5 Dec 23
News

Peter Grøftehauge acquires 100% of Autorola

Peter Grøftehauge acquires 100% of Autorola

As of 1 December, Peter Grøftehauge (pictured) has acquired 100% of Autorola, buying out the remaining stake owned by his brother Martin. This change – a “natural evolution” after 30 years – will not affect the daily operations of the company or any of its subsidiaries or joint venture, Autorola says.

Peter Grøftehauge, who was inducted into the Fleet Europe Remarketing Hall of Fame just last month, promises that Autorola “will continue to be at the forefront of innovation in global vehicle remarketing.”

Founded in 1996 by Peter, Martin and their father Niels as an online vehicle auction system in Denmark, Autorola started expanding internationally, establishing presences in Germany, the UK and seven other European markets by the mid-2000s. Expansion continued in Europe and beyond, with ventures in Australia in 2008, in Turkey in 2012, and beyond. Earlier this year Autorola initiated a joint-venture with Al-Futtaim in the UAE, poised for rapid expansion across the Middle East. 

Autorola remains a privately-owned entity, currently with a presence in 20 countries across five continents worldwide, and a team of over 750 employees across all of its markets. 

Peter, the company’s long-time CEO and President, has always played a pivotal role in Autorola’s market positioning and commercial success – emphasizing the role of technology in generating benefits for both the sellers and buyers of used cars. Assuming full ownership of Autorola Group, Peter is honoured, enthusiastic, and confident: “Our commitment to delivering user-friendly and effective technological solutions for our clients is unwavering, and I’m eager to strengthen our position in the market.”

In 2024, Autorola will roll out Indicata Forecasting across Europe and Brazil, and explore new markets in the Middle East. The company will maintain a strategic focus on integrating Big Data and AI, in order to deliver state-of-the-art solutions. The company aims to grow to 1,000 employees worldwide by 2028 by focusing on strategic growth initiatives.

Image: Autorola
 

Authored by: Frank Jacobs