Coen Welsh | Aug 9, 2017 | 0
Ritters and Indongo Toyota merge to create new Toyota group
The merger became effective on 01 October. It has created a new Toyota franchise for Namibia which includes Walvis Bay dealership, the Ritter’s Toyota dealerships in Windhoek and Okahandja, as well as the Hino Okahandja truck dealership.
The merger comes in the wake of the untimely illness of Ritter’s founder, the well-known Mr Wolf Ritter. The merger sees the Frans Indongo Investment Trust acquiring a controlling stake in the two business entities whilst Mr Ritter’s co-shareholder, Mr Abri Nel, retains the balance of the shareholding.
With the Indongo Group acquiring the controlling stake in the combined business, Dr Frans Indongo announced during his address that the trading name of both businesses will also change to that of “Indongo Toyota”, apart only from the Hino Okahandja truck franchise which retains its trading name for the time being due to franchise requirements in this regard.
Having been appointed the Chief Executive Officer of the new Indongo Toyota business, Mr Nel, commented that the transaction was exemplary in that all parties benefited mutually and that the transaction is a proud example of how Namibians can sell to fellow Namibians on a commercial basis. Mr Nel also confirmed that the transaction carries the unqualified approval and support of both the Namibian Competition Commission as well as the franchisor, Toyota South Africa Motors.
Ritter’s Toyota showed significant growth the past few years. Similarly, during the same period, the Frans Indongo Group managed to transform Indongo Toyota in Walvis Bay to a flagship Toyota dealership. In a touching manner Dr Frans Indongo paid tribute to the huge efforts by the General Manager (Walvis Bay), Ms Miranda Fuller, in order to effect a turnaround of that business.
The shareholders said they are very positive about the consolidation of the different Toyota dealerships. A noticeable excited Dr Indongo stated: “We are going to see that more sustainable wealth and growth will be created by the new joint operation, than what the two individual businesses managed to achieve individually before. I believe that Indongo Toyota will soon demonstrate the significant increase in capacity, and that it will result in a remarkable improvement in market success.”