AutoTrader.com to Buy Kelley Blue Book
As part of the deal, AutoTrader.com will also acquire Kelley Blue Book's sister companies CDMdata and CDM Dealer Services. Kelley Blue Book will operate as a subsidiary of AutoTrader.com and continue to be headquartered in Irvine, California.
The deal is expected to close by the end of 2010. J.P. Morgan acted as Kelley Blue Book's exclusive financial advisor through this process. Goldman, Sachs & Company acted as financial advisor to AutoTrader.com.
Chip Perry, president and CEO of AutoTrader.com, said: “Kelley Blue Book has a wonderful history as an iconic brand and trusted provider of vehicle information to generations of car buyers and sellers.
“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.”
Paul Johnson, president and CEO of Kelley Blue Book, said: “We are proud of the Kelley Blue Book brand and our many accomplishments over the past 84 years. Becoming part of the AutoTrader.com family of companies will help us accelerate our growth in the vehicle valuation and consumer car shopping spaces.
“By working together, we can help all of our customers achieve their goals by providing best-in-class values, information, products and services.”
Will the acquisition help to improve the car shopping process for consumers?
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