The OLX Group and AutoTrader have announced today that their merger agreement in South Africa was approved by local authorities.
This deal demonstrates the intention of both companies to continuously invest in the country and improve their services, offering a broader and better portfolio of trading platforms to South Africans. By joining forces they bring substantial benefits to the South African vehicle market.
“We bring the expertise from the niche verticals of car, truck, commercial, agriculture, bike and leisure” said AutoTrader CEO George Mienie. “We are excited to work with the OLX Group that is part of a global company. Our customers can stand to benefit substantially from investment in product innovation as a result” said Mienie. “Our vehicle shoppers can look forward to continuous improvements to further enhance consumer experience through investment in online vehicle shopping tools” he adds.
AutoTrader now becomes part of a global group with four technology hubs and a strong drive to develop vertical platforms.
"Based on what we see in other markets around the world, the pace of innovation in the vehicle buying and selling space is picking up and global consumer facing technology platforms are entering” said Sjoerd Nikkelen OLX Group General Manager for Africa, Middle East and Asia. “This partnership will give us the scale to lead this coming wave of innovation and disruption in South Africa, in which deep data skills will allow for our propositions to dealers and consumers alike to become fundamentally more valuable and of higher convenience" NIkkelen concludes.
AutoTrader will remain a separate brand, however, with access to world-class technology hubs and expertise this will undoubtedly bring renewed energy and focus to drive the growth of this platform even further.