Porsche Holding Salzburg to expand its regional presence in Italy and take over a further retail group in Piedmont

• From 1 April 2021, the private automotive retail group Rinaldi S.p.A. is set to become a new member of the Porsche Holding subsidiary Eurocar Italia
• Three new dealerships will perfectly complement Porsche Holding Salzburg's regional presence in northern Italy
• The acquisition is subject to the approval of the EU Competition Authority

Salzburg, 2 March 2021 - Porsche Holding Salzburg, Europe's largest automotive retail group, continues its strategic growth path and concludes an agreement to acquire Rinaldi S.p.A., which is based in Turin and also has locations in Cirie and Rivoli. The acquisition of the privately held Rinaldi S.p.A. is subject to the approval of the European Competition Authority.

 "The Rinaldi Group is an extremely successful company based in Piedmont and enjoys an excellent reputation. With its three operations, each boasting strong sales figures, we will be in a position to strategically expand our regional presence in this economically prosperous part of Italy," said Rainer Schroll, PHS Board Member for Retail.

Bartolomeo Rinaldi, President of Rinaldi S.p.A., comments: "The sale to the Eurocar Italia Group (Porsche Holding Salzburg) was a difficult but well thought-out decision for us. In this period of great change in the automotive market, we decided to focus on the future of our company and our approximately 200 employees by handing our company over to an established group with an international focus and a long-term strategic vision. On behalf of the whole family, we would like to thank both our employees for the long and exciting journey we have taken together, and our customers, who have placed their trust in us for three generations and who have allowed us to grow steadily right up to the present day. The dream, to which we have dedicated our lives, will continue and be led into the future."

The history of the renowned Rinaldi S.p.A, a company steeped in tradition, dates back to 1955, when brothers Aldo and Bartolomeo Rinaldi started out repairing cars. In 1963, commencing with Volkswagen itself, a decades-long and successful connection with the Volkswagen Group brands was established. Today, the dealership, with branches in Turin, Rivoli and Cirie, is responsible for sales and servicing for the Volkswagen, Audi, Škoda and Volkswagen Commercial Vehicles brands, as well as for Audi Prima Scelta Plus and Das WeltAuto.

In 2020 Rinaldi S.p.A. employed a total of 200 employees, delivered 3,479 new cars and 2,253 used cars and achieved sales of 130 million euros.

 "We are delighted that Rinaldi S.p.A. and its professional staff will be part of the Eurocar Italia family in the future. The dealerships in Turin, Rivoli and Cirie will form an ideal addition to our distributor network in Piedmont, and will allow us to serve our customers in this part of Italy event better," said Matthias Moser, Managing Director of the Porsche Holding subsidiary Eurocar Italia.

With the acquisition of Rinaldi S.p.A., Eurocar Italia will increase its sales volume to around 33,500 new cars and 18,269 used cars. As a result, the Porsche Holding subsidiary will employ a total of around 1,468 employees and will comprise 37 dealerships in the regions of Friuli, Lombardy, Veneto, Piedmont, Tuscany, Liguria and Trentino.

Porsche Holding Salzburg: Salzburg-based Porsche Holding GmbH has been a wholly owned subsidiary of Volkswagen AG since 1 March 2011, managing automotive wholesale and retail operations and providing financial services as well as IT system development. The company was founded in 1949 and, by the end of 2020, operated in 29 countries including Austria, Western and South-eastern Europe, Colombia, Chile, China, Malaysia, Singapore, Brunei and Japan.