Cox Enterprises has purchased Providence Equity Partners’ 25-percent equity interest in AutoTrader Group, meaning it now has 98-percent ownership in the group that includes such entities as AutoTrader.com, Kelley Blue Book and vAuto.

The definitive agreement was announced this morning. The remaining 2 percent of the AutoTrader Group is held by current and former employees.

“With more than 32 million monthly visitors to our industry-leading sites AutoTrader.com and KBB.com, AutoTrader Group continues to grow as a trusted and valued online automotive resource for customers across the nation. Our portfolio of media advertising and software products serves more than 27,000 dealer relationships, and we are confident we will continue to lead the way in connecting automotive dealers with the car-buying public,” said Cox Enterprises president and chief executive John Dyer.

“We have greatly appreciated Providence’s strong contributions to the company's exceptional performance as a partner in this growth."

In a move designed to foster growth, Providence Equity purchased its 25-percen share in the AutoTrader Group back in 2010, and since then, the group’s acquisitions have snowballed, with AutoTrader purchasing Haystak Digital Marketing, HomeNet Automotive, Kelley Blue Book, vAuto and VinSolutions.

All of these companies are now collectively part of the AutoTrader Group.

 “We are extremely gratified to have partnered with Cox and the AutoTrader team,” said Michael Dominguez, managing director at Providence.  “Through strategic acquisitions and the introduction of dealer software solutions, they have advanced the original vision of the company and created a game changer.  

“AutoTrader has redefined the online auto marketplace and the entire auto shopping experience for the better.  It exemplifies the type of media company we seek to invest in around the world.  We are proud to have contributed to its growth and believe the company has a very bright future ahead.”
 
Dyer added:  “Since we launched AutoTrader.com 15 years ago, we have worked tirelessly to meet the needs of our customers by expanding our online and software products. With this acquisition, Cox Enterprises and AutoTrader Group will continue to look for opportunities to grow our leadership position and further innovate ways to meet the needs of car buyers.”

Terms of the deal were not disclosed.

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