CarAdvice Acquires CarBuddy.com.au

SYDNEY – June 15, 2010: CarAdvice has acquired the carbuddy.com.au business from Jumbuck Entertainment.

Founded in 2006, CarAdvice.com.au is a leading Australian motoring editorial site offering thousands of new car reviews and news. In May this year the site was visited a total of 772,000 times (1) by over 500,000 visitors (1).

The acquisition of CarBuddy immediately adds 38,000 new and used car listings to CarAdvice's existing free classifieds offering launched earlier this year. In addition, the Carbuddy.com.au site had 195,000 visits (1) in May, strengthening the CarAdvice groups’ market presence to a combined 967,000 visits.

Commenting on the acquisition, CarAdvice Chief Executive Officer David Holmes said: "The acquisition of CarBuddy is a natural extension for our business. CarBuddy fast tracks our free classifieds model, improves our offering for dealers and private sellers, and complements our strong editorial position.

“In the United States the main competition to the top paid automotive site, AutoTrader, now comes from free alternatives such as Craigslist and Kijiji. We believe this trend will also occur in Australia and CarBuddy.com.au has the potential to become an alternative to top paid auto sites, Carsales.com.au, Drive.com.au and Carsguide.com.au” said Holmes.

CarAdvice has also strengthened its management team with the announcement last week that former CarSales General Manager of Media Sales, Justin Whelan, had joined the company as GM Sales and Marketing.