunaga, Servco chairman and chief executive officer.

Toyota has a network of some 220 dealerships in Australia and leads the market in sales.

In 2008, more than 200,000 Toyota vehicles were sold in Australia, nearly a fourth of all new cars sold there.