CarTrade acquires CarWale

Mumbai, November 13 

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Online auto classified platform CarTrade has acquired rival CarWale from leading European digital publisher Axel Springer for an undisclosed amount. This is seen as the largest consolidation in the segment, according to industry experts.

While CarTrade has a clear focus on used cars, CarWale’s primary strength is in new vehicles. The merged business aims to become a leading player in both new and used cars.

The two companies have over 3.2 crore combined visits in a month, work with about 9,000 new and used car dealer partners and connect car manufacturers with car buyers, a statement from CarTrade said.

The internet today is the single largest source of consumers for car dealers and CarTrade and CarWale jointly contribute a majority of all online sales to car dealers and car OEMs. — PTI