The United States-based Cox Automotive, a global automotive digital marketing solution provider, bought majority stake in Sao Paulo-based vehicle valuation major Molicar.
The majority stake acquisition in Molicar will help Cox Automotive to expand its global footprint and vehicle valuation business into Brazil.
Molicar, which is acknowledged as setting the industry standard for valuations in Brazil, currently carrying out around 13 million vehicle valuations a year. The company ‘s vehicle catalog contains 22,000 different models and prices that are updated weekly across 12 different regions.
John Bailey, president, Cox Automotive International, said, “We expect the deal to complete in early May at which point the addition of Molicar will mean that we have valuation propositions in the world’s top three used vehicle markets.”
Cox Automotive, which already owns the iconic Kelley Blue Book brand in the United States along with JingZhenGu in China, has been fast expanding its global footprint.
Flavio Molica, Founder Molicar, said “This partnership ensures that Molicar is equipped with leading-edge technology solutions from Cox Automotivel.”
Recently it purchased an Australia-based automotive software solutions provider – Dealer Solutions while investing in India’s largest multi-brand certified used car company – Mahindra First Choice Wheels and AutoSt, a China-headquartered used vehicle marketplace for dealers and consumers, as well as BitAuto, an online provider of car classifieds and car content.
In addition, the other investments including creation of RMS Automotive and the purchase of Brazil’s CarBizz, further strengthens Cox Automotive’s commitment to the global automotive marketplace.
The subsidiary of Atlanta-based Cox Enterprises, Cox Automotive has around 30,000 team members in more than 200 locations partnering with over 40,000 auto dealers.