TradeMe consolidates its automotive dominance with MotorWeb buy

TradeMe consolidates its automotive dominance with MotorWeb buy
TradeMe has entered into an agreement to buy MotorWeb for $19.5 million in cash. TradeMe chief executive Jon Macdonald said MotorWeb had a lot of potential to complement TradeMe motors, "and will give us the chance to broaden and deepen the products and data we provide in relation to motor vehicles".

TradeMe has entered into an agreement to buy MotorWeb for $19.5 million in cash. 

The deal is conditional but is expected to be completed later this month.

Last year TradeMe bought up AutoBase, which it had already owned 25 percent of.

MotorWeb sells motor vehicle information and reports to finance companies, insurers, car dealers and the public.

TradeMe chief executive Jon Macdonald said MotorWeb had a lot of potential to complement TradeMe motors, "and will give us the chance to broaden and deepen the products and data we provide in relation to motor vehicles".

He said 12 MotorWeb staff would join the TradeMe Motors team early next year.

“We’ve had a longstanding business partner relationship with MotorWeb in place for many years, and we know they run an excellent business. It’s exciting to have them coming on board.”

MotorWeb managing director Chris Knight said: “It’s a perfect fit – both Trade Me and MotorWeb understand the power of providing people with transparent and accurate data to empower their purchasing decisions."

Founded by Patrick Costigan in 1997, MotorWeb began trading in 2000. MotorWeb is based in Auckland and operates in both New Zealand and Australia.