British automotive market auto trader is set to acquire UK auto leasing market Autorama, the company announced on its website on Tuesday (22 March).
According to the announcement, Autorama is aggregating leasing deals from multiple funders and original equipment manufacturers (OEMs) under its “OneRama” brand. Vanrama has partnered with OEMs, retailers and funders and has sold over 120,000 vehicles.
“The acquisition will transform the existing leasing proposition of the auto trader and help meet the demands of the growing number of consumers who may consider leasing their next new vehicle,” the company said. “In turn, this will enable Wanrama to accelerate its recent expansion into cars, beyond light commercial vehicles, by accessing the auto trader’s brand.”
The auto trader says there is room for a new car leasing marketplace, driven by growth in the electric vehicle market and usership for sales to new manufacturers in the UK.
“To ensure we have the largest choice of cars to buy online, we can’t ignore the growing demand for leasing deals,” said Nathan Coe, CEO of AutoTrader. “At Vanrama, we have found an industry leading leasing platform that delivers a great consumer experience and significant sales for our partners.”
Onerama CEO Andy Alderson said the acquisition will help the company accelerate its growth plans after years of heavy investment in its technology capabilities.
Read more: Used car eCommerce platform plans marketplace to list others’ cars too
The transaction – which is still subject to regulatory approval – is part of a series of acquisitions in the online car buying space this month.
Last week, automotive eCommerce platform Shift announced the acquisition of Fair Technologies, accelerating the company’s ability to build a digital marketplace it says. On that marketplace, dealers and independent sellers can list their used cars with Shift’s owned inventory.
“Fair’s technology, team and deeply established dealer relationships will allow Shift to accelerate its vision of becoming the destination market for car ownership,” Shift said in a letter to shareholders.
learn more: Cars adds digital vehicle acquisition with addition to Accu-Trade Group
And earlier in the month, online automotive marketplace Cars.com Inc. acquired Accu-Trade Group for $65 million, the company says, bringing real-time, VIN-specific valuation and valuation data, and logistics technology to the platform. ,
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