Australian new car website, CarExpert.com.au has today completed the strategic acquisition of PriceMyCar.com.au, accelerating the company from online publisher to new car marketplace.
The acquisition is for 100 per cent of the business at a purchase price of $4 million. This is a mixture of an upfront payment with a two-year earn-out period which will see David Lye, the founder of PriceMyCar, continue to lead the business as part of the CarExpert.com.au team.
PriceMyCar.com.au was founded in 2018, providing car buyer leads to new car dealerships. Its core focus is the new car market, with a differentiated model to traditional competitors such as CarSales, CarsGuide and Drive. This model will greatly benefit from being integrated into CarExpert’s massive new car audience.
PriceMyCar currently has more than 330,000 registered users and 940 active new car dealers using the platform. It is responsible for the sale of nearly 4000 new cars per annum and is profitable.
CarExpert CEO Damon Rielly said: “Today is a real milestone for our business. Now in addition to our market-leading new car video and editorial content, this acquisition will enable our huge audience of new car buyers to connect with quality new car dealerships around the country for a painless transaction. It’s a huge moment for CarExpert and the growth potential is incredible.”
David Lye, founder of PriceMycar.com.au added: “330,000 users, 940 dealer partners and 11,000 new car purchases in less than three years is no small feat but PriceMyCar was always meant for bigger things. Built expressly for scale, it’s now time to put that to the test and see just how many Australian new car buyers we can help with their new car buying journey. I’m stoked to become part of the CarExpert team, the best in the industry, and make that happen!”
CarExpert.com.au was founded in 2020 by Alborz Fallah, Anthony Crawford and Paul Maric, the same team behind CarAdvice, which Ch9 acquired in 2018 for over $60 million. The company is preparing for the launch of a $10m+ national advertising campaign, together with shareholder Seven West Media to make it a household name and a must-visit destination for Australians when looking to buy their next new car.
