The biggest second hand car sales website on the domesticmarket, autovit.ro, has been bought by the Naspers giant, one ofthe biggest media companies in the world, based in South Africa, ina deal worth more than 4.7 million euros, sources on the marketsay.
As a result, four Romanians collected more than one million euroseach: Cornel Parvu, Florea Parvu, Florian Nila and Irina Nila. Theyeach owned 25% in Visual Soft, the owner of the autovit.ro website.The company was sold to MIH Allegro BV, a subsidiary of the Africangroup.
This is one of the biggest deals on the online market, second onlyto the sale of the neogen.ro portal to investment funds TigerGlobal Management and Wouver Investeringen for 6 million euros in2007.
The four Visual Soft shareholders also own the second-hand carmarket Autovit in Bucharest (Vitan-Barzesti road), the biggest suchmarket in Romania.
The buyer, the Naspers group, which posted 2 billion euros inrevenues in 2008, was assisted by law firm Danila, Petre siAsociatii in this deal, while sellers had Dojana si Asociatii aslegal advisors.
The autovit.ro classified advertisement website was launched almostten years ago and currently displays some 18,000 ads for the saleof vehicles, motorcycles, trucks, coaches, spare parts andaccessories. The site is a virtual projection of the auto market inVitan.
Autovit.ro has more than 72,000 visitors every day and is the topranking site in the automotive category and the 22nd most visitedof all the Romanian sites. More than 2.2 million people have goneto autovit.ro over the past month. Trafic.ro statistics show 50clicks per visitor on average.
What is its business model? Those who want to sell their vehiclepost ads, which cost 1.5 euros plus VAT for a 15-day displayperiod, which can be paid via SMS. Under the circumstances, therevenues of the website exceed 630,000 euros per year, butmaintenance costs do not exceed 100,000 euros.
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