CarGurus closes purchase of CarOffer, which now has new CEO
CarGurus, which in 2021 acquired a 51% stake in CarOffer, said last month it would be acquiring the remaining stakes in the digital wholesale platform.
That acquisition is now complete.
And with this move, Zach Hallowell takes on the position of CarOffer CEO.
Hallowell, a former OPENLANE and Cox Automotive executive, was named the head of industry transformation at CarGurus in October.
“With this transaction complete, we believe we are well-positioned to accelerate our momentum in delivering solutions that streamline and enhance the dealer-to-dealer and consumer-to-dealer transaction experience,” Hallowell said in a news release.
“I look forward to leading the integration between the CarOffer and CarGurus teams to advance these goals for the benefit of our customers.”
CarGurus CEO Jason Trevisan added: “We believe that the headway made to bolster CarOffer operations and integrate the instant trade platform’s BuyingMatrix technology into our solutions will provide a solid foundation for the next chapter of our work together.
“As we look forward, we plan to capitalize on our ability to accelerate this progress, leveraging Zach’s deep market experience and digital wholesale leadership to further enhance the platform as part of our goal to help dealers more efficiently acquire and sell inventory and support consumers in selling their cars more easily.”
Bruce Thompson founded CarOffer in 2019 and was its CEO since inception. He stepped down with the deal’s completion.