Kroymans to stop European Cadillac sales

Kroymans Corporation will stop distributing General Motors' Cadillac, Corvette and Hummer brands in Europe next year, a Dutch newspaper reported today.
 
The Dutch dealer group has distributed the U.S. brands in EU markets for the past five years. But sales have been slow and Kroymans has revised downward ambitious its sales targets.
 
Frits Kroymans, the dealer group's owner, told the Dutch daily newspaper De Telegraaf that his company will stop Cadillac, Corvette and Hummer distribution at the end of 2009.
 
He said GM Europe will take over distribution of the brands.
 
Kroymans and Cadillac Europe were not available for comment today.
 
When it became GM's European distributor for the brands in 2003, Kroymans targeted 20,000 Cadillac sales in Europe by 2010. It later reduced the target to 10,000. In the first 10 months, Cadillac sold 2,173 cars in Europe.
 
Kroymans is restructuring its business to reduce costs.
 
The group likely will make a loss in 2008, new CEO Peter Cornelis told Automotive News Europe last week.
 
Last year, Kroymans had a net profit of 14.5 million euros on revenues of 2.08 billion euros. Kroymans is Europe's 12th largest independent retail group, according to the 2008 Automotive News Europe Guide to Europe's Biggest Dealers.

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