AutoWallis Group Entering Online Automotive Sales Market
In line with its earlier plans, AutoWallis has acquired Net Mobilitás Zrt., which operates the JóAutók.hu and Autó-Licit.hu portals, leading the group into the world of online sales, according to a press release sent to the Budapest Business Journal.
AutoWallis purchased the company from Car Alliance Kft. and WAM Immobilia Ingatlanhasznosító és Üzemeltető Zrt., a subsidiary of AutoWallis’s majority owner WAM Zrt. The fixed purchase price of 100% of the shares of Net Mobilitás Zrt. is HUF 320 million, with an earn-out of HUF 480 mln.
AutoWallis is paying the full purchase price using treasury shares: the fixed purchase price is being paid at the time the transaction is closed and the earn-out will be paid in the two years following the achievement of the specified business targets (in the purchase and sale, the share price will be set at the average stock exchange rate of the past 30 calendar days, at HUF 97.93/share). The transaction will be closed upon the completion of the shares transfers.
JóAutók.hu and Autó-Licit.hu collect verified used car advertisements from certified sellers and are major players on the Hungarian market. Launched in 2017, the JóAutók.hu site for certified dealers and verified used cars has since become the second largest player on the domestic market. Although it also supports traditional used, new, and dealership sales, where sellers are usually dealers, the site is also open to postings from private individuals.
Founded in 2006, the Autó-Licit.hu car auction site is used by contracted fleet operators (multinational companies, banks, leasing companies, state-owned enterprises, fleet operators, car rental companies, etc.) and, to a smaller extent, private persons, to offer their cars for sale. Registered domestic and foreign dealers and contracted fleet operators can participate in buying.
With the acquisition, AutoWallis says that it is strengthening its current development projects, utilizing the possibilities for cooperation within the group. The automotive company is also using the step to react to the needs of changing distribution models.
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