Auto Trader Group plc (AUTOA.L, AUTO LN)
Auto Trader Group is the market leading used car portal in the UK, with a c.70% EBITDA margin. Founded in 1977 as a regional classified magazine, today operations are 100% digital, linking consumers with car dealers. A beneficiary of the network effect, it is the portal with the most consumers, so it attracts dealers, and it is the portal with the most dealers and therefore cars, so it attracts more buyers. Subscription packages are in five levels - the higher the package, the more search results achieved. AUTO provides dealers with a host of analytical tools to gain insights from the market over valuation and inventory selection, whilst offering a transport network to move cars that dealers have bought to their forecourts, or even direct to a customer's home. AUTO works with dealers to offer car financing and part exchange.
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