(Alliance News) - Auto Trader Group PLC on Friday said it has purchased the share capital of Blue Owl Network Ltd.
The FTSE 100 car buying and selling platform provider said Blue Owl owns AutoConvert which is a finance, insurance and compliance software platform with integrated customer relationship management solutions for the automotive sector.
Auto Trader said the acquisition is expected to contribute around GBP1.0 million to revenue and an operating loss before amortisation on acquired intangible assets of around GBP500,000 for its financial year ending March 2021.
"AutoConvert is an impressive platform that dramatically improves its customers' finance conversion and operations through automation. This represents a significant step in our strategy to help retailers move more of the car buying process online," said Chief Executive Nathan Coe.
Shares in Auto Trader were 1.0% higher at 534.40 pence each on Friday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Auto Trader (AUTO)