HonestJohn.co.uk, an auto review and information website, also has a 'Cars for Sale' area which has been operating for around twenty years with millions of visitors.
Unfortunately, the site recently went into administration after reporting that the site was having money problems.
This purchase price wasn't apart of the announcement.
Since it was launched, Heycar has over 170,000 cars on its site and 3,500 franchised dealerships partnered onto the platform to their vehicles.
Chief Executive of Heycar Mat Moakes said: "We launched Heycar to drive greater trust and transparency for motorists and the industry. That’s exactly what Honest John has been doing for the past two decades. The acquisition of the site will allow us to achieve that mission faster, by bolstering Heycar’s growth and industry presence."
"We’re always on the lookout for opportunities to grow and to enhance the experience for car buyers and drive commercial benefit for our dealers, captive and OEM partners, where company values align."
"The independence and strong reputation of HonestJohn.co.uk has been earned through the years and brings great value – just some of the many reasons that this was such an attractive opportunity."
‘"We will maintain this independence through the formation of a clear editorial code between the two brands, continuing the impartial tone HonestJohn.co.uk’s millions of website visitors and tens of thousands of newsletter subscribers expect. Users of the Honest John forum will not notice any difference."
The acquisition deal was led by Simon Carvill-Biggs and Miles Needham who are partners with FRP, a specialist business advisory company, after being appointed as joint administrators for HonestJohn.co.uk. The sale will be completed without any cuts to employees.