- Online car dealing site Auto Trader said it had acquired Blue Owl Network, the owner of AutoConvert, for an undisclosed sum.

AutoCovert was a finance, insurance and compliance software platform with integrated customer relationship management solutions for the automotive sector.

'This represents a significant step in our strategy to help retailers move more of the car buying process online,' chief executive Nathan Coe said.

The acquisition was expected to contribute around £1m to revenue and an operating loss prior to any amortisation on acquired intangible assets of about £0.5m in the year through March 2021.

At 2:10pm: [LON:AUTO] Auto Trader Group PLC share price was +6.4p at 535.4p

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