Plano-based CarOffer sells majority stake in car trading platform for $140 million
The deal also gives rival CarGurus the right to buy the remaining 49% stake over the next three years.
Unlike traditional vehicle auctions, which require manual bidding and inspection, Plano-based CarOffer lets auto dealers create standing buy orders and provides instant offers to sellers. In the third quarter, CarOffer processed over $350 million in transactions.(ASSOCIATED PRESS)
Plano-based car trading platform CarOffer is selling a majority stake in the company to a bigger online automotive player for $140 million.
The cash and stock deal gives publicly traded CarGurus a 51% stake in the firm founded in 2019 by auto industry entrepreneur Bruce Thompson. CarGurus also can buy the remaining 49% over the next three years under terms of the deal.