Carsales

CAR Group

CAR Group

Australian public company

CAR Group Limited, formerly Carsales is a digital marketplace company. It operates primarily in Oceania, Asia and The Americas. It is listed on the Australian Securities Exchange.

Quick Facts Formerly, Company type ...

Since its establishment in 1997, CAR Group has expanded its digital presence, focusing on technology and advertising in the automotive sales sector.

CAR Group has wholly owned digital marketplace businesses in Australia (Carsales), South Korea (Encar), the United States (Trader Interactive) and Chile (chileautos) in addition to being a majority shareholder of WebMotors in Brazil.

History

Carsales was founded by Greg Roebuck and Wal Pisciotta in Melbourne, Australia in 1997 with what was at the time just a small idea of moving print classified advertisements for motor vehicles onto the internet.[1]

In October 2005, ACP Magazines' online classified businesses; Carpoint.com.au, Boatpoint.com.au, Bikepoint.com.au, Ihub.com.au and statistic company Equipment Research Group were acquired. In return ACP's parent, Publishing & Broadcasting Limited, took a 41% stake in Carsales.[2][3] In August 2007 Red Book was purchased.[4]

In 2009, Carsales was listed on the Australian Securities Exchange.[5] In 2010, Quicksales was purchased. In March 2011, Nine Entertainment, as Publishing & Broadcasting Limited had become, sold its 49% shareholding in Carsales.[6]

In March 2013, a 20% stake in ICar Asia was purchased followed the next month by a 30% shareholding in WebMotors of Brazil from Banco Santander.[7][8] In April 2023, it acquired a further 40% stake.[9]

In March 2014, a 49% share of SK Encar, Korea was purchased from SK C&C.[10] It purchased the other 51% in 2016.[11] In 2016 Soloautos of Mexico and Chileautos of Chile were purchased.[12][13]

In 2021 a 49% stake in non-auto marketplace group Trader Interactive, United States was purchased.[14] In 2022 it acquired the remaining 51% stake.[15] In 2023 Carsales was renamed to CAR Group.[16]

References

  1. [1]
    Carsales.com promotes Cameron McIntyre to CEO as founder Greg Roebuck retires Mumbrella 20 January 2017
  2. [2]
    Proposed combination of the online classified businesses of ACP and Carsales Publishing & Broadcasting Limited 3 October 2005
  3. [3]
    Carsales.com.au Publishing & Broadcasting Limited 31 October 2005
  4. [4]
    Carsales.com.au Limited - completed acquisition of Red Book Australian Competition & Consumer Commission 13 August 2009
  5. [5]
    "Carsales float revved up for first trading day". The Australian.
  6. [6]
    Nine unloads Carsales.com Australian Financial Review 6 March 2011
  7. [7]
    ASX statement Carsales 14 March 2013
  8. [8]
    Carsales to acquire 30 per cent of WebMotors Carsales 30 April 2013
  9. [9]
    Carsales completes acquisition of further 40% of WebMotors Carsales 29 April 2023
  10. [10]
    Carsales to acquire 49% of South Korea's number one online car classifieds website Carsales 6 March 2014
  11. [11]
    Carsales spends $244 million to become full owner of South Korea's SKEncar Sydney Morning Herald 11 November 2017
  12. [12]
    Carsales completes Mexican acquisition Sydney Morning Herald 5 October 2015
  13. [13]
    Carsales pays $20m to take Chileautos majority stake Australian Financial Review 29 March 2016
  14. [14]
    Carsales targets RVs, snowmobiles and trucks in $800m US deal Australian Financial Review 12 May 2021
  15. [15]
    Carsales pounces on fast-growing US RV and truck trader Australian Financial Review 27 June 2022
  16. [16]
    Change of company name and amended constitution Carsales 1 November 2023
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