Key Highlights

  • The ACCC has approved Peter Warren Automotive Holdings Limited's (ASX:PWR) Acquisition of Wakeling Automotive Group's new car dealerships, subject to conditions requiring divestment of eight dealership sites.
  • Without conditions, the ACCC found the acquisition would have resulted in Peter Warren operating 25 of the 34 new car dealerships in Sydney's Macarthur region.
  • The eight divestment sites, located in Campbelltown and Smeaton Grange, represent the Kia, GMSV, RAM, Isuzu UTE, GAC, Volkswagen and Suzuki brands.
  • Peter Warren submitted its original Phase 1 notification on 5 March 2026, with the ACCC moving to a Phase 2 review on 2 June 2026 before that review ceased on 15 June 2026 at Peter Warren's request.

ACCC Conditional Approval

The Australian Competition and Consumer Commission has approved Peter Warren Automotive Holdings Limited's (ASX:PWR) proposed acquisition of Wakeling Automotive Group's new car dealership business, subject to conditions requiring Peter Warren to divest eight dealership sites. Both Peter Warren and Wakeling Automotive operate new car dealerships in the suburbs of Campbelltown, Narellan and Smeaton Grange within Sydney's Macarthur region, with both businesses also offering servicing and repair operations at these locations.

Competition Concerns Identified

The ACCC found that the proposed acquisition, without conditions, could substantially lessen competition in the Supply of new cars, servicing and repairs within the Macarthur region. ACCC Commissioner Dr Philip Williams said that without the divestment conditions, the acquisition would have resulted in Peter Warren operating 25 of the 34 new car dealerships in the region. To address these concerns, Peter Warren offered to divest eight car dealerships located in the local area.

Details of the Divestment Sites

The eight divestment sites are located in Campbelltown and Smeaton Grange, and represent the Kia, GMSV, RAM, Isuzu UTE, GAC, Volkswagen and Suzuki brands. Dr Williams noted that under the new Merger regime, the ACCC can approve an acquisition with conditions where there are actions a party can take to address identified competition concerns, provided the ACCC is satisfied that the acquisition would otherwise have the effect of substantially lessening competition.

Regulatory Process Timeline

Peter Warren submitted its original Phase 1 notification to the ACCC on 5 March 2026. On 2 June 2026, the ACCC decided the acquisition should be subject to a more detailed Phase 2 review. That Phase 2 review ceased on 15 June 2026 following a written request from Peter Warren. On 13 July 2026, Peter Warren submitted a fresh notification for the acquisition, accompanied by a remedy offer to the ACCC, which ultimately formed the basis of the conditional approval now granted. Since 1 January 2026, businesses have been required to notify the ACCC of acquisitions meeting notification thresholds and must wait for approval before proceeding, with Phase 1 assessments required to be completed within 15 to 30 Business days, subject to any extensions.

Background on the Two Businesses

Peter Warren is an ASX-listed new and used car Retailing business operating more than 80 dealership sites across 25 locations on Australia's east coast, representing more than 30 original equipment manufacturer vehicle brands, and also supplying OEM spare parts and aftermarket servicing and collision repair. In Greater Sydney, its dealership banners include Peter Warren Automotive, Macarthur Automotive, Sydney South Automotive, Mercedes-Benz North Shore and Sydney North Shore Automotive. Wakeling Automotive operates 30 dealership sites across eight locations in Greater Sydney, Wollongong and the Southern Highlands, representing 16 OEM vehicle brands, under banners including Paul Wakeling Automotive Group, Camden Valley Motors, Shellharbour City Motors, Wollongong City Motors, Moss Vale Motor Group and Allan Mackay Autos.

Conclusion

The ACCC's conditional approval allows Peter Warren Automotive to proceed with its acquisition of Wakeling Automotive's dealership network, but only after divesting eight sites in the Macarthur region that the regulator determined would otherwise have concentrated too much of the local new car, servicing and repair market in Peter Warren's hands. The approval follows an extended regulatory process that included a Phase 2 review before Peter Warren returned with a revised notification and remedy offer in July 2026.