Carsales.com and Stratton invest in RateSetter
Today we’re extremely pleased to announce that Stratton Finance Pty Ltd (Stratton) and Stratton’s 50.1% owner carsales.com Ltd (ASX:CAR) (Carsales) will together invest approximately $10 million in RateSetter Australia, taking a combined 20% equity stake in the company.
RateSetter Australia Chief Executive Officer, Daniel Foggo, said: “RateSetter, Australia’s innovative P2P lending model, provides borrowers with lower-rate loans, delivered quickly and efficiently using our cutting-edge technology. We see a natural fit with Carsales, which is one of Australia’s original online innovators – its willingness to invest in RateSetter Australia is a vote of confidence in our business model.”
Carsales.com Ltd CEO, Greg Roebuck, said: “Innovation is core to everything we do and we are constantly searching for new ways to add value for our customers. As one of the country’s original disruptors, we see our investment in RateSetter Australia and the budding local P2P market as a great opportunity to deliver returns for our stakeholders.” Chief Executive of Stratton, Rob Chaloner, said: “As a technology business operating in the finance sector, we expect to see RateSetter Australia loans fill a number of gaps in the Australian automotive financing market.”
With vast automotive and finance industry experience, Mr Chaloner has been appointed to the Board of RateSetter Australia, with Mr Roebuck appointed as his alternate. Mr Foggo concluded: “Car finance represents about 40% of personal loans in Australia, so we see this as an opportunity to change the game for Australia’s burgeoning P2P lending industry.”
About Carsales.com Ltd
Carsales.com Ltd. (ASX:CAR) listed on the ASX in 2009 and is the largest online automotive, motorcycle and marine classifieds business in Australia; attracting more Australians interested in buying or selling cars, motorcycles, trucks and boats than any other classified group of websites. Carsales.com Ltd.’s first revenues were reported in the financial year 1998.
Carsales.com.au is Australia’s number one automotive classified website and in January 2015 attracted almost 19 million visits between it’s desktop, mobile and app sites. The Carsales network of websites also includes Motoring.com.au, bikesales.com.au, RedBook.com.au as well as leading boat, caravan, and truck and machinery classified websites. There were over 28 million visits (sessions) across the Carsales network in January 2015 (Carsales internal data, Webtrends, Jan 2015).
About Stratton Finance Pty Ltd
Since the company’s inception in 1998, Stratton has experienced rapid growth and success. In 2003, the business made a strategic decision to focus on technology as a key competitive advantage and utilise the internet as its primary channel for new customer acquisition.
Stratton.com.au is now one of the highest traffic-generating vehicle finance websites in the country with over a million visitors per year. The business boasts a significant national presence, offering personal, small business and corporate clients a comprehensive range of finance and insurance solutions for cars, boats, commercial vehicles, business equipment, property and more.
This information does not constitute financial advice and you should consider whether it is appropriate to your circumstances before you act in reliance on it. Any opinions, forecasts or recommendations reflect the judgement and assumptions of RateSetter as at the date of publication and may later change without notice.