Brian Murphy, the dealer principal of Belgard Motors, one of Ireland's bigest retail operations, is selling his 50 per cent stake to his brother, JD.
The news, which broke yesterday, caused surprise in the Irish motor industry. JD, who also has a 50 per cent stake in Belgard, assumes full control on November 30th.
Belgard Motors on Belgard Road in Tallaght, Dublin, employs 134 people.
It has Mercedes, Audi, Volkswagen and Mazda franchises as well as controlling Porsche distribution in the Republic through a subsidiary Belgard Autoplatz.
The Porsche arm has recorded strong growth in recent years, though imports are impacting on sales, accounting for 30 per cent of all Porsche sales here so far this year.
Brian Murphy told The Irish Times yesterday afternoon that it was "an amicable arrangement".
He insisted that he would not be losing contact with the motor business here: "I intend to keep an active interest in everything to do with motoring, and also to be involved through the Society of the Irish Motor Industry."
JD, in spite of having 50 per cent equity was not active in the day-to-day affairs of Belgard.
Other interests jointly owned by the two brothers include a printing firm, East Coast Print. Brian Murphy has also sold his interests in these as well.