CarGurus completed the acquisition of CarOffer, purchasing the remaining minority equity interests for $75 million on Dec. 4.
CarGurus acquired a 51% interest in CarOffer in January 2021 and announced plans last month to accelerate the purchase of the remaining stake with the intent of capturing growing product and data opportunities as well as other synergies between the two platforms.
Going forward, the companies plan to build solutions that power CarGurus’ development of a transaction-enabled platform that supports dealers and consumers.
Hallowell Named CEO
“We believe that the headway made to bolster CarOffer operations and integrate the instant trade platform’s BuyingMatrix technology into our solutions will provide a solid foundation for the next chapter of our work together,” said Jason Trevisan, CEO of CarGurus.
Zach Hallowell has assumed the role of chief executive officer (CEO) for CarOffer. Hallowell takes on the role of CEO from CarOffer founder Bruce Thompson, who stepped down with the completion of the acquisition.
Trevisan cited Hallowell’s over 20 years of experience in the wholesale space, including leadership roles with Manheim Auctions and Openlane, in choosing him to guide CarOffer operations, strategy, and continued integration with CarGurus.
Addison Location
“With this transaction complete, we believe we are well-positioned to accelerate our momentum in delivering solutions that streamline and enhance the dealer-to-dealer and consumer-to-dealer transaction experience,” said Hallowell. “I look forward to leading the integration between the CarOffer and CarGurus teams to advance these goals for the benefit of our customers.”
Trevisan added, “As we look forward, we plan to capitalize on our ability to accelerate this progress, leveraging Zach’s deep market experience and digital wholesale leadership to further enhance the platform as part of our goal to help dealers more efficiently acquire and sell inventory and support consumers in selling their cars more easily.”
CarOffer will continue to operate as a standalone brand at its Addison, Tx, location.
