The OLX Group and AutoTrader announced on Wednesday in a statement that their merger agreement to bring substantial benefits to the South African vehicle market was approved by local authorities.
AutoTrader now becomes part of a global group with four technology hubs and a strong drive to develop vertical platforms.
“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.”
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.
“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.
OLX – the world’s leading classifieds platform focused on emerging markets, both mobile and online – has reached more than 330 million active users worldwide, compared to 240 million in 2015, Naspers’ latest integrated report shows.
The classified company has garnered more than 60 million monthly new net listings on its platform.
Furthermore, OLX has recorded 75 million users that make use of its mobile apps monthly on average in 40 countries.
The South African-based conglomerate said in its annual report that OLX has leading market positions in 35 countries with notable gains in the US and Turkey while growing in key markets like India, Indonesia, Colombia, Egypt, Argentina and others across Latin America, the Middle East, Europe, Africa, and Asia.
In the past two years, OLX has added more than 90 million new active monthly users.
In March 2015 OLX served some 240 million monthly active users worldwide and garnered 34m visits per day on average.