The business contributed about 10 percent of group sales in 2021 and the company said last month it was working to exit Russia. Its shares rose 2.9 percent in early trading.
The payment of the purchase price will be deferred and satisfied over a period of five years through annual instalments, the company added.
Inchcape said last month that it had started transitioning its Russian business after noting ownership interests in the country were "no longer tenable" amid Western sanctions on Moscow following the invasion.
Inchcape, which announced the sale along with its first-quarter update, reported a 13 percent jump in first-quarter revenue as robust car demand and higher pricing helped it offset supply chain snags in the industry.
It expects higher full year 2022 pre-tax profit of at least 300 million pounds, up 25 percent from a year ago.
"So far in 2022 we have experienced a continuation of the trends from last year, with demand ahead of supply, and high margins. We expect this trend will continue for at least the remainder of the year," Inchcape said.
Inchcape is Europe's third-largest dealership group by revenue, according to Automotive News Europe's 2021 Guide to Europe's biggest Dealers. It has 152 new-vehicle franchise points in the UK.