CHARLESTON, S.C., Nov. 5, 2015 /PRNewswire/ -- Raycom Media has acquired PureCars, the leading digital advertising platform for the automotive industry, in what is the broadcasting group's largest ever single-company, non-broadcast acquisition. The $125 million deal will fundamentally change the media landscape by bridging the gap between digital and broadcast advertising.
In one of the largest automotive technology acquisitions to date, Raycom Media will gain the digital media and advertising expertise to secure advertising dollars beyond the 51 television stations in 38 markets they currently operate. Digital advertising spend from dealers and manufacturers is expected to increase in 2016 from $3.44 billion in Q2 2015. Raycom will now be able to access that valuable market with PureCars' expertise.
Used by thousands of dealers, dealer groups, local marketing associations and agencies across the country, PureCars is one of the largest and fastest growing digital advertising platforms for the automotive industry. Ranked No. 335 on the ninth annual Inc. 500|5000, PureCars has experienced nearly 1400 percent growth and received $10 million in funding over three years.
"With this partnership, PureCars and Raycom will provide a comprehensive advertising strategy for local car dealerships, but also a model for today's media industry as a whole," said PureCars founder and CEO Jeremy Anspach. "Today's consumer jumps from screen to screen, and marketers struggle to provide relevant advertising throughout the customer journey. With Raycom's broadcasting reach and our digital expertise, the consumer will benefit from a seamless advertising experience of content catered to their desires and interests."
"At Raycom, our automotive vertical team visits dealers in each of our markets, and we ask them who is doing new and highly effective things in the marketplace, and each one of them came back with PureCars," said Joe Fiveash, Vice President of digital media, strategy and business development at Raycom Media. "The people these dealers work with at PureCars are knowledgeable, informative and they have just the right level of involvement."
PureCars will operate as a separate unit within Raycom Media and maintain its development campus in Atlanta and offices in Charleston, S.C. and Milwaukee. The combination will allow for a cohesive platform that unifies traditional and digital advertising across television, desktop, tablet and mobile.
"We're proud to be one of the largest automotive technology acquisitions to date," said PureCars COO Sam Mylrea. "Our customers depend on us to bring shoppers to the lot with relevant, customized digital advertising. With Raycom's broadcast resources, we'll extend that positive customer experience to television where car dealerships already market their goods to local consumers. Together we will deliver the ideal user experience in local markets nationwide."
Raycom Media, an employee-owned company, employs over 4,200 individuals in full- and part-time positions. In addition to television stations, Raycom Media owns Raycom Sports (a marketing, production and events management and distribution company), Tupelo-Honey Productions (a New York-based production company), Limerick Studios (a Charlotte, N.C.-based motion graphics design house), RTM Productions (a Franklin, Tenn.-based automotive programming production and marketing solutions company), WebStream Sports (an Indianapolis-based live event production company) and Broadview Media (a post-production/digital signage company based in Montgomery, Ala.). Raycom Media is headquartered in Montgomery, Ala.
Progress Partners, a Boston- and New York-based corporate M&A advisory firm, represented Raycom in the transaction.
PureCars was founded in 2007 and has become the leading digital advertising platform for the automotive industry. PureCars' platform suite offers various marketing solutions to drive high-probability buyers to a dealer's site, optimize traffic once on their site, and convert those customers in the showroom. With over 150 employees and three offices, PureCars utilizes its extensive data library and proprietary technology to automatically target the right buyer with the right vehicle in the right location, optimizing ad spend and maximizing ROI.
Contact: Kate Nettenstrom, 312-648-6009, [email protected]
SOURCE Raycom Media