AutoTrader.com has announced that it has signed a definitive agreement to purchase Kelley Blue Book, one of the most recognized and influential brands in the automotive industry. As part of the deal, AutoTrader.com will also acquire Kelley Blue Book’s sister companies CDMdata and CDM Dealer Services.
While details of the transaction were not disclosed, AutoTrader.com said that Kelley Blue Book will operate as a subsidiary of AutoTrader.com and continue to be headquartered in Irvine, CA. The deal is expected to close by the end of the year.
“AutoTrader.com is excited about becoming the new owner of Kelley Blue Book because we believe the company has a great future,” said AutoTrader.com President and CEO, Chip Perry. “Kelley Blue Book has a wonderful history as an iconic brand and trusted provider of vehicle information to generations of car buyers and sellers, and as we look into the future we believe together we can bring a host of new technologies and tools to market that will significantly improve the car shopping process for consumers, and help auto dealers and manufacturers better capitalize on the fundamental efficiency advantages of the Internet.”
J.P. Morgan acted as Kelley Blue Book’s exclusive financial advisor through this process, while Goldman, Sachs & Co. acted as financial advisor to AutoTrader.com.
– By: Omar Rana