Cox Automotive to sell Motors.co.uk to eBay
eBay has signed an agreement with Cox Automotive to acquire the Motors.co.uk classifieds site for an undisclosed sum in a move to enhance its Gumtree UK business.
Motors.co.uk is used by around 5,000 dealers to sell cars and has more than 350,000 used car listings on its platform.
The acquisition, which is subject to approval by the Competition and Markets Authority, is expected to significantly expand the reach for dealers and would jointly position Motors.co.uk, Gumtree UK, and eBay Motors UK — which together offer more than 620,000 car listings — “as a leading alternative to the current UK motors market leader”.
“This acquisition would finally present a viable car selling and shopping alternative for car dealers and buyers,” said Matt Barham, general manager of Gumtree UK. “By combining Motors.co.uk’s extensive inventory, dealer engagements, traffic and cutting-edge tools and services with the considerable audience of in-market car buyers provided by eBay and Gumtree, this acquisition would give UK car dealers a significantly broader reach.”
Martin Forbes, CEO of Cox Automotive, said: “The whole team at Motors.co.uk has done an incredible job growing the business, and it isn’t surprising that it has attracted the attention of eBay, one of the world’s most well-known e-commerce companies. The deal with eBay is great news for Motors.co.uk and would enable the business, the brand and the team to grow under new ownership where the focus is more consumer-led. For Cox Automotive, it would enable us to focus on building upon our strengths in the wholesale market and in supporting dealers, OEMs, Fleet and Leasing customers with a ‘connected retail’ proposition.”
The transaction is expected to close before the end of Q1 2019.