Car Dealerships & Showrooms Switzerland: 3–5× EBITDA, 2,699 Firms (2026)

1.0Market Snapshot

2,699: Car dealers and car wholesalers in 2024 (BFS STATENT, NOGA 45.11.01 and 45.11.02): 2,148 retailers and 551 wholesalers and agents. Garages whose main activity is the workshop are classified under car repair and are not included.
8,621: Employees of these businesses in 2024 (BFS STATENT), 15.4% more than in 2020. Large dealer groups employ far more people across sales and workshops: the AMAG Group alone had about 7,500 employees in 2025.
−2.1%: Change in new passenger-car registrations in 2025, to 232,602 (BFS, February 2026): the sixth year in a row clearly below pre-pandemic levels.

According to Val Index analysis of Swiss commercial-register and federal data (2026), Switzerland counts 2,699 car dealerships & showrooms companies — Car dealers and car wholesalers in 2024 (BFS STATENT, NOGA 45.11.01 and 45.11.02): 2,148 retailers and 551 wholesalers and agents. Garages whose main activity is the workshop are classified under car repair and are not included..

2.0Industry Overview

Market Scope

Swiss car dealing is a shrinking market served by a growing number of small businesses and a few large groups. BFS registered 232,602 new passenger cars in 2025, 2.1% fewer than in 2024 and the sixth year in a row clearly below pre-pandemic levels (February 2026). The number of car dealers and wholesalers nevertheless rose to 2,699 businesses with 8,621 employees in 2024 (STATENT, NOGA 45.11), up from 2,396 in 2020, most of them small used-car and agency businesses. Garages that mainly repair cars are classified separately.

3.0Industry Health Check (SWOT)

Internal factors

Strengths4

Strong importer brands and long-standing dealer contracts

Weaknesses4

Shrinking new-car market (−2.1% in 2025)

External factors

Opportunities4

Electric-car sales and charging services

Threats4

Agency and direct-sales models that cut dealer margins→ §5.0

Sector Outlook

DefensiveBalancedGrowth

4.0Key Trends

Fewer new cars sold

2.1%

New passenger-car registrations fell 2.1% to 232,602 in 2025, the sixth year in a row clearly below pre-pandemic levels (BFS, February 2026).

Electric cars short of target

22.7%

Fully electric cars reached 22.7% of new registrations and plug-ins 33.9% in 2025, clearly missing the 50% plug-in target for 2025 (BFS).

Dealer groups consolidate

AMAG, Emil Frey and Mercedes-Benz Automobil AG have absorbed many local garages, and Hedin bought the Alpina Group (St. Gallen, Widnau, Chur) in 2022 and H.P. Schmid in Bachenbülach in 2023 (Zefix, Hedin).

Chinese brands arrive

Hedin Automotive Schweiz added the Chinese electric brand XPeng to its BMW and MINI sites in summer 2025 (Hedin).

Leasing drives sales

Swiss leasing companies signed 251,353 new car leases in 2025 (+4%), 135,170 of them for used cars, and had 738,342 cars on lease at year end (Swiss Leasing Association).

5.0Cost Structure Benchmark

82%

Cost of vehicles and parts sold82%
Personnel9%
Premises4%
Other operating costs3%
EBITDA margin2%

Indicative split for a Swiss multi-brand dealer with a workshop, not a measured figure. Margins on new cars are thin; the workshop, parts and financing earn most of the profit.

