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by | Mar 12, 2018 | Trillium

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CAR Group Limited (formerly carsales), known as CAR Group, is a global digital marketplace company operating primarily in Oceania, Asia and The Americas and is listed on the Australian Securities Exchange.

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

CAR Group, originally named carsales was established in 1997 and founded by Greg Roebuck and Wal Pisciotta in Melbourne, Australia 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, carsales acquired ACP Magazines' online classified businesses, including Carpoint.com.au, Boatpoint.com.au, Bikepoint.com.au, Ihub.com.au, and statistic company Equipment Research Group. In exchange, 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, previously Publishing & Broadcasting Limited, sold its 49% shareholding in carsales.[6]

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

In March 2014, a 49% share of SK Encar, Korea was purchased from SK C&C.[10] The remaining 51% was purchased in 2016.[11] In 2016, soloautos of Mexico and chileautos of Chile were purchased.[12][13]

In 2021, carsales acquired a 49% stake in Trader Interactive, a non-auto marketplace group in the United States.[14] The remaining 51% stake was acquired in 2022.[15]

In 2023, carsales.com Limited was renamed to CAR Group Limited to better reflect the growth and scale of the business outside of Australia. The company’s Australian entity and classified site remains known as carsales, but the entity listed on the Australian Securities Exchange, which owns and controls marketplaces in Australia, Brazil, Chile, South Korea and the U.S., is now known as CAR Group.[16]

References

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