The firm said it has sealed a deal to sell the operation, which employs 3,600 people across more than 80 sites, to US-based rival Group 1 Automotive.
He added: “The board has therefore concluded it is the right time for a new owner to take this business forward.” Mr Tait added: “This transaction aligns with our strategic priorities, simplifies our business and represents a compelling opportunity to deliver meaningful returns to our shareholders.
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Inchcape to sell UK car dealership business for £346mThe firm plans to return around £100 million to shareholders through a share buyback after the sale is completed.
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