Member Article

Manchester’s Auto Trader gears up for £2 billion IPO

Manchester’s online car dealership Auto Trader is gearing up for a £2 billion IPO (initial public offering).

The company report that 35 million visits to the site occur monthly and that 85% of time spent on classified vehicle sites is spent with it.

The Manchester registered company has progressed from a print business founded in 1977 to a totally online enterprise.

Chairman of Auto Trader Ed Williams, said: “Auto Trader has been the place people think of to buy or sell their next car for generations.

“Early and sustained investment in the internet and digital technologies has allowed our customers to benefit from the advantages of the internet, whether it is car buyers finding the widest possible range of currently available vehicles, or car sellers reaching the largest number of potential buyers.

“I would like to thank all those who have contributed to this transformation in how vehicles are bought and sold.

“As one of a handful of long-standing UK companies to have become a household name in the digital world, now seems the ideal time to join the UK stock market.

“This represents another step in ensuring that Auto Trader can serve future generations of vehicle buyers and sellers.”

Chief Executive of Auto Trader Trevor Mather, said: “Auto Trader is known across the UK & Ireland as the digital marketplace for buying and selling vehicles and we work hard every day to balance the needs of the vehicle retailers, helping them sell more vehicles and make more money, and the general public, helping ease the process of what should be an exciting moment in their lives - buying their next vehicle.

“I feel truly privileged to lead this business and I am very proud of our employees who have built an incredibly strong and trusted brand together with a hard working and innovative digital culture.

“I am both confident and hugely enthusiastic about our future, as we embark on the next stage of our growth as a public company.”

This was posted in Bdaily's Members' News section by Sophia Taha .