No IPO for AutoTrader in the offing
DETROIT, Sept 11 (Reuters) AutoTrader has no plans at the moment to consider a public listing, canada goose uk black friday its president said on Wednesday, eight months after the online automobile marketplace operator pulled the plug on an initial public offering. Privately held Cox Enterprises, which owns 75 percent of cheap Canada Goose AutoTrader, as well as all of Canada Goose sale wholesale car auction company Manheim, prefers to nurture both auto assets itself, said Sandy Schwartz, president of both units.
can tell you that we canada goose store have no plans right now to take either of the companies public, but certainly not more specifically the AutoTrader Group, he said in a telephone interview. not my decision, but I will tell you that as president of these two companies that canada goose coats on sale probably Canada Goose Online off our Canada Goose Outlet radar screen right now.
AutoTrader and Manheim make up canada goose clearance sale about a canada goose coats quarter of Cox $16 canada goose factory sale billion in annual revenue, and that auto related portion canadagooseoutleta rises to one third Canada Goose Jackets if auto ad sales in Cox buy canada goose jacket media assets are included, said Schwartz, who has led Manheim since 2011 but was named head of canada goose black friday sale AutoTrader in March. Manheim and AutoTrader employs 20,000 and 3,500 people, respectively.
Schwartz said there are no plans to combine Manheim and AutoTrader, which generates revenue mainly through subscriptions for new and used car listings and advertising.
Instead, Schwartz said his marching orders from Cox Chief Executive Jimmy Hayes were canada goose clearance to better leverage the various assets and to examine possible add ons to the companies existing services that might benefit shoppers and dealers.
is king and the data we have on cars from the minute it comes off the assembly line, we are not leveraging it as Canada Goose Coats On Sale well as we should, Schwartz said.
Areas where AutoTrader may look canadian goose jacket include taking the well known Kelley Blue Book brand overseas, building uk canada goose outlet a vehicle identification number repository, or buying in to more companies as it did last November when it acquired a 21.8 percent stake in China Bitauto auto online website, he said.
Schwartz said Kelley Blue Book is a strong brand and AutoTrader is exploring how it can leverage the Canada Goose online name in such markets as China, India canada goose and canada goose uk outlet Brazil, possibly partnering with Bitauto in the world largest auto market.
About two months ago, Cox bought back a stake of almost 5 percent in AutoTrader from private equity firm Kleiner Perkins Caufield Byers, and another private equity firm, Providence Equity Partners, still owns a 25 percent stake.
the time comes for them to get their money out, there two ways, Schwartz said of Providence Equity Partners. either write them a really big check or we take the company public and they take Canada Goose Parka 25 uk canada goose percent of that. I don think they seem to be in too big of a hurry to get out.
AutoTrader sales, now about $1.2 billion annually, best Canada Goose are growing buy canada goose jacket cheap at a double digit cheap canada goose uk rate, Schwartz said. The Manheim business, with about $3 billion in annual sales, is growing more modestly, at less than 5 percent. (Editing by Matthew Lewis) canada goose uk shop.