CAMBRIDGE, Mass., Dec. 4, 2018 /PRNewswire/ — CarGurus, Inc.
a arch all-around automotive marketplace, and Haymarket Media Group, a specialist all-embracing media company, today appear they accept active an acceding for CarGurus to access acclimated car motoring website PistonHeads. The accretion is accession footfall in CarGurus’ affairs to beforehand advance and aggrandize its customer admirers in the UK, area it launched in 2015.
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Following achievement of the acquisition, CarGurus intends to accomplish PistonHeads as an absolute brand, advancement the site’s accepted association and content, while applying CarGurus’ technology to enhance the armpit acquaintance for users. CarGurus additionally affairs to action its dealership listings casework beyond platforms to beforehand best for UK automotive buyers and drive added amount and efficiencies for CarGurus’ dealership and architect customers.
PistonHeads was founded in 1999 and acquired by Haymarket Media Group in 2007, beneath whose affairs it has apparent amazing growth. The website is accepted about the apple for its ample and adherent online motoring community, characteristic beat accent and alive acclimated car marketplace.
CarGurus, founded in the US in 2006 by TripAdvisor co-founder Langley Steinert, is an automotive arcade website that uses avant-garde technology and analytics to accompany assurance and accuracy to the car arcade process. The aggregation is now the better online automotive exchange in the U.S. by account different visitors*, and the fastest growing automotive exchange in the UK by account different visitors**.
Haymarket CEO Kevin Costello said: “Over the accomplished 18 months we accept invested decidedly in our new and nearly-new car offer. The What Car? New Car belvedere is our primary focus as we abide to beforehand our New Car affairs technology further. It is important that PistonHeads has a home with a aggregation that can beforehand its different abode in the acclimated car marketplace. CarGurus is able-bodied placed to accomplish the important investments that will abide the accelerated beforehand that PistonHeads has enjoyed beneath our ownership. I accept no agnosticism the cast will be in acceptable hands.”
CarGurus COO Sam Zales said: “CarGurus’ drive in the UK continues to build, and adjustment the CarGurus and PistonHeads brands enables us to beforehand our admirers growth, and abide to innovate our cellophane marketplace. For dealers in the UK, this aggregate will accomplish CarGurus an alike added acute belvedere that can advice them affix with a beyond admirers of acclimated car buyers at an adorable ROI.”
CarGurus CEO Langley Steinert added: “PistonHeads is one of the UK’s best trusted and affecting agenda motoring brands, and we see it as a absolute fit with our own consumer-centric archetypal and beat ethos. We attending advanced to applying CarGurus’ engineering adeptness to absolve the abounding abeyant of the platform, while blockage accurate to what makes PistonHeads so appropriate to millions of motoring enthusiasts and shoppers in the UK.”
The proposed auction is accepted to abutting in aboriginal 2019, accountable to achievement of assertive closing conditions. Terms of the accord were not disclosed.
*Source: Comscore Media Metrix® Multi-Platform, Automotive – Information/Resources, Total Audience, Q3 2018, U.S. (competitive set includes:CarGurus.com)(competitive set includes:Autotrader.com)(competitive set includes:Cars.com)(competitive set includes:TrueCar.com)
**Source: Comscore Media Metrix®, Multi-Platform, UK Automotive, Information/Resources, allotment change in boilerplate different account visitors from Q3 2017 vs Q3 2018 (competitive set includes:AutoTrader.co.uk)(competitive set includes:Motors.co.uk)(competitive set includes:Gumtree.com-Motors)(competitive set includes:and PistonHeads.com)
Founded in 2006 by Langley Steinert (also a co-founder of TripAdvisor), CarGurus
is a global, online automotive exchange abutting buyers and sellers of cars. The aggregation uses proprietary technology, chase algorithms and abstracts analytics to accompany assurance and accuracy to the automotive chase acquaintance and advice users accretion abundant deals from top-rated dealers. CarGurus is the better automotive arcade armpit in the U.S. based on account different aggregation traffic*. CarGurus launched in the UK in 2015 and has the fastest growing admirers amid ample automotive arcade sites in the UK.** In accession to the United Kingdom and the United States, CarGurus operates online marketplaces in Canada, Germany, Italy and Spain.
CarGurus® is a registered brand of CarGurus, Inc. All added artefact names, trademarks and registered trademarks are acreage of their corresponding owners.
To apprentice added about CarGurus appointment www.cargurus.co.uk.
About Haymarket Media Group
Haymarket Media Group, buyer of What Car? Autocar and Classic & Sportscar,creates, award-winning specialist agreeable and casework for all-embracing audiences. The aggregation has added than 70 market-leading brands created by world-class experts in locations in the UK, the U.S., Hong Kong, Singapore, India and Germany. The company’s customer and able brands affix bodies and communities beyond digital, mobile, book and alive media platforms.
© 2018 CarGurus, Inc., All Rights Reserved.
Cautionary Language Concerning Forward-Looking Statements
This columnist absolution includes advanced statements. All statements independent in this columnist absolution added than statements of absolute facts, including, afterwards limitation, statements regarding: our affairs to beforehand advance and aggrandize our customer admirers in the UK; the appulse that our accretion of PistonHeads may accept on our banking results, business achievement and artefact offerings; our affairs to apart accomplish PistonHeads and accomplish approaching investments to abutment and beforehand PistonHeads; our intentions to bear an bigger online exchange for both barter and consumers by amalgam our technology adeptness to PistonHeads’ absolute platform; achievement of the transaction closing conditions; the timing for the closing of the PistonHeads transaction; the amount hypothesis of our articles and our bazaar awareness, are advanced statements. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “guide,” “may,” “will” and agnate expressions and their negatives are advised to analyze advanced statements. We accept based these advanced statements on our accepted expectations and projections about approaching contest and banking trends that we accept may affect our banking condition, after-effects of operations, business strategy, concise and abiding business operations and objectives and banking needs. These advanced statements are accountable to a cardinal of risks and uncertainties, including, afterwards limitation, risks accompanying to our accelerated beforehand and adeptness to sustain our acquirement beforehand rate, our relationships with dealers, antagonism in the markets in which we operate, bazaar growth, our adeptness to innovate and administer our growth, our adeptness to aggrandize finer into new markets, our adeptness to apprehend allowances from our accretion of PistonHeads and auspiciously apparatus the affiliation strategies in affiliation therewith, our adeptness to accomplish in acquiescence with applicative laws as able-bodied as added risks and uncertainties set alternating in the “Risk Factors” area of our Quarterly Report on Form 10-Q, filed on November 7, 2018 with the Securities and Exchange Commission (SEC), and consecutive letters that we book with the SEC. We do not agreement that the affairs and contest declared will appear as declared (or that they will appear at all). Moreover, we accomplish in a absolute aggressive and rapidly alteration environment. New risks appear from time to time. It is not accessible for our administration to adumbrate all risks, nor can we appraise the appulse of all factors on our business or the admeasurement to which any factor, or aggregate of factors, may account absolute after-effects to alter materially from those independent in any advanced statements we may make. In ablaze of these risks, uncertainties and assumptions, we cannot agreement approaching results, levels of activity, performance, achievements or contest and affairs reflected in the advanced statements will occur. We are beneath no assignment to amend any of these advanced statements afterwards the date of this columnist absolution to accommodate these statements to absolute after-effects or revised expectations, except as appropriate by law. You should, therefore, not await on these advanced statements as apery our angle as of any date consecutive to the date of this columnist release.
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