iCar Asia to Acquire Thaicar.com

Posted on February 4th, 2013

Monday 4th February – iCar Asia Limited (ASX:ICQ), owner of ASEAN’s number 1 network of automotive portals today announced it has entered into an agreement to acquire Thailand’s 2nd largest automotive classifieds site, Thaicar.com, and its associated assets and business.

Thaicar.com will combine with iCar Asia’s market-leading content site, Autospinn.com, to offer a complete solution to car buyer and sellers in the Thailand market. Thaicar.com has over 370,000 unique visitors each month (source: Google Analytics), viewing more than 23,000 car listings from over 600 car dealers.

The consideration for the purchase is AUD 0.4 million, 100% payable on completion of a Sale and Purchase Agreement and will be comprised of AUD 0.2 million cash and AUD 0.2 million in iCar Asia shares.

Mr Damon Rielly, CEO of iCar Asia, said “Combining Thailand’s number 1 automotive content website, Autospinn.com, with Thailand’s number 2 automotive classified website, Thaicar.com will create a leading position in Thailand for people looking to buy or sell new or used cars. I am also very excited to have the team from Thaicar.com join iCar Asia and to work with them to deliver strong growth during 2013.”