Auto Trader announces acquisition of Vanarama
Auto Trader has acquired the share capital of Autorama, owners of Vanarama, subject to regulatory approvals.
The acquisition will transform Auto Trader’s existing leasing proposition and will enable Vanarama to accelerate its recent expansion, beyond light commercial vehicles, into cars by accessing Auto Trader’s brand.
There is a large structural opportunity for a new car leasing marketplace driven by the growth in electric vehicles, new manufacturers entering the UK market, lower take up of company car schemes and a shift towards new digital distribution models.
Nathan Coe, Chief Executive Officer of Auto Trader, said: “To ensure we have the greatest choice of cars to buy online, we could not ignore the growing demand for leasing deals. In Vanarama, we have found an industry leading leasing platform that delivers a great consumer experience and significant sales for its partners. This acquisition will strengthen our existing leasing business and will enable us to offer both the biggest choice of vehicles and a seamless digital experience from search to sale. I am delighted to be welcoming Andy and his team to the Group.”
Andy Alderson, Chief Executive Officer at Vanarama, said: “As the leading aggregator of leasing deals online, we have sold over 120,000 vehicles for our manufacturer, retailer and lease company partners. Over the last few years we have invested significantly in our technical capability to help our partners respond to consumer demand for a digital buying experience. We are hugely excited about the prospect of being able to accelerate our growth plans and deliver even more value to our partners as part of the Auto Trader Group.”