Mediahuis Ireland, the publisher formerly known as Independent News & Media (INM), has acquired Irish motoring website Carzone from UK-based Auto Trader Group for €30 million.
Carzone is the second largest automotive marketplace for retailers and consumers in Ireland and is headquartered in Dublin.
Auto Trader said Carzone contributed total revenue of £4.9 million (€5.7 million), which included £4.1 million of retailer revenue, and operating profit of £1.3 million, to its results for the year ended March 31st, 2022.
It represented 4 per cent of the company’s average retailer forecourts and 4 per cent of its full-time equivalent employees.
Stealth sackings: why do employers fire staff for minor misdemeanours?
How much of a threat is Donald Trump to the Irish economy?
MenoPal app offers proactive support to women going through menopause
Ezviz RE4 Plus review: Efficient budget robot cleaner but can suffer from wanderlust under the wrong conditions
Mediahuis already owns CarsIreland.ie, a provider of websites and technology solutions to the Irish motor industry, and Cartell.ie, a car history check service and developer of innovative solutions in the area of vehicle data and analytics.
Founded in 1998, Carzone is a motoring platform that provides insight into consumer buying trends.
With the shift in sentiment towards digital retailing, Mediahuis said the acquisition strengthens its marketplace division in Ireland.
It said it would bring “a unique offering to significantly improve the buying experience for consumers and represents an exciting opportunity for the motoring industry”.
Commenting on the disposal, Nathan Coe, chief executive of Auto Trader, said: “Carzone has been part of the Auto Trader Group for nearly 20 years, and I want to thank the whole Carzone team for their hard work during that time.
“We remain focused on our strategy in the UK, which is to grow our marketplace and establish the products and technology to enable retailers to do more of the car buying journey online, on Auto Trader.”
Mediahuis marketplaces chief executive Xavier van Leeuwe said: “We are delighted to welcome the Carzone team into the Mediahuis group. The Carzone brand has a long standing and incredible track record in the Irish automotive space.
“The culture of excellence of its employees is a significant addition to the expertise within our group.
“Adding to our existing CarsIreland.ie and Cartell.ie brands, Mediahuis will present an unrivalled offering to the entire Irish motor industry, manufacturers, retailers and consumers alike, allowing us to build the business that will lead the industry in years to come.”
