Wednesday, Jan. 29, 2020, 06:50 PM
RICHMOND, Va. -
Big news in automotive buy-sell, M&A and investment continues to dominate January headlines, as the nation’s largest used-car retailer is now investing in one of the auto industry's major research websites.
CarMax announced Wednesday it has invested $50 million in Edmunds and is obtaining a minority stake in the company, while also partnering with Edmunds.
In a news release, CarMax said the partnership gives it another leg up digitally, including in its new omni-channel venture.
“This strategic relationship further strengthens CarMax’s new omni-channel experience, which empowers customers to buy a car on their terms, whether completely from home, in-store, or a seamlessly integrated combination of both,” it said.
CarMax president and chief executive Bill Nash said in the release, “Edmunds’ proprietary content, comprehensive automotive market insights and streamlined user experience across the car buying and selling journey will allow us to deepen our engagement with customers shopping online.
“Consumers trust Edmunds for its in-depth, expert-driven automotive editorial content and unbiased reviews. Edmunds has also made significant investments in digital innovations over the last several years that align with our continued focus on enhancing the customer experience online,” he said
Edmunds CEO Avi Steinlauf added in the release: “We’re excited for this opportunity to collaborate with another well-respected industry leader that is dedicated toward making car shopping easier for consumers. With our expanded resources and capabilities, we’re confident this will be a mutually beneficial partnership for many years to come.”
Auto Remarketing will have more on this story as additional details and context develops.