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Carsales acquires stake in Chileautos continues its Latin American expansion, acquiring 83 per cent of Chileautos, a Chilean automotive classified website, for US$15 million ($A19.89 million).

The existing owners retain a 17 per cent stake in the business, however Carsales has the option to purchase the remaining share of the business any time during the next four years.

Paul Barlow, Carsales director international, said Chileautos represented a great opportunity to continue the company’s Latin American growth. In August 2015, Carsales acquired a controlling shareholding in SoloAutos, a leading automotive classifieds website in Mexico.

“Chile is the strongest LatAm economy as measured by GDP per capita and with Chileautos being the clear number one in its market there is significant upside that will come from utilising Carsales’ expertise, experience and technology,” Barlow said.

With the controlling stake in Chileautos, Carsales hopes the acquisition will deliver economies of scale in Latin America, where it has begun rolling out Spanish language technology.

“We look forward to partnering with Chileautos and utilising Carsales’ IP, technology and knowhow to capitalise on Chileautos’ already excellent market position,” said Carsales CEO Greg Roebuck. “This is a prime strategic opportunity to take another Spanish speaking business to the next level.

“We view Latin America as an extremely attractive market for Carsales and Chileautos is a great addition to our portfolio of international assets, providing another significant stepping stone for growth. Our aim is to be a compelling number one in all our markets around the world, not just an interesting player,” said Roebuck.

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