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iCar Asia to acquire Thaicar.com

iCar Asia to acquire Thaicar.com

iCar Asia (ASX: ICQ) has inked an agreement to acquire Thailand’s second largest automotive classifieds site, Thaicar.com, for A$400,000.

Thaicar.com has over 370,000 unique visitors each month, viewing more than 23,000 car listings from over 600 car dealers.

The consideration will be comprised of a $200,000 cash payment and the issue of $200,000 worth of iCar Asia shares.

Thaicar.com will combine with iCar Asia’s Autospinn.com with the aim to create a leading position in Thailand for people looking to buy or sell new or used cars.

iCar Asia owns and operates ASEAN’s No. 1 network of car classifieds and content websites, reaching 1.5 million people every month.

In iCar’s targeted markets, vehicle ownership levels are growing strongly – around 5.5% per annum in Malaysia, 5.2% per annum in Thailand and 11.3% per annum in Indonesia.

New passenger car sales are also growing strongly, driven by rising wealth levels and government stimulation of the automotive sectors in each country.

Overall automotive advertising expenditure is expected to increase significantly in Malaysia, Thailand and Indonesia, with an increasing proportion of this expenditure to move to online media.


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August 04 2015
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July 01 2015

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