LONDON, UK: Auto Trader Group plc (LSE: AUTO), the UK’s largest automotive marketplace, announced the sale of one of its subsidiaries, Webzone Limited, which trades in the Republic of Ireland under the Carzone brand.
The business has been sold to Mediahuis Ireland, Ireland’s leading print and digital media publisher which also owns CarsIreland.ie and Cartell.ie, for consideration of €30 million.
Carzone is the second largest automotive marketplace for retailers and consumers in Ireland and is headquartered in Dublin.
For the year ended 31 March 2022, Carzone contributed total revenue of £4.9m (which included £4.1m of retailer revenue) and operating profit of £1.3m to Auto Trader’s Group results. It represented 4% of the Company’s average retailer forecourts and 4% of its full-time equivalent employees.
Commenting on the sale, Nathan Coe, Chief Executive Officer 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.”
Xavier van Leeuwe, CEO Mediahuis Marketplaces: “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.”
Auto Trader Group plc is the UK’s largest digital automotive marketplace. Auto Trader listed on the London Stock Exchange in March 2015 and is now a member of the FTSE 100 Index.