11 October 2024
Managed accounts? Simple.
For advisers and their clients, are managed accounts simply a better way to invest? Read more to find out why managed accounts have become so popular with investors and advisers. Read more
31st July 2023 - Asset Management, Private Wealth
Carsales.com Limited (CAR) is a leading digital automotive and non-automotive marketplace.
Its key services are:
Domestically, it is an incredibly strong business that dominates its market, for both consumers and dealers. Protecting this strong market position is the network effect coupled with their ability to constantly innovate via improving existing products or creating new ones. Like all excellent businesses, Carsales aims to provide value to all stakeholders. Our research indicates that Carsales is certainly doing this for the consumer, the car dealers and auto manufacturers.
To give you an understanding of their domestic scale
From an international perspective, Carsales.com has operations in South Korea, Latin America and the United States.
The current economic environment is having both positive and negative impacts on CAR’s business. On the positive side, as interest rate rises start to bite and the economy slows, it is likely that car dealers will need to increase their advertising with Carsales to shift stock. There are also signs that the supply chain disruptions caused by the pandemic may be starting to ease. This is expected to boost the turnover of used stock, which is a large part of CAR’s business.
On the negative side, an increase in supply of used car stock could lower used car prices and this would reduce the commission received on sales. On balance, we believe CAR is adeptly navigating these positive and negative impacts.
We are backing management to continue their history of excellent operational execution. This is particularly relevant for the integration of Trader Interactive where it will take several years to integrate and move to a similar dynamