Auto Trader acquires owner of finance platform AutoConvert

Fri, 31st Jul 2020

Online car dealing site Auto Trader said it had acquired Blue Owl Network, the owner of AutoConvert, for an undisclosed sum. AutoCovert was a finance, insurance and compliance software platform with integrated customer relationship management solutions for the automotive sector. 'This represents a significant step in our strategy to help retailers move more of the car buying process online,' chief executive Nathan Coe said. The acquisition was expected to contribute around £1m to revenue and an operating loss prior to any amortisation on acquired intangible assets of about £0.5m in the year through March 2021. At 2:10pm: (LON:AUTO) Auto Trader Group PLC share price was +6.4p at 535.4p Story provided by StockMarketWire.com

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