I have never written about (or owned) shares in Inchcape (INCH) before. It describes itself as a “leading independent multi-brand global automotive distributor, with strong fundamentals and significant growth opportunities ahead”. It may not be an easy world out there, but distribution remains an interesting area which is clearly consolidating over time versus the norms of the last few decades. But many will have heard of the company in the UK as “one of the leading franchised retailer groups in the UK, partnering many of the world's best brands including, Audi, BMW, Jaguar, Land Rover, Mercedes-Benz, Toyota and Volkswagen”. So, is it just a flash car dealership?








