5 years ago
Trade Me has entered into an agreement to buy MotorWeb, the deal is conditional but expected to be completed December 2013.
MotorWeb was founded by Patrick Costigan in 1997 and began trading in 2000. It is based in Auckland and operates in both New Zealand and Australia.
Trade Me CEO Jon Macdonald said MotorWeb was a great fit, given 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, and will give us the chance tobroaden and deepen the products and data we provide in relation to motor vehicles.”
Mr Macdonald said twelve MotorWeb staff would move across to join the Trade Me Motors team early next year. “We’ve had a longstanding business partner relationship with MotorWeb in place for many years, and we know they run an excellent business. It’s exciting to have them coming on board.”
MotorWeb managing director Chris Knight said he was pleased Trade Me had 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 we 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.”