Wednesday, Apr. 13, 2016, 05:02 PM UPDATED 3:49 PMBy Auto Remarketing Staff
ATLANTA and SAO PAULO, Brazil -
Cox Automotive is expanding its global footprint by acquiring a majority shareholding in Molicar, a Brazilian vehicle valuations business.
Based in Sao Paulo, Cox Automotive said Molicar is widely acknowledged as setting the “industry standard” for valuations in Brazil and represents a strategic fit for the company, which already owns the Kelley Blue Book brand in the United States along with JingZhenGu in China.
“We expect the deal to complete in early May at which point the addition of Molicar will mean that we have valuation propositions in the world's top three used vehicle markets,” said John Bailey, president of Cox Automotive International.
“This partnership represents a very exciting development that further enhances the range of products and services that Cox Automotive is able to offer to clients across the globe,” Bailey continued.
Molicar currently facilitates around 13 million vehicle valuations a year and has a vehicle catalog that contains 22,000 different models and prices that are updated weekly across 12 different regions.
Molicar founder Flavio Molica said, “This partnership will ensure that Molicar is equipped with leading-edge technology solutions from Cox Automotive that support our clients in the finance, insurance and vehicle trading sectors by enabling us to streamline the complex process of buying, selling and trading in vehicles in Brazil.”
Cox Automotive recapped that it has aggressively expanded its international footprint in the last several years, including the recent purchase of Dealer Solutions, an automotive software solutions business in Australia.
In addition to Dealer Solutions, Cox Automotive’s international investments include:
— Mahindra First Choice Wheels, India’s largest multi-brand certified used-vehicle company
— China’s AutoSt., a used-vehicle marketplace for dealers and consumers
—BitAuto, a leading online provider of car classifieds and car content.
The company said, “This venture, along with other investments, such as the creation of RMS Automotive and the purchase of Brazil’s CarBizz, further strengthens Cox Automotive’s commitment to the global automotive marketplace.”