CarGurus has signed an agreement to complete the acquisition of the PistonHeads used car retail website from Haymarket Media Group.
Haymarket Media Group today (December 4) announced the signing of the agreement, which CarGurus has referred to as being another step in its plans to “accelerate growth and expand its consumer audience in the UK”, where it launched in 2015.
Commenting on the deal, which is expected to be completed in early 2019, CarGurus chief executive, Langley Steinert, said: “PistonHeads is one of the UK’s most trusted and influential digital motoring brands, and we see it as a perfect fit with our own consumer-centric model and pioneering ethos. We look forward to applying CarGurus’ engineering expertise to unleash the full potential of the platform, while staying true to what makes PistonHeads so special to millions of motoring enthusiasts and car-buyers in the UK.”
CarGurus intends to operate PistonHeads as an independent brand, maintaining the site’s popular community and content, while applying its technology to enhance the site experience for users.
It plans to offer its dealership listings services across platforms to improve choice for UK automotive buyers and drive increased value and efficiencies for CarGurus’ dealership and manufacturer customers.
PistonHeads was founded in 1999 and acquired by Haymarket Media Group in 2007.
Haymarket chief executive, Kevin Costello, said: “Over the past 18 months we have invested significantly in our new and nearly-new car offer.
“The What Car? New Car platform is our primary focus as we continue to develop our New Car buying technology further.
“It is important that PistonHeads has a home with a company that can advance its unique place in the used car marketplace.
“CarGurus is well-placed to make the important investments that will continue the rapid growth that PistonHeads has enjoyed under our ownership. I have no doubt the brand will be in good hands.”
CarGurus chief operating officer, Sam Zales, said: “CarGurus’ momentum in the UK continues to build, and aligning the CarGurus and PistonHeads brands enables us to accelerate our audience growth, and continue to innovate our transparent marketplace.
“For dealers in the UK, this combination will make CarGurus an even more compelling platform that can help them connect with a larger audience of used car buyers at an attractive ROI.”
The proposed sale of PistonHeads to CarGurus is expected to be completed in early 2019, subject to satisfaction of certain closing conditions.