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The latest update is out from CAR Group ( (AU:CAR) ).
CAR Group Limited has announced its decision to exit its Australian Tyres business, which includes the wholesale division tyreconnect and the e-commerce platform tyresales.com.au, due to challenges in maintaining profitability in the competitive tyre market. The company has agreed to sell certain assets of tyreconnect, with the transaction expected to conclude by the end of February, while tyresales.com.au will cease operations immediately. This strategic move is part of CAR Group’s broader focus to enhance its core operations and is not expected to significantly impact the company’s financial performance. The closure allows CAR Group to concentrate on its main digital marketplace businesses, with expectations of continued growth in proforma revenue and EBITDA.
More about CAR Group
CAR Group Limited is a leading innovator in the digital marketplace industry, focusing on vehicles across Oceania, Asia, and The Americas. The company provides advanced technology and advertising solutions to enhance the buying and selling experience. It operates digital marketplace businesses in several countries, including carsales in Australia, Encar in South Korea, Trader Interactive in the United States, and chileautos in Chile, while also holding a majority stake in webmotors in Brazil.
YTD Price Performance: 3.67%
Technical Sentiment Consensus Rating: Sell
Current Market Cap: €8.54B
For a thorough assessment of CAR stock, go to TipRanks’ Stock Analysis page.
