 In recognition of this new agreement the company was renamed Australian Motor Industries and a new subsidiary company was formed to handle the Mercedes-Benz franchise.Passenger vehicle sales show 729 locally assembled Mercedes-Benz cars were sold between July 1959 and June 1960.By 1960 Mercedes-Benz had increased passenger car sales in Australia by 10 fold annually, selling as many cars per year as had been sold in the first fifty years.