AutoTrader.com Announces Closing of vAuto Acquisition
10.15.10: PRESS RELEASE
AutoTrader.com, the Internet's leading automotive marketplace and consumer information website, announced today the completion of its transaction to acquire vAuto, the automotive retail industry's leading provider of advanced software tools for used vehicle management, pricing and inventory optimization.
The finalized agreement, first announced on September 17, makes vAuto a subsidiary of AutoTrader.com. AutoTrader.com is majority owned by Cox Enterprises, Inc. with additional ownership stakes held by the venture capital firm Kleiner Perkins Caufield & Byers and the private equity firm Providence Equity Partners.
Atlanta-based AutoTrader.com, created in 1997, is the Internet's ultimate automotive marketplace and consumer information website. AutoTrader.com aggregates in a single location millions of new cars, used cars and certified pre-owned cars from thousands of auto dealers and private sellers and is a leading online resource for auto dealers, individuals and manufacturers to advertise and market their vehicles to in-market shoppers. The company also provides a robust suite of software tools for dealers and manufacturers to help them manage and market their vehicle inventory and display advertising on the Internet. AutoTrader.com continues to grow key business metrics, including revenue, profitability and site traffic. Today, AutoTrader.com attracts more than 15 million unique monthly visitors who utilize the site to review descriptions, photos and videos of vehicles for sale; research and compare vehicles; review pricing and specials; and read auto-related content like buying and selling tips and editorial coverage of major auto shows and automotive trends. AutoTrader.com operates two other auto marketing brands, AutoTraderClassics.com and AutoTraderLatino.com. AutoTrader.com also owns used vehicle management software company vAuto, Kelley Blue Book (Kbb.com), HomeNet Automotive, a leading provider of online inventory management and merchandising solutions for the automotive retail industry and VinSolutions, a leading provider of end-to-end solution platforms for dealers. AutoTrader.com is a majority-owned subsidiary of Cox Enterprises. Providence Equity Partners is a 25 percent owner of the company and Kleiner Perkins Caufield & Byers is also an investor. For more information, please visit www.autotrader.com.
Headquartered in the Chicago suburb of Oak Brook, Ill, vAuto also maintains a research and development center in Austin, TX. vAuto’s innovative “Live Market View” technology allows dealers to manage their used-vehicle inventories based on actual supply-and-demand for their specific market. Today, more than 3,000 dealerships across the country use vAuto’s pricing, appraisal, stocking and merchandising systems. Dale Pollak, vAuto’s Founder and Chairman, is the author of two books featuring best practices and strategies for the used car department, Velocity: From the Front Line to the Bottom Line and Velocity 2.0: Paint, Pixels & Profitability. Additional information about vAuto is available at www.vauto.com.