Features
8 Feb 18

COTW acquires GWLISTE

Belgium-based online used car platform CarsOnTheWeb (COTW) has acquired GWLISTE.DE, a German online car trade network. The acquisition fits with COTW's growth target of hitting 100,000 units sold per year. 

COTW's new strategy, unveiled last year, calls for strong organic growth over a number of years. For 2018, the target is to realise a consolidated growth of 25%, with sales of 68,000 units. Acquiring DWLISTE, headquartered in Haan near Düsseldorf, will greatly help to achieve that target. In 2017, it achieved a volume of 15,000 used cars traded.

Two birds
“With this takeover, we kill two birds with one stone”, says Johan Meyssen, COTW CEO. “We increase our sales volume and we tap into additional sourcing channels”. Acquiring the German company was a well-considered move, says Meyssen. In fact, there were four reasons:

“First of all, we want to considerably strengthen and broaden our footprint on the German market. GWLISTE is a well-known name: they sell 15,000 vehicles per year. Secondly, GWLISTE is complementary to our business, as they work with a somewhat different business model. We use the 'no win, no fee' method, whereas GWLISTE offers paid services to their Business Partners (primarily dealers and fleet owners)”. 

“Thirdly, GWLISTE sells more than 80% of the vehicles offered on their platform, which is a very high conversion ratio. And finally, German vehicles are renowned for their quality and there is a lot of demand for these vehicles among our customers. Now, we can offer them a much broader range of German vehicles”.

Separate entities
Patrick Schröder, COTW Country Manager for Germany, and Pieter Behets, Chief Business Development Officer at COTW, will be closely involved with managing the acquisition. Says Mr. Behets: “GWLISTE has a different type of relationship with their Business Partners. I will evaluate their business model, test it and research how it could fit in with other countries”.

In this initial phase, Jan Van Orshoven, COO at COTW, will steer the integration of GWLISTE. But for the time being, COTW and GWLISTE will continue to operate as two separate entities. Sven Quambusch, founder of GWLISTE, is to stay on board and will primarily work on further expanding relations with sellers, reporting to Patrick Schröder. 

“There will be very little integration. GWLISTE will keep its own name and place on the market”, says Mr. Meyssen. “Both companies will cooperate mainly in Seller business development and by sharing know-how”. 

Authored by: Frank Jacobs