6.0Top Car Dealerships & Showrooms Companies in Switzerland

Name	Location	Key Facts
AMAG GroupCHE-105.836.302	Cham ZG	AMAG Import AG: importer of the Volkswagen group brands, registered in Cham; it has absorbed many garages, including Autohaus Gümligen, City Garage Thun and AMAG Vevey. The AMAG Group had a 32.1% share of the Swiss car market in 2025, revenue of CHF 5.0 billion, about 7,500 employees and about 800 apprentices, with more than 450 dealers and service partners and over 85 garages of its own.
Emil FreyCHE-105.835.113	Zürich ZH	Emil Frey AG: family-owned car dealer registered in Zurich, the Swiss company of the Emil Frey group; it has absorbed many dealers, including Emil Frey SA in Geneva, Autostern Wädenswil and British Cars Baden.
Merbag (Mercedes-Benz Automobil AG)CHE-114.007.983	Schlieren ZH	Mercedes-Benz Automobil AG: the Swiss core company of the Merbag group, registered in Schlieren, with 28 sites and 1,400 employees selling and servicing Mercedes-Benz, Mercedes-AMG and smart; it has absorbed Garage Ottiger and SCC Swiss CarCenter.
Hedin Automotive SchweizCHE-106.961.051	Dielsdorf ZH	Hedin Automotive Schweiz AG: the Swiss company of the Swedish Hedin Mobility Group, registered in Dielsdorf, formerly Seeblick Garage; it runs seven BMW and MINI sites and sells INEOS Grenadier and, since summer 2025, XPeng.

AMAG Group

CHE-105.836.302

Cham ZG

AMAG Import AG: importer of the Volkswagen group brands, registered in Cham; it has absorbed many garages, including Autohaus Gümligen, City Garage Thun and AMAG Vevey. The AMAG Group had a 32.1% share of the Swiss car market in 2025, revenue of CHF 5.0 billion, about 7,500 employees and about 800 apprentices, with more than 450 dealers and service partners and over 85 garages of its own.

Emil Frey

CHE-105.835.113

Zürich ZH

Emil Frey AG: family-owned car dealer registered in Zurich, the Swiss company of the Emil Frey group; it has absorbed many dealers, including Emil Frey SA in Geneva, Autostern Wädenswil and British Cars Baden.

Merbag (Mercedes-Benz Automobil AG)

CHE-114.007.983

Schlieren ZH

Mercedes-Benz Automobil AG: the Swiss core company of the Merbag group, registered in Schlieren, with 28 sites and 1,400 employees selling and servicing Mercedes-Benz, Mercedes-AMG and smart; it has absorbed Garage Ottiger and SCC Swiss CarCenter.

Hedin Automotive Schweiz

CHE-106.961.051

Dielsdorf ZH

Hedin Automotive Schweiz AG: the Swiss company of the Swedish Hedin Mobility Group, registered in Dielsdorf, formerly Seeblick Garage; it runs seven BMW and MINI sites and sells INEOS Grenadier and, since summer 2025, XPeng.

Companies are listed when they are confirmed in the commercial register, have a significant Swiss presence in this niche and at least one sourced fact.

7.0Succession & M&A Context

Groups buy family garages

232,602: new passenger cars registered in 2025 (BFS)
22.7%: share of fully electric cars in 2025 (BFS)
32.1%: AMAG Group market share in 2025 (AMAG)
3.0–5.0×: EBITDA deal multiples (ValIndex multiples table)

Many Swiss car dealers are family garages whose owners are reaching retirement. Importer-owned groups and international dealer groups buy them to add brands and regions, as the register entries of AMAG, Emil Frey, Merbag and Hedin show. Buyers pay for brand contracts, workshop capacity and customer base, property and the used-car and leasing business, and discount for dependence on a single brand, importer contract terms and the shift to agency sales. ValIndex's multiples table puts car dealerships at 3.0–5.0× EBITDA in transactions and 2.0–3.5× on statutory valuations.

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Valuation Snapshot

Car Dealerships & Showrooms business valuation in Switzerland

Statutory Multiple (EBITDA): 2.0 - 3.5×
Deal Multiple (EBITDA): 3.0 - 5.0×
Market Trend: Declining

Indicative ranges based on market research. Actual multiples vary by company size, growth, and market conditions.

8.0Regional Clusters

Zurich

569 car dealers and wholesalers with 2,834 employees in 2024 (BFS STATENT), a third of the national total; Emil Frey, Mercedes-Benz Automobil AG and Hedin are registered here.

Western Switzerland

VDGEFRVSNEJU

553 dealers and wholesalers with 1,671 employees.

Eastern Switzerland

SGTGGRSHARAIGL

425 dealers with 904 employees, among the smallest on average (2.1 per business); Hedin runs sites in St. Gallen, Widnau and Chur.

Bern and Solothurn

BESO

351 dealers with 1,023 employees.

Central Switzerland

LUSZZGOWURNW

344 dealers with 1,048 employees; AMAG Import is registered in Cham.

Northwestern Switzerland

AGBLBS

295 dealers with 796 employees.

Ticino

150 dealers with 330 employees.

Sources

BFS STATENT — institutional units, employees and FTE by NOGA type and canton, 2011–2024 (NOGA 45.11.01 car wholesale and agency, 45.11.02 car retail)BFS — Elektroautos wieder im Vorwärtsgang: new road vehicles 2025 (4 February 2026)AMAG — Auf Wachstumskurs: AMAG Gruppe steigert den Marktanteil auf 32,1 Prozent (16 January 2026)Hedin Automotive Schweiz — Unsere Geschichte (SEEALL, Alpina Group 2022, H.P. Schmid 2023, XPeng 2025)Merbag — Wir sind Merbag (Mercedes-Benz Automobil AG, Schlieren: 28 sites, 1,400 employees)Emil Frey — Wir über uns (family-owned Emil Frey group)Schweizerischer Leasingverband — Statistiken: Zahlen zur Marktentwicklung 2025 (car leasing contracts and volumes)Zefix — Swiss Central Business Name Index (seats, former names and takeovers of AMAG Import AG, Emil Frey AG, Mercedes-Benz Automobil AG and Hedin Automotive Schweiz AG)

Alain Walder, M.A. HSG · ValIndex|Data as of 2026-10|8 sources cited

9.0Frequently Asked Questions

▶How much is a car dealership worth in Switzerland?

ValIndex's multiples table puts Swiss car dealerships at 3.0–5.0× EBITDA in transactions and 2.0–3.5× EBITDA on statutory valuations. Dealers with strong brands, a profitable workshop and their own property sit at the upper end.

▶What drives the value of a Swiss car dealership?

Buyers price: (1) brand contracts and their terms; (2) workshop capacity and service customers; (3) the used-car and leasing business; (4) property; (5) staff and management; (6) the brand mix, including electric and new Chinese brands.

▶How big is the Swiss car market?

BFS registered 232,602 new passenger cars in 2025 (−2.1%), and 4.84 million cars were on the road in September 2025. STATENT counted 2,699 car dealers and wholesalers with 8,621 employees in 2024; dealers whose main activity is the workshop are classified under car repair.

▶Who are the main Swiss car importers and dealer groups?

The largest is the AMAG Group (32.1% market share, CHF 5.0 billion revenue in 2025). Other major dealer groups include Emil Frey, Merbag (Mercedes-Benz Automobil AG, 28 sites) and Hedin Automotive Schweiz (BMW and MINI).

▶What are the key trends in Swiss car dealing?

Five trends: (1) fewer new cars sold; (2) electric cars growing but short of the federal target; (3) consolidation of dealer groups; (4) new Chinese brands; (5) leasing as the main way to buy.

▶What are the main risks when buying a Swiss car dealership?

The main risks are: (1) importer contract changes and agency models; (2) a shrinking new-car market; (3) fewer workshop hours as cars go electric; (4) stock and financing costs; (5) key-person dependence. Due diligence should check brand contracts, workshop profitability, stock, property and leasing commissions.

▶How fast are electric cars growing in Switzerland?

Fully electric cars reached 22.7% of new registrations in 2025, up 3.5 percentage points, and 249,832 were on the road, 5.2% of all cars (BFS). Including plug-in hybrids the share was 33.9%, short of the 50% target for 2025.

▶Where are Swiss car dealers located?

Using BFS figures for 2024: Zurich has the most car dealers and wholesalers (569, with 2,834 employees), followed by Western Switzerland (553; 1,671), Eastern Switzerland (425; 904), Bern and Solothurn (351; 1,023), Central Switzerland (344; 1,048), Northwestern Switzerland (295; 796) and Ticino (150; 330).

Car Dealerships & Showrooms