Cars.com, a popular car shopping site that has been around since 2008, has announced a major investment in a new car buying website called CarBuy.com.
The deal is worth $50m per year and is to be fully operational in 2021.
It is also being spun out of a $150m investment that was announced in 2015.
“The CarBuy team has built a truly world-class online car shopping experience that we are thrilled to share with our loyal customers and customers who want to make the purchase of a used or used car the best way possible,” said CEO and co-founder David Hogg.
“With CarBuy, customers can search for and purchase used cars at the most affordable prices, browse cars in real time and make offers that are the perfect fit for them.”
The company’s car buying site is designed to be a first-of-its-kind online vehicle buying platform, with a goal of allowing car buyers to buy from across the globe.
Carbuy.com is already a leader in online car buying, with customers able to buy vehicles in countries like Argentina, Canada, China, India, Mexico, New Zealand, Singapore, Spain and Vietnam.
The company has already sold over 2.4m cars to customers, with the majority of those cars being in North America.
But it also has plans to expand the service, and announced plans for a car buying platform in the UK in 2020.
The car buying service has been a key part of CarBuy’s strategy to diversify its business, which was set up with a $3bn round of funding from Sequoia Capital and the Sequoias Venture Capital.
Its website has been one of the fastest growing in the world and has been used by more than 20 million people.
Cars.com has also been one the largest car buying sites in the US and has over 20 million registered users.