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Auto Trader Group (AUTO)

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General Retailers

Auto Trader buys software platform AutoConvert

By Michele Maatouk

Date: Friday 31 Jul 2020

LONDON (ShareCast) - (Sharecast News) - Automotive marketplace Auto Trader has bought AutoConvert - a finance, insurance and compliance software platform with integrated customer relationship management solutions for the automotive sector - for an undisclosed sum.

The deal is expected to contribute around 1m to revenue and an operating loss prior to any amortisation on acquired intangible assets of approximately 0.5m for the year ended to the end of March 2021.

Chief executive officer Nathan Coe said: "AutoConvert is an impressive platform that dramatically improves its customers' finance conversion and operations through automation. This represents a significant step in our strategy to help retailers move more of the car buying process online."

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AUTO Market Data

Currency UK Pounds
Share Price 591.40p Price Up
Change Today +7.60p
52 Week High 607.60p
52 Week Low 364.70p
Volume 87,068
Shares Issued 966.08m
Market Cap 5,713m

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