Optimus to take control of Auto Trader

Optimus Group has agreed a deal to acquire a controlling 51-per-cent stake in Auto Trader Media Group, owners of Autotrader.co.nz.

The global automotive business says the investment, the price of which remains undisclosed, will extend the range of services it provides to the automotive sector in New Zealand and gives it a stake in a “trusted digital platform”.

Under the share purchase agreement announced on November 29, Auto Trader will become a subsidiary of Optimus Group New Zealand and the acquisition is expected to be completed by December 1. 

Auto Trader is currently owned by Ross Logue and Richie East, who acquired the title from Bauer Media in 2019 under a management buy-out. 

The website listed about 23,000 cars per month at that time but has since been revamped and now attracts a monthly average of 44,000 listings.

Darren Bowler, Optimus Group’s chief business development officer, says: “Auto Trader is an iconic publishing brand in New Zealand. 

“Ross and Richie understood the title’s potential when they acquired it and have now successfully transitioned the magazine’s 40-year legacy as the ‘Car Bible’, into what is now the trusted place for buying and selling cars online.” 

Optimus Group, which has its headquarters in Japan and is listed on the Tokyo Stock Exchange, has investments in New Zealand and Australia covering trading, logistics, inspection, services and retailing. 

It notes the Auto Trader purchase consolidates Optimus’ presence in the New Zealand market and will allow it to deliver a wider range of services to consumers.

The share acquisition will also strengthen its New Zealand Model, a key growth area in the company’s management plan, and increase revenues across the group's businesses.

Nobuya Yamanaka, president, adds: “Optimus Group operates a global business model in the automotive sector, with operations spread across Japan, New Zealand and Australia offering a full range of end-to-end automotive solutions. 

“Auto Trader is a trusted digital platform that will provide the group with an opportunity to deliver improved levels of customer services to the New Zealand automotive sector in line with our growth ambitions.” 

The development comes just days after Optimus Group completed its acquisition of Autopact, one of Australia’s largest privately owned automotive dealership groups.

Autopact operates 28 dealerships, representing 35 brands, in Queensland, New South Wales and Victoria and services the volume, premium, luxury and commercial vehicle segments. 

The deal to expand the company’s footprint in the Australian market was first announced in September.