AutoTrader expects to close deal to buy HomeNet Automotive by end of 2010

Article by Christian A., on December 3, 2010

AutoTrader.com announced that it will purchase HomeNet Automotive of West Chester, Pa., which offers new inventory management services. The deal is expected to close by the end of the year. This is the third acquisition of Atlanta-based AutoTrader in the past three months.

Terms were not disclosed. Last September, AutoTrader announced the purchase of vAuto and in October, it disclosed the planned acquisition of Kelley Blue Book. AutoTrader asserts that buying HomeNet will improve its inventory management and merchandising offerings.

As a result, dealer customers can upload listings quicker and easier and they will gain more control of how to present their inventory.

In a statement, AutoTrader CEO Chip Perry said that the company is constantly looking for opportunities to expand either “organically or through acquisitions.”

HomeNet will operate as a subsidiary. AutoTrader said that Bob Landers, who has been a sales executive with AutoTrader for 10 years and a former vice president of its Southeast division, will become general manager and vice president of HomeNet.

Landers was appointed to replace HomeNet founder and CEO Jesse Biter. [via autonews - sub. required]

Topics: united states

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