AutoTrader.com, an Internet automotive marketplace and consumer information website, has announced it has signed a definitive agreement to acquire Kelley Blue Book one of the most recognized and influential brands in the automotive industry.
As part of the deal, AutoTrader.com will also acquire Kelley Blue Book's sister companies CDMdata and CDM Dealer Services.
Kelley Blue Book will operate as a subsidiary of AutoTrader.com and continue to be headquartered in Irvine, CA. The deal is expected to close by the end of the year.
AutoTrader.com officials said the company believes in maintaining Kelley Blue Book's independent and unbiased position in the marketplace and is committed to maintaining and strengthening Kelley Blue Book's role as The Trusted Resource for vehicle valuation and other important industry information among consumers, dealers, manufacturers, financial and governmental institutions.
"The Internet has become a primary marketing channel for auto dealers and manufacturers to reach and influence consumers during the vehicle purchase process," said AutoTrader.com President and CEO, Chip Perry. "We believe our two companies are well positioned in this very competitive environment to help the industry adopt and embrace new tools and technologies that will drive higher levels of efficiency and profitability among both dealers and manufacturers over the next decade."
Founded 12 years ago, AutoTrader.com has become a premier online destination where vehicle sellers and buyers connect and initiate automotive transactions.
Kelley Blue Book, founded in 1926, launched its top rated Web site in 1995 and is now a leading provider of new and used vehicle pricing information to the auto industry. The company provides its values to dealers, banks, finance and insurance companies nationwide on a weekly basis.
Report notes automotive companies must have digital strategies.
Growing Gen-Yers use smart devices the most in purchasing decisions.
NAIAS enters new era in transformed Cobo Center in Detroit.
Auto industry has become more disciplined during the Great Recession.