Auto Trader buys software platform AutoConvert

Automotive marketplace Auto Trader has bought AutoConvert - a finance, insurance and compliance software platform with integrated customer relationship management solutions for the automotive sector - for an undisclosed sum.

The deal is expected to contribute around £1m to revenue and an operating loss prior to any amortisation on acquired intangible assets of approximately £0.5m for the year ended to the end of March 2021.

Chief executive officer Nathan Coe said: "AutoConvert is an impressive platform that dramatically improves its customers' finance conversion and operations through automation. This represents a significant step in our strategy to help retailers move more of the car buying process online."