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Finance Industry News

Manchester Fintech entrepreneurs acquire Carcraft brand


Manchester Fintech entrepreneurs acquire Carcraft brand


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Entrepreneurial brothers Reg and Louis Rix, the owner-manager team behind fast growing online motor finance broker Carfinance247 (based in Manchester), have acquired the web domain and trade mark of Carcraft for an undisclosed sum.
 
Carcraft, a multi-site used car supermarket, ceased trading after it went into administration in April 2015 following 60+ years in business. It was the UK’s sixth largest second hand dealership chain with an annual turnover of over 120m. 
 
Outlining their plans for the brand, Reg Rix said: “We intend to re-launch the Carcraft brand as an online used car classified business. The site will be free to advertise on for dealers nationwide and offer consumers an excellent shopping experience with an abundance of choice.
 
“It will support our Carfinance247 business that, through our partnerships with some of the UK’s leading lenders, gives customers the best rates of finance to match their personal circumstances and credit rating. Our acquisition follows a phenomenal year of growth for Carfinance247 and is part of our advancement strategy.”   
 
Rix continued: “In its heyday Carcraft was a highly successful business and the brand name still attracts a large amount of natural web traffic. We will work hard to re-invigorate consumer confidence in the name by creating a reliable, trustworthy car classified website, delivering the same high levels of technology and service that’s helped us build the Carfinance247 name.”
 
Experienced in running an online car classified ads business, Reg and Louis established netcars.com (now RACcars.co.uk) in 2009 that they successfully sold to the RAC in February 2013. Rix added: “Having worked in the motor trade for many years, the Carcraft brand means a lot to us personally as well as a brand we see big potential in going forward.”    
 
A team led by partner Ed Foulkes from the Manchester office of Clarke Willmott LLP advised Carfinance247 on the acquisition.
 
Anyone interested in advertising on the Carcraft site from September should email info@carcraft.co.uk

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