CarsGuide.com.au merger with Cox Automotive almost a done deal
Announcement posted by Manheim 05 Dec 2016
- CarsGuide on track to combine forces with the largest automotive services company in the world – Cox Automotive
The Shareholders of CarsGuide.com.au (OWT) held special meetings on Friday 2nd December to vote on various Resolutions to modify the Company’s Constitution and a Scheme of Arrangement that would see CarsGuide.com.au merge into the newly formed Cox Automotive Australia.
The voting was overwhelmingly in support of the various Resolutions with 82.1% of OWT Shareholders voting in person or by proxy, while 97.5% of the total shares voted and all were in favour of the respective Resolutions.
The outcome of these meetings will now be considered by the Supreme Court of Victoria on 14 December. Assuming the Court makes orders approving the Scheme it is expected to become effective on 15 December.
The Chairman of CarsGuide.com.au, Greg Duncan, had always been confident of dealer support. Following the Shareholder Meetings he said, “To have 97.5% of shares voted, all of which were in favour of the proposed transaction, is another major step in creating real competition in the automotive marketplace for the benefit of both dealers and consumers. The future of Cox Automotive Australia is so exciting and unlimited.”
The merger of CarsGuide.com.au with the existing assets of Cox Automotive Australia, when combined with the “house of brands” that the US-based Cox Automotive can bring to the local market, will both streamline and enhance sales and management processes for automotive dealers.
About Cox Automotive Australia
When the deal closes, Cox Automotive Australia will own and operate CarsGuide, Manheim Auctions and Dealer Solutions. The incoporation of Xtime into the new structure is also being considered.
Apart from the existing brands on offer, other powerful Cox Automotive brands could be added to the market moving forward. incadea, a global Dealer Management System technology provider is in discussions to establish operations in Australia, to service vehicle manufacturers and their dealer networks. Autotrader, one of the world’s largest online classifieds website will integrate with CarsGuide and Kelley Blue Book and vAuto are also under review for this market.
About Cox Automotive (www.coxautoinc.com)
Cox Automotive, Inc. is transforming the way the world buys, sells and owns cars with industry-leading digital marketing, software, financial, wholesale and e-commerce solutions for consumers, dealers, manufacturers and the overall automotive ecosystem worldwide. Committed to open choice and dedicated to strong partnerships, the Cox Automotive family includes Manheim®, Autotrader®, Kelley Blue Book®, Dealertrack®, vAuto®, Xtime®, NextGear Capital® and a host of other brands.
The global company has 33,000 team members in more than 200 locations worldwide and is partner to more than 40,000 auto dealers a well as most major automobile manufacturers.
Cox Automotive is a subsidiary of Cox Enterprises, Inc., an Atlanta-based company with revenues of more than $18 billion (USD) and approximately 60,000 employees. Cox Enterprises' other major operating subsidiaries include Cox Communications and Cox Media Group. For more information about Cox Automotive, please visit www.coxautoinc.com.
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For further information please contact:
Mathew McAuley – Cox Automotive Public Relations
Mobile: +61 400 875 686
Email: pr@coxautoinc.com.au