Car tsar: ‘It’s time’
Lynton on why he sold motor empire
THE Lyntons knew this day would come — they just didn’t think it would be so soon.
As revealed by the Bulletin this week, Bruce Lynton will exit Bruce Lynton Automotive, leaving his name behind, on June 11.
“I’ll be 78 in a minute and I’ve been working since I was 17,” he said. “I have never had a day when I didn’t want to come to work.”
His son and dealer principal Beric Lynton and wife Chelsea will follow on July 2 after the family sold the company to Sydney rich lister and fellow car tsar Nick Politis.
The family has revealed the $9 million, three-level Jaguar Land-Rover showroom, which they only opened in October, wasn’t technically for sale.
But then again, Beric Lynton said “everything’s for sale”.
“We didn’t take it to the broad industry but the offer was, in the end, one we were happy to accept. Everything’s for sale — I think that’s one philosophy and mantra that Dad has taught me to have.
“The industry was always going to swallow up a little business like ours.”
Kythera-born Mr Politis, 76, the chairman of the Sydney Roosters NRL club, could not be reached for comment.
As well as his long-time affiliation with the Roosters, Mr Politis also has a stake in the Brisbane Broncos, through his private company WFM Motors, which has a six per cent share in the team.
Among numerous other dealerships, including Southport’s Porsche dealership, he also owns 36 per cent of the $1.6 billion ASX-listed car dealership group AP Eagers.
The latest sale, two years after the Bruce Lynton BMW and Mini dealerships in Southport were sold to the Springwood-based Motorline BMW group, is the latest in a national series of car retailing consolidation.
It follows the deal last year between James Frizelle’s Automotive Group with Peter Warren Automotive Group in partnership with Quadrant Private Equity.
Incidentally, Frizelles also has a rugby league connection. group operations manager Rebecca Frizelle is former chairwoman and current part owner of the Gold Coast Titans.
Bruce Lynton Automotive Group was founded in 1974 and acquired the Jaguar franchise on the Gold Coast in 2015.
Beric Lynton said the annual ball, which has raised $1.8 million over 18 years, “could be a casualty” of the sale — but it was too soon to know.
“It takes six or seven months for somebody to be on top of it.”
Bruce Lynton said he’d worked every day of 2018 so far and was looking forward to working on his boat and his golf game. “I suppose I expected it to happen some time.
“Margaret and I have been together 50 years working and bringing up the family — I think it’s time.”
MARGARET AND I HAVE BEEN TOGETHER 50 YEARS WORKING AND BRINGING UP THE FAMILY — I THINK IT’S TIME BRUCE LYNTON, 77