US giant eBay has completed the purchase of the motors.co.uk online used car classified business from Leeds-based Cox Automotive.
The acquisition follows approval from the Competition and Markets Authority. The merger will offer more than 620,000 online car listings following the integration of Gumtree Motors with eBay in January 2018.
eBay announced its plan to acquire motors.co.uk in October, saying it was “creating a leading alternative to the current UK motors classifieds market leader”.
“This will enable car dealers in the UK to easily reach customers and give buyers access to more choice,” the US firm added. “In addition, the combination provides opportunities for cross-platform synergies with the eBay UK marketplace and an improved transaction experience for consumers.”
Martin Forbes, chief executive of Cox Automotive, said: “The completion of this deal is great news for Motors.co.uk. Under the new ownership of eBay, a business renowned for its strong consumer-led focus, I have full confidence that motors.co.uk will further accelerate its growth and increase its share of the automotive classified marketplace.
“This transaction enables Cox Automotive UK to focus its resources and assets in developing our ‘Connected Retail’ proposition and build upon our strengths in the wholesale market, both physical and digital, especially with the launch of the new ‘Dealer Auction’ Platform, which will improve the speed of sale and profitability for vendors, and give buyers access to the UK’s largest wholesale marketplace”.
Since its acquisition by Cox Automotive in 2012, Motors.co.uk has more than doubled its consumer audience and the number of vehicles it advertises. In November, Cox Automotive launched a new online car auction service, Dealer Auction, with Auto Trader.