Trade Me buys MotorWeb

Trade Me has entered into an agreement to buy MotorWeb for $19.5 million. The cash-funded deal is conditional and is expected to be completed later this month. Auckland-based MotorWeb is an online business that packages and sells motor vehicle information and reports to finance companies, insurers, car dealers and the general public. It’s widely recognised as providing a one-stop shop for the industry via its suite of more than a dozen products and services. Jon Macdonald, chief executive officer of Trade Me, describes MotorWeb as a great fit because of its great reputation and strong expertise in vehicle data. “The MotorWeb business has a lot of potential to complement our existing Trade Me Motors business,” he says. “It will give us the chance to broaden and deepen the products and data we provide in relation to vehicles.” Macdonald says 12 MotorWeb staff will move across to join the Trade Me Motors team early next year. “We’ve had a long-standing business partner relationship with MotorWeb for many years know they run an excellent business,” he adds. “It’s exciting to have them coming on-board.” Chris Knight, managing director of MotorWeb, says he’s pleased Trade Me has bought the business. “It’s a perfect fit. Both Trade Me and MotorWeb understand the power of providing people with transparent and accurate data to empower their purchasing decisions. “We’ve known the Trade Me team for a long time and think this is great news for our clients on both sides of the Tasman, as well as for our staff. “It’s another exciting chapter in the life of MotorWeb and we’re looking forward to seeing MotorWeb continue to grow as part of a great Kiwi company.” MotorWeb was founded by Patrick Costigan in 1997 and began trading in 2000. The company is based in Auckland and operates in both New Zealand and Australia.