CarsIreland deal boosts the online arm of INM
Published 17/05/2016 | 02:30
Independent News & Media (INM) has acquired the remaining 50pc stake in CarsIreland.ie that it did not already own.
CarsIreland.ie, launched in 2004, is the country's fastest-growing cars classified business.
The business has delivered significant growth in recent years and deals with more car dealers than any of its rivals in Ireland, INM said.
The acquisition of CarsIreland.ie knits well with the group's print and online motoring supplements, the media firm added.
INM is the country's leading media business. It publishes market leading print titles including the Irish Independent, 'Sunday Independent' and 'The Herald', as well as Independent.ie.
The acquisition signals the company's intention to be the leading print and online publisher in Ireland with CarsIreland.ie joining INM's portfolio of print and digital titles.
Robert Pitt, chief executive at INM said: "We are very pleased to add CarsIreland.ie to INM's portfolio of titles.
"There are clear synergies with INM's existing motoring features across print and digital," Mr Pitt said.
"CarsIreland.ie is the go-to destination for drivers looking to sell their car or buy a new vehicle and enjoys significant visitor numbers.
"The site's online dominance fits well with INM's strategy for both its online and print titles."
The value of the transaction was not disclosed. It is the latest acquisition by INM, which in February acquired 'Ulster Business', 'Ulster Grocer', 'Northern Woman' and 'Hospitality Review NI' from Belfast-based Greer Publications.
Car sales have rebounded strongly since the crash, a trend that continued into this year. Official figures for April showed new car registrations were up 10pc in the month.