Acquisition of AutoConvert

RNS Number : 7620U

Auto Trader Group plc

31 July 2020

 

31 July 2020

AUTO TRADER GROUP PLC

A cquisition of AutoConvert

Auto Trader Group plc ('Auto Trader', 'the Group'), the UK's largest digital automotive marketplace, has today acquired the share capital of Blue Owl Network Limited for an undisclosed sum. Blue Owl Network Limited owns 'AutoConvert', a finance, insurance and compliance software platform with integrated customer relationship management solutions for the automotive sector.

Nathan Coe, Chief Executive Officer of Auto Trader, said:  "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."

The acquisition is expected to contribute circa £1.0 million to revenue and an operating loss prior to any amortisation on acquired intangible assets of circa £0.5 million for the financial year ended 31 March 2021.

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For media information

Powerscourt (Rob Greening or Lisa Kavanagh) [e-mail]

[phone]

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 now a member of the FTSE 100 Index.

The marketplace brings together the largest and most engaged consumer audience. Auto Trader has around 90% prompted consumer brand awareness and attracts circa 50 million monthly cross platform visits each month, with over 80% of visits coming through mobile devices.

For more information, please visit https://www.plc.autotrader.co.uk  

About Blue Owl Network Limited

Founded in 2015, Blue Owl Network Limited, created 'AutoConvert', a finance, insurance and compliance platform with built-in customer relationship management systems, aimed at automating the full customer journey for the automotive sector. Its customers include automotive dealers, dealer networks and financial brokers. It is based in Manchester and employs 28 people.

For more information, please visit https://www.autoconvert.co.uk/  

 

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