Last checked at 21 Nov 2018 07:09
21 November 2018
AUTO TRADER GROUP PLC
Update on joint venture with Cox Automotive UK
Auto Trader Group plc (LSE: AUTO, the "Company"), the UK's largest digital automotive marketplace, is pleased to announce that it has today received clearance from the Competition and Markets Authority in respect of its joint venture with Cox Automotive UK Limited.
The joint venture is expected to complete by the end of the year and a further update will be provided on completion.
The joint venture will provide the UK automotive market with a comprehensive online auction service. The business will be called Dealer Auction, and will provide fleet companies, manufacturers and retailers with a more efficient and convenient way to dispose of their stock of vehicles. Retailers will gain access to a more comprehensive stock of vehicles available for them to buy and this will be supported with the data and tools to allow them to select the right vehicles for their specific needs. The business will offer a full service, along with its business partners, who have significant experience in digital, wholesale and retail solutions.
Further information on the joint venture agreement can be found in the Company's announcement, released on 16 August 2018.
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For more information:
Rob Greening or Lisa Kavanagh Powerscourt | autotrader@powerscourt-group.com +44 (0)20 7250 1446 |
About Auto Trader
Auto Trader Group plc is the UK and Ireland's largest digital automotive marketplace. Auto Trader sits at the heart of the UK's vehicle buying process and its primary activity is to help vehicle retailers compete effectively on the marketplace in order to sell more vehicles, faster. Auto Trader listed on the London Stock Exchange in March 2015 and is a member of the FTSE 250 Index.
The marketplace brings together the largest and most engaged consumer audience. Auto Trader has over 90% prompted brand awareness and attracts circa 55 million monthly cross platform visits each month, with over 70% of visits coming through mobile devices.
The marketplace also has the largest pool of vehicle sellers (listing around 450,000 cars each day). Over 80% of UK automotive retailers advertise on autotrader.co.uk.
For more information, please visit https://plc.autotrader.co.uk/
About Cox Automotive
Cox Automotive is the world's largest automotive service organisation, providing solutions to our clients at every stage of the vehicle lifecycle. We help dealers, manufacturers, fleet and leasing companies to boost the value of their assets, improving performance and profitability.
In the UK, Cox Automotive provides inventory, financial, media and retail solutions to clients including franchised and independent dealers, car supermarkets, vehicle manufacturers and fleet and leasing companies. Cox Automotive brands in the UK include Manheim, Dealer Auction, Movex, RMS, NextGear Capital, Motors.co.uk, Modix, incadea, wewantanycar.com and money4yourmotors.com.
The group employs more than 2,300 team members in the UK and works with thousands of businesses throughout the automotive industry. For more information, visit www.coxauto.co.uk