Stein sells AutoItalia for 20m euros

Herbert Stein, one of the best-known businesspeople in the Romanian car industry, has reached an agreement with Israel's Mediterranean Car Agency on the sale of AutoItalia group, the importer of Fiat group brands, of SsangYong, Infiniti and of Honda motorbikes domestically, according to an industry source.

The deal revolves around 20m euros and it depends on certain conditions being met.

Mediterranean Car Agency controls Fiat imports in Israel and is controlled by businessman Michael Levy. Neither AutoItalia, nor Mediterranean Car Agency officials commented on this issue.

The sale of AutoItalia group by the businessman is the first exit from the Romanian car market in the past twenty years. It comes two years after the onset of the crisis, a period during which car sales have dwindled by almost 70% from 2007 and 2008.

At present, AutoItalia network is made up of over 40 showrooms, with three of them part of AutoItalia Showroom, the group's retail unit.

AutoItalia group reached turnover of around 60m euros last year according to ZF estimates, after having topped 92m euros in 2009.