Carsales.com.au has bought automotive database The Red Book.
The Red Book was started in 1951 and provides vehicle identification and pricing information to the automotive, insurance and finance industry in Australia, New Zealand, Thailand, China, Malaysia and Singapore.
“Our investment in Red Book is a good strategic fit in a complementary business. carsales.com.au is the clear number one Australian automotive website and Red Book is a market leader in the supply of vehicle identification and pricing information,” carsales.com.au managing director and CEO Greg Roebuck said.
“We are confident that there are strong synergies between Red Book’s core database business and our online automotive assets. The teams at Red Book and carsales will be working to maximise the opportunities created by bringing the two businesses together.”
Red Book managing director, Les Groves, will remain in his role once the acquisition is completed.
Today’s announcement follows caralses.com.au’s release of its 2007 financial year figures which saw revenue increase by 62% to $46.2m. EBITDA increased by 99%to $17.1m and net income after tax rose 100%to $11.8m.
