Auto Trader plans IPO after massive online success
Auto Trader, which is a British based online marketplace for new and used cars, said that after becoming a 100% digital business in June 2013, it has managed to secure such a large market share that now was right time to float.
"Auto Trader has been the place people think of to buy or sell their next car for generations," said Ed Williams, Chairman of Auto Trader in a regulatory statement. "Early and sustained investment in the internet and digital technologies has allowed our customers to benefit from the advantages of the internet, whether it is car buyers finding the widest possible range of currently available vehicles, or car sellers reaching the largest number of potential buyers."
Auto Trader is solely focused on the UK and Ireland car market. It has one of the strongest brand recognition levels in the UK car industry. According a HPI Brand Tracker survey, conducted between October and December last year, 92% of Britons said they knew who Auto Trader is and what it does as a business.
Around 80% of UK retailer forecourts advertise via the website and now 65% of UK used car transactions involve cars listed on autotrader.co.uk.
Auto Trader generated £237.7 million in continuing revenues for the full year of 2014 (52 week period to 30 March 2014).