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Alfa showroom shuts, Komoco set to take over distributorship next year


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https://www.straitstimes.com/business/companies-markets/alfa-romeo-showroom-shut-staff-laid-off-as-spore-distributorship-set-to-change-hands

https://m.sgcarmart.com/articles/articleinfo.php?AID=27419&CT=n

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SINGAPORE - EuroAutomobile will cease to be the official importer and distributor of Alfa Romeo cars in Singapore, while Komoco Holdings is set to take over the exclusive distributorship next year, The Straits Times has learnt.

On Sept 30, the firm, which has held the distributorship since 2004, shut down its Alfa Romeo showroom at Leng Kee Autopoint and laid off four sales staff.

EuroAutomobile is a wholly owned subsidiary of Catalist-listed EuroSports Global –known as a distributor of both new and pre-owned ultra-luxury and luxury cars including the Lamborghini brand in Singapore.

ST understands that Mr Melvin Goh, founder of EuroSports Global, informed the affected staff of the company's decision when they turned up for work last Friday.

One employee, who spoke on condition of anonymity, said he was not shocked by the news as "business has not been great".

Sources with knowledge of the situation told ST that Stellantis, which owns Alfa Romeo, picked Komoco as the firm also distributes other Stellantis brands including Chrysler, Dodge, Jeep and Maserati.

Komoco is also the dealer for Alfa Romeo and Maserati in Shanghai.

When contacted, Ms Tracy Teo, Komoco's marketing director, said: "At this present moment, Komoco has no comment on the matter."

EuroSports Global's Mr Goh declined to comment.

ST has also contacted Stellantis for comment.

ST understands that EuroAutomobile has over 10 Alfa Romeo cars in stock, including test-drive cars and the firm will be selling them with the standard two-year factory warranty.

Mr Gabriel Leong, 39, said the Giulia QV – the highest performance model sold in Singapore – which he bought from EuroAutomobile just over a year ago, had came with a two-year maker's warranty and an additional three years warranty from EuroAutomobile.

"I hope whoever takes over the distributorship will honour the warranty," said Mr Leong.

Data from the Land Transport Authority showed 10 units of Alfa Romeo were sold between January and August in 2022. In 2019, Alfa Romeo registered 60 units, with the number falling to 39 in 2020 and 37 in 2021.

For its last financial year ended March, the group reported a net loss of $1.3 million on revenue of $54.4 million.

The gross profit of its automobile distribution business fell 10.7 per cent to $8.98 million, while the gross profit margin for the segment dropped 1.3 percentage points to 16.2 per cent due to lower prices in some new car sales.

Lamborghini sales rose by $6.22 million to $41.95 million or 77.2 per cent of the group's total revenue. But sales of Alfa Romeo cars dipped by $0.31 million to $6.9 million.

In a bourse filing in July, EuroSports Global said it was undergoing a strategic review to consider options for its various businesses to evaluate opportunities and positioning, with a view to unlocking value and maximising potential value for stakeholders.

The group said the review, which would include assessing options including potential fund-raising exercises or restructuring of companies within the group, "is timely to assess the future of the business and optimal path for the group to realise its potential".

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Hypersonic

One employee, who spoke on condition of anonymity, said he was not shocked by the news as "business has not been great".
 

That’s an understatement. 😅

Less than 10 registered in 2022.

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Twincharged
1 hour ago, Fcw75 said:

One employee, who spoke on condition of anonymity, said he was not shocked by the news as "business has not been great".
 

That’s an understatement. 😅

Less than 10 registered in 2022.

Simi anonymity? Onli 10 cars sold so how many SE can there be? Lol

 

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Turbocharged
1 hour ago, Fcw75 said:

One employee, who spoke on condition of anonymity, said he was not shocked by the news as "business has not been great".
 

That’s an understatement. 😅

Less than 10 registered in 2022.

Actually for a lot of brands business have not been very good too in this high COE climate.

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Supersonic
Just now, ER-3682 said:

Problematic Italian Lemon,sold less than Rolls Royce...Pity.

It is call Italian Character.

 

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5th Gear
6 minutes ago, Benarsenal said:

Actually for a lot of brands business have not been very good too in this high COE climate.

But it is still high . So someone is buying.

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Turbocharged
5 minutes ago, shrjun said:

But it is still high . So someone is buying.

Yes. But who? 

Definitely not your average Singaporean.

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Hypersonic
36 minutes ago, Benarsenal said:

Actually for a lot of brands business have not been very good too in this high COE climate.

I’m sure all the high end brands doing well with all the UHNWI moving here. 

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Hypersonic
42 minutes ago, Soya said:

Simi anonymity? Onli 10 cars sold so how many SE can there be? Lol

 

Article said 4 SEs, maybe 3 female and 1 male. 🤣🤣

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Supersonic
3 minutes ago, Fcw75 said:

Article said 4 SEs, maybe 3 female and 1 male. 🤣🤣

Maybe 4 guys.

Only real Petrol head will buy Alfa

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5th Gear
(edited)
1 hour ago, inlinesix said:

Maybe 4 guys.

Only real Petrol head will buy Alfa

Most of the petrol heads I know are guys unfortunately.

So 4 women SEs!

 

Edited by shrjun
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