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KAR Auction Services (US) acquires CarsOnTheWeb (Flanders)

Over the last 14 years, the CarsOnTheWeb group became one of the largest European players in the e-trade of secondhand cars. Last year, the company traded 42,000 cars, recording a turnover of almost EUR 400 million. That did not go unnoticed by US listed company KAR Auction Services. It acquired the Flanders-based company in a megadeal worth EUR 156 million. Finalization of the deal is planned for the first quarter of 2019.

HQ offices Cars on the Web in Belgium

The secondhand car business is booming

Wholesaler CarsOnTheWeb is a known player in Flanders’ automotive scene. The company sells high-quality secondhand vehicles exclusively and directly to car dealers and traders. At the end of 2016, two Dutch investment companies - Vortex Capital Partners and ABN AMRO Participaties – gave the group a strong boost by investing in IT and scaling initiatives. Today, founder Steven Lismont, CEO Johan Meyssen and the firm’s Dutch stakeholders are transferring the company to KAR.

Geographical reinforcement

The two traders complement each other geographically. KAR is mainly active in North and Central America, particularly in the US, Canada and Mexico. Until today, their European presence was limited to the United Kingdom. With over 40,000 buyers in more than 50 countries, CarsOnTheWeb makes a great investment. It is the market leader in Belgium, a top player in the Netherlands and a strong competitor in other European markets. With the takeover, KAR plants its flag in the heart of Europe.

More info

Reported by
De Tijd newspaper
12 December 2018

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