CarSales completes acquisition of DeMotores

24 Feb 2017

ASX-listed auto vertical CarSales (ASX:CAR) announced today it has completed the acquisition of Latin America’s auto site DeMotores in Argentina, Chile and Colombia. Initially, the deal was expected to be completed by the end of March.  

As previously reported by AIM Group, CarSales acquired 100 percent of auto classified site DeMotores.com in Argentina, Chile and Colombia for $6.7 million AUD ($5.1 million U.S.).

A former asset of extinct Latin American classifieds group Dridco, and more recently La Nación, one of Argentina’s largest media companies, DeMotores is a top-3 vertical in Argentina.  The acquisition spices up the competition between CarSales and LatAm Autos (ASX:LAA) in several Latin American markets, including Mexico and now Argentina.

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Léo Siqueira

Léo Siqueira joined the AIM Group in 2014 as writer and analyst for Latin America. He is a multimedia journalist based in, but not limited to Campinas, Sao Paulo. Siqueira has been writing, reporting, and consulting for different news outlets and corporations in Brazil and in the US. Siqueira has worked for almost three years as a correspondent in Brazil with ICIS, the world’s largest information provider for the global petrochemical industry, and has been working with other global publishers, such as USA TODAY and Motorsport.com. His expertise includes general news coverage, online, print and multimedia journalism, and corporate communications as well. In this particular area, he has been working with international clients.