End of an era for one of South Africa’s biggest dealer groups

One of South Africa’s biggest dealer groups, Combined Motor Holdings (CMH), announced that Jebb McIntosh, its CEO for the last 27 years, passed away last week.

The group announced on Tuesday, 3 November, that McIntosh passed away on Monday, 2 November, at the age of 80.

McIntosh has been a member of CMH’s board since 1976 and, according to the group, he and CMH were synonymous, with the late CEO dedicating his life to building the brand.

“His knowledge of the motor industry was second to none, and he was deeply respected by all stakeholders,” the company said.

“His valuable guidance and input will be sorely missed by all those who had the privilege of working with him.”

According to our sister publication, Daily Investor, McIntosh was a chartered accountant and co-founder of a dealership that would one day become CMH.

In 1976, he and his business partner Maldwyn Zimmerman opened small Chevrolet and Datsun dealerships in KwaZulu-Natal, before opening more dealerships that eventually merged into CMH.

Today, the group boasts a network of 102 car dealerships across South Africa, with McIntosh leading it through most of that growth, navigating the group’s JSE listing, and expansion into car rentals.

According to board chair James Dixon, McIntosh was having a typical day in the office, directing the activities of his beloved CMH right up until the moment he passed.

“He has left an enduring legacy, and his family can be proud of what he has achieved as a business icon and the longest-serving director of CMH, one of Durban’s few successful JSE-listed entities,” Dixon said.

“His business acumen, attention to detail and ability to navigate complexity will be remembered with deep respect and gratitude by all who worked alongside him.”

The group noted that McIntosh is survived by his wife, Liz, and his five children, Donna, Samantha, Sarah-Lynn, Anne, and Cathy.

Leaving behind a JSE-listed legacy

McIntosh grew CMH from Chevrolet and Datsun dealerships in KwaZulu-Natal to a 102-dealer empire which recorded a total group revenue of R8.1 billion in the six months ended 31 August 2026.

The increase from R7.6 billion in the prior corresponding period means the group earned R1.3 billion monthly for the last six months, navigating global conflict, higher oil prices, and an upward revision in local inflation.

Despite the challenges, the group returned an 18.6% increase in headline earnings off a 6.6% hike in revenue, with its motor retail and distribution business driving turnover at 93.4% of total external revenue.

The dealer’s external revenue reached R7.57 billion in the last six months, which was a 6.3% increase from R7.12 billion in the prior period, while its operating profit rose to R223.3 million.

That said, the CMH board expects the rest of the financial year to bring tough economic trading conditions and the new vehicle market to remain heavily oversupplied and highly competitive.

“Manufacturers will apply pressure, threats and incentives on the dealer network to move their stockpiles and maintain market share,” it noted.

The group’s car hire business, First Car Rental, an acquisition McIntosh oversaw, continued as a high-margin driver, earning R415.5 million in external revenue in the last six months.

“High fuel prices increase the cost of moving the vehicles between cities, and from drop-off areas to the nearest depot and back,” CMH directors commented.

“The recent interest rate hike will have a significant impact on fleet holding costs.”

It added that it expects the rental business to continue doing well, as forward reservations bode well for the summer season, while fleet life optimisation should ensure that the vehicles are well priced for sale next year.