Cox Automotive Purchases Majority Stake in Molicar
Expands global vehicle valuations business into Brazil, world's second largest used car market
ATLANTA and SAO PAULO, April 13, 2016 /PRNewswire/ -- Cox Automotive™, a leading provider of digital marketing, software, financial, wholesale and e-commerce solutions across the automotive industry, is expanding its global footprint by acquiring a majority shareholding in Molicar, the market-leading Brazilian vehicle valuations business.
Based in Sao Paulo, Molicar is widely acknowledged as setting the industry standard for valuations in Brazil and represents a strategic fit for Cox Automotive, which already owns the iconic Kelley Blue Book brand in the United States along with JingZhenGu in China.
John Bailey, president, Cox Automotive International, said: "We expect the deal to complete in early May at which point the addition of Molicar will mean that we have valuation propositions in the world's top three used vehicle markets. This partnership represents a very exciting development that further enhances the range of products and services that Cox Automotive is able to offer to clients across the globe."
Molicar currently facilitates around 13 million vehicle valuations a year and has a vehicle catalog that contains 22,000 different models and prices that are updated weekly across 12 different regions.
Molicar Founder Flavio Molica said: "This partnership will ensure that Molicar is equipped with leading-edge technology solutions from Cox Automotive that support our clients in the finance, insurance and vehicle trading sectors by enabling us to streamline the complex process of buying, selling and trading in vehicles in Brazil."
Cox Automotive has aggressively expanded its international footprint in the last several years, including the recent purchase of Dealer Solutions, an automotive software solutions business in Australia. In addition to Dealer Solutions, Cox Automotive's international investments include Mahindra First Choice Wheels Ltd., India's largest multi-brand certified used car company, China's AutoSt., a used vehicle marketplace for dealers and consumers, as well as BitAuto, a leading online provider of car classifieds and car content. This venture, along with other investments, such as the creation of RMS Automotive and the purchase of Brazil's CarBizz, further strengthens Cox Automotive's commitment to the global automotive marketplace.
About Cox Automotive
Cox Automotive Inc. is transforming the way the world buys, sells and owns cars with industry-leading digital marketing, software, financial, wholesale and e-commerce solutions for consumers, dealers, manufacturers and the overall automotive ecosystem worldwide. Committed to open choice and dedicated to strong partnerships, the Cox Automotive family includes Autotrader®, Dealer.com®, Dealertrack®, Kelley Blue Book®, Manheim®, NextGear Capital®, vAuto®, Xtime® and a host of other brands. The global company has nearly 30,000 team members in more than 200 locations and is partner to more than 40,000 auto dealers, as well as most major automobile manufacturers, while engaging U.S. consumer car buyers with the most recognized media brands in the industry. Cox Automotive is a subsidiary of Cox Enterprises, Inc., an Atlanta-based company with revenues of $18 billion and approximately 55,000 employees. Cox Enterprises' other major operating subsidiaries include Cox Communications and Cox Media Group. For more information about Cox Automotive, visit www.coxautoinc.com.
SOURCE Cox Automotive
For further information: Lou Laste, Senior Director, Public Relations, 404 568 7791, firstname.lastname@example.org
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