CarGurus, an auto marketplace based in Boston, has acquired car shopping platform startup Autolist, according to reports.
Autolist is based in San Francisco, and the terms of the deal were not revealed.
CarGurus is a successful company that went public in 2017, and it’s going to keep Autolist as its own brand and website. The company will test new products and initiatives, however.
“Like CarGurus, Autolist is a tech-centric online auto shopping provider,” Jeremy Sacco, CarGurus’ director of B2B content and communications, wrote in a blog post. “Their popular mobile app has millions of downloads, and we believe that engaged audience will provide yet another source of low-funnel shoppers for our dealers.”
CarGurus Chief Financial Officer Jason Trevisan said the company is going to merge with and acquire companies in its goal of expanding its offerings and moving into dealer software and technology. The company recently acquired British car site PistonHeads to help with its U.K. presence. PistonHeads also still operates under its own brand name.
“We are thrilled to welcome the Autolist team to the CarGurus platform,” Trevisan said in a press release. “Like CarGurus, Autolist is a technology company with a pioneering mindset, which makes them a great fit with our innovative culture. We are excited about joining forces to provide best-in-class products and services that make car buying easier for shoppers and drive more sales for dealers.”
Autolist Founder Corey Lydstone will report to Trevisan.
“We could not be more excited to join CarGurus, a company that shares our passion for solving big problems and building great products,” Lydstone said. “The Autolist journey so far has been incredible, and with CarGurus’ massive scale and category leadership, we believe we’ll be able to accelerate Autolist’s growth while continuing to deliver on our promise of building a better automotive buying experience for everyone.”