Fleet News

Manheim buys stake in e-commerce company

MANHEIM Auctions has acquired a controlling interest in UK automotive e-commerce company Portfolio for Cars for an undisclosed sum. Manchester-based Portfolio for Cars provides internet and extranet e-commerce applications to motor manufacturers including Volkswagen, Audi, DaimlerChrysler, SEAT, Volvo, Saab, Mitsubishi and Daihatsu, as well as major dealer groups.

Portfolio services more than 1,000 dealer websites and maintains used car databases totalling in excess of 25,000 vehicles. Manheim chief executive John Bailey said: 'The acquisition of Portfolio for Cars further strengthens our commitment to providing pan-European e-commerce solutions for our customers, while also complementing our core physical auction business.

'This deal will bring significant benefits to both parties and make a dramatic impact on the way both new and used vehicles are sold on this side of the Atlantic by combining Portfolio's e-commerce expertise with Manheim's global infrastructure.' Andy Henshaw, managing director of Portfolio for Cars, said: 'The integration of both our companies' resources will create a powerful mix of skills, technology and people, with the support of a global company.'

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