Inchcape’s leasing and fleet management business has been sold to Toyota for £100m as part of the group’s refocus on core activities.

The sale reflects Inchcape’s strategy to focus on businesses that support global distribution activities and optimal deployment of capital.

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The sale follows recent disposals of less productive dealerships in the UK as well as Australia and China.

Inchcape leases fleet vehicles and provides management services to B2B customers including Toyota.

Due to the scope of the business there is limited synergy with Inchcape’s UK retail dealership business.

Inchcape acts as a franchisee of brands including BMW, MINI, JLR, Mercedes, VW, Audi, Porsche, Toyota and Lexus.

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Inchcape is a top five partner for key OEM partners therefore the UK retail dealership business is strategically important to the group.

In the year to December 2019 Inchcape fleet solutions contributed revenue of £60m and trading profit of £9m.

Group chief executive of Inchcape Stefan Bomhard said: “This transaction is a further demonstration of strategic progress and focus on our core distribution activities, which generate 90% of group trading profit.

He added: “We are pleased to have been able to further streamline our UK retail market activities by selling IFS at a good valuation. We remain focused on our Ignite strategy which frames our operational excellence initiatives, has driven 10 distribution deals since 2016, and sets the foundations for capabilities that will enable us to position Inchcape well for the future.”