CarGurus agreed to acquire a 51% stake in CarOffer for $275m.

CarGurus, an online automotive marketplace, agreed to acquire a 51% stake in CarOffer, an automated instant vehicle trade platform, for $275m. The transaction is expected to close in January 2021 pending the requisite regulatory approvals and satisfaction of other closing conditions. “I’ve long admired the team at CarGurus for the innovation they have driven in the automotive retail sector, and the large consumer audience and dealer base they have built. CarOffer gives dealers an entirely new way to win more trades, acquire more used inventory and ultimately sell more cars. We’ve seen rapid adoption of the platform since our launch, and with CarGurus’ investment and dealer reach, we can accelerate that pace and volume to reach even more dealers. The synergies we will create with CarGurus’ market data and pricing engine will enable us to provide tools and sourcing capabilities dealers desperately need,” Bruce Thompson, CarOffer Founder and CEO.