AUTO TRADER has acquired Vanarama, a van specialist leasing website, in a deal worth £200m.
The automotive market place says the acquisition would provide greater choice for customers to the Auto Trader platform who prefer to lease a vehicle rather than buy.
In turn it would transform Vanarama from its current light commercial vehicle specialism and let it expand into cars by accessing Auto Trader’s brand.
In a statement, Auto Trader said:
There is a large structural opportunity for a new car leasing marketplace driven by the growth in electric vehicles, new manufacturers entering the UK market, lower take up of company car schemes and a shift towards new digital distribution models. Leasing provides consumers a cost-effective way to access a new car with a model that is consistent with any future move toward usership.
Nathan Coe, Chief Executive Officer, Auto Trader added:
To ensure we have the greatest choice of cars to buy online, we could not ignore the growing demand for leasing deals. In Vanarama, we have found an industry leading leasing platform that delivers a great consumer experience and significant sales for its partners. This acquisition will strengthen our existing leasing business and will enable us to offer both the biggest choice of vehicles and a seamless digital experience from search to sale.
Completion of the deal with Vanarama will be subject to regulatory approvals.
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