CarGurus Inc. recently announced they have agreed to purchase the used car site PistonHeads. This purchase is another piece of CarGurus' quest to increase their growth and expand their consumer based within the United Kingdom.
Following completion of the acquisition, CarGurus intends to operate PistonHeads as an independent brand, maintaining the site's popular community and content, while applying CarGurus' technology to enhance the site experience for users. CarGurus also 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, under whose ownership it has seen extraordinary growth. The website is known around the world for its large and devoted online motoring community, distinctive editorial tone and bustling used car marketplace.
CarGurus, founded in the US in 2006 by TripAdvisor co-founder Langley Steinert, is an automotive shopping website that uses advanced technology and analytics to bring trust and transparency to the car shopping process. The company is now the largest online automotive marketplace in the U.S. by monthly unique visitors*, and the fastest growing automotive marketplace in the UK by monthly unique visitors**.
Haymarket CEO 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."
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