Auto Trader Group plc Acquisition of AutoConvert (7620U)
July 31 2020 - 4:00AM
UK Regulatory
TIDMAUTO
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 GBP1.0 million
to revenue and an operating loss prior to any amortisation on
acquired intangible assets of circa GBP0.5 million for the
financial year ended 31 March 2021.
- Ends -
For media information
Powerscourt (Rob Greening or Lisa Kavanagh)
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 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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END
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