S&P Global said Tuesday it plans to spin off its mobility business unit — which includes brands like CARFAX, automotiveMastermind, Polk Automotive Solutions and Market Scan — into a standalone publicly traded company.

S&P Global would continue as a provider of credit ratings, benchmarks analytics and workflow solutions through its four core businesses: S&P Global Market Intelligence, S&P Global Ratings, S&P Global Commodity Insights and S&P Dow Jones Indices.

“S&P Global is a leader providing essential intelligence with a proven history of strong financial performance and durable growth,” S&P Global president and CEO Martina Cheung said in a news release. “ Separating Mobility will allow us to continue to focus on our core businesses and pursue our growth strategy.”

The Mobility automotive data and technology business includes three divisions: Used Vehicle Sales & Service (which includes CARFAX), Strategy & Product Planning and New Vehicle Sales & Marketing.

The Mobility segment generated revenues of $1.6 billion last year, which beat prior-year figures by about 8%, the company said.

“Evolving dynamics, including growing consumer demand for vehicle information, the rise of electrification and software-defined vehicles, direct-to-customer retail models and the supply chain disruptions related to tariffs are driving an increased need for Mobility’s data and decisioning tools,” the company said in a news release.

“With trusted, market-leading brands such as CARFAX, automotiveMastermind, Polk Automotive Solutions and Market Scan, unique data sets and demonstrated resilience through business cycles, Mobility is well positioned to meet customer demand in the fast-moving environment.”

It added: “A separation will allow Mobility more flexibility to pursue near- and long-term growth opportunities, including in used car offerings and expanding both geographically and into adjacent markets.”

S&P Global anticipates the separation to be completed within 12 to 18 months.