eBay, the huge online auction company, has completed the acquisition of Motors.co.uk, an online used car classified business owned by Leeds-based Cox Automotive.
The Competition and Markets Authority (CMA) approved this acquisition last week after eBay announced its plan to acquire Motors.co.uk back in October. The team from Motors.co.uk join Gumtree UK, an eBay Classifieds business as part of the merger which means eBay as a whole will offer more than 620,000 online car listings.
In October eBay said in a statement that it was “creating a leading alternative to the current UK motors classifieds market leader”. “This will enable car dealers in the UK to easily reach customers and give buyers access to more choice,” the US firm added. “In addition, the combination provides opportunities for cross-platform synergies with the eBay UK marketplace and an improved transaction experience for consumers.”
eBay’s acquisition of Cox’s Motors.co.uk business follows the earlier integration of Gumtree Motors with eBay in January 2018.
Matt Barham, general manager of Gumtree UK, said: “Our customers have been crying out for a value alternative to other players in the industry, and we have listened to their feedback to provide the perfect place to grow an automotive business.
“Our new-look motors proposition provides added value to dealers thanks to far-greater advertising efficiency.
“We are completely committed to the success of our all our dealers and are confident this will increase their chances of making a sale; whether they have 10 cars or 5,000.”
Commenting on the sale, Martin Forbes, chief executive of Cox Automotive, said: “The completion of this deal is great news for Motors.co.uk. Under the new ownership of eBay, a business renowned for its strong consumer-led focus, I have full confidence that motors.co.uk will further accelerate its growth and increase its share of the automotive classified marketplace.
“This transaction enables Cox Automotive UK to focus its resources and assets in developing our ‘Connected Retail’ proposition and build upon our strengths in the wholesale market, both physical and digital, especially with the launch of the new ‘Dealer Auction’ Platform, which will improve the speed of sale and profitability for vendors, and give buyers access to the UK’s largest wholesale marketplace”.
Cox Automotive acquired Motors.co.uk in 2012 and have since doubled its consumer audience and the number of vehicles it advertises. In November, Cox Automotive launched a new online car auction service, Dealer Auction, with Auto Trader.