CarGurus buys UK-based used-car website PistonHeads
CarGurus is increasing its footprint in the UK with the planned acquisition of used-car motoring website PistonHeads.
The company announced Tuesday it had reached an agreement with Haymarket Media Group to buy PistonHeads, a website started in 1999 that includes an online motoring community, editorial and used-car marketplace.
It was acquired by Haymarket in 2007.
The current acqusition, should it meet certain closing conditions, is likely to close early next year.
“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,” CarGurus chief executive officer Langley Steinert said in a news release
“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 shoppers in the UK,” Steinert said.
Once the purchase is final, the plan is for PistonHeads to be run as an independent brand, with technology provided by CarGurus to give the site’s user experience a boost. Additionally, CarGurus says it intends on providing its dealership listing services across platforms.
“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,” Haymarket CEO Kevin Costello said.
“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."
Added CarGurus chief operating officer Sam Zales: “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.”