Auto Trader Group plc announced on Wednesday that it has received clearance from the Competition and Markets Authority in respect of its joint venture with Cox Automotive UK Limited.
The announcement published by Auto Trader says:
“The joint venture is expected to complete by the end of the year and a further update will be provided on completion.
“The joint venture will provide the UK automotive market with a comprehensive online auction service. The business will be called Dealer Auction, and will provide fleet companies, manufacturers and retailers with a more efficient and convenient way to dispose of their stock of vehicles.
“Retailers will gain access to a more comprehensive stock of vehicles available for them to buy and this will be supported with the data and tools to allow them to select the right vehicles for their specific needs. The business will offer a full service, along with its business partners, who have significant experience in digital, wholesale and retail solutions”.