22 May 2026

Inchcape agrees to acquire Silver Star in Bulgaria 

Inchcape plc, the leading global automotive Distributor, today announces that it has agreed to acquire Silver Star, the official Distributor of Mercedes-Benz passenger vehicles and Daimler Trucks and Buses in Bulgaria. 

Inchcape's distribution partnership with Mercedez-Benz began in 2019 and today spans Inchcape's three regions. 

Inchcape has operated in Bulgaria since 1996. Currently* it holds c.13% market share in passenger vehicles and c. 6% market share in light commercial vehicles through longstanding partnerships with Toyota and Lexus.  

This acquisition will further scale Inchcape's share of passenger vehicles in the Bulgarian market as well as expanding its presence into the truck category. 

The acquisition reflects the Group's Accelerate+ strategy and its disciplined approach to capital allocation, which focuses on opportunities that enhance long-term shareholder returns.

In FY 2025, Silver Star generated revenue of c. £240 million (c. €280 million), with operating margins accretive to the region and Group, and employed 500 colleagues.  

Duncan Tait, Inchcape Group Chief Executive, said: "This acquisition is a clear example of our Accelerate+ strategy in action: selectively building scale in small to medium markets where we can create value for our OEM partners and customers. Silver Star will strengthen our Mercedes-Benz relationship, enable us to expand into the truck category in Bulgaria and materially increase our market presence.  

"We have an active M&A pipeline and the capability to capitalise on it where we see value for shareholders. Our recent transaction in Iceland is progressing well and demonstrates how we quickly integrate businesses to deliver growth and drive operational performance. We remain focused on disciplined capital allocation and on creating long-term, sustainable value for shareholders". 

The transaction is subject to customary conditions and approvals and is expected to complete in Q3, 2026. The Group will provide a further update when appropriate. 

*Market share data is based on FY25 vehicle registrations 

Contacts

About Inchcape

Inchcape is the leading global automotive Distributor, with operations across six continents. Inchcape works with our mobility company partners in smaller, more complex and harder-to-reach markets, which tend to be higher growth with low motorisation rates. By combining our in-market expertise with our unique technology and advanced data analytics, we create innovative customer experiences that deliver outstanding performance for our partners - building stronger automotive brands and creating sustainable growth.

Our distribution platform connects the products of mobility company partners with customers, and our responsibilities span product planning and pricing, import and logistics, brand and marketing to operating digital sales, managing physical sales and aftermarket service channels. Our ambition is to deliver for our partners, our customers and our people - so they can realise their ambitions in the new world of mobility. The Group is headquartered in London and employs around 16,000 people globally.

www.inchcape.com

About Silver Star

Founded in 2017, Silver Star provides a comprehensive range of services to both corporate and retail customers, including the sale and after-sales servicing of new and pre-owned passenger cars, vans, trucks and buses, as well as the distribution of spare parts. 

The Company operates across five sales and service locations nationwide. Since its establishment, Silver Star has delivered more than 20,000 new and pre-owned passenger cars, vans and trucks under the Mercedes-Benz and Daimler Truck brands.