AUSTRALIA’S market-leading automotive classified site Carsales has changed its corporate name after shareholders voted on a new brand identity.
Shareholders at its recent annual general meeting voted overwhelmingly – 99.49 per cent in favour – to adopt the name Car Group Ltd, replacing the global Carsales.com Ltd name.
This change is designed to clearly delineate the listed parent company from its marketplace brands around the world – Carsales in Australia, Encar in South Korea, Trader Interactive in the US, Chileautos in Chile and webmotors in Brazil.
The listed company’s ticker code on the Australian Securities Exchange (ASX) remains as CAR and its investor website is: https://cargroup.com
The company said the name change reflects its “growth and scale of international operations”.
NilCameron McIntyre CEO Carsales“Following the most recent acquisition of an additional 40 per cent of webmotors in Brazil, more than 50 per cent of the company’s revenue is being generated outside of Australia,” it said.
“It is appropriate to differentiate the listed entity from the Australian marketplace brand, and a change of name which is aligned to the company’s ASX code clearly delineates the listed parent company from its marketplace brands around the globe.
“The company does not plan to change the brands of any of its marketplaces or other businesses in any country.”
Car Group posted revenue in the 23FY of $781 million, up 53 per cent on the previous financial year. It reported EBITDA of $400 million, up 49 per cent, and net profit after tax of $646 million, up 301 per cent.
It said it has 2.2 million vehicles on line through its businesses in Australia, South Korea, the US, Brazil, Mexico and Chile. The same marketplace has 48,000 subscribed dealers and in the year, had 22 million dealer leads delivered.
Carsales was founded by Greg Roebuck and Wal Pisciotta in Melbourne in 1997 from a small idea of moving print classified advertisements for motor vehicles onto the internet. In 2009, Carsales listed on the ASX.
It said that “collectively, our world leading marketplaces bring together deep expertise powered by the best people, data, and technology across Oceania, Asia and The Americas.”
“With a vision to create the Number 1 digital marketplaces for vehicles around the world, we transform how people buy and sell across the globe.
“Car Group delivers world leading technology and advertising solutions designed to make buying and selling a great experience, with wholly owned digital marketplace businesses in Australia (carsales), South Korea (Encar), the United States (Trader Interactive) and Chile (chileautos) in addition to being a majority shareholder of webmotors in Brazil.”
Car Group employs more than 1800 people globally, with approximately 750 of those based in Australia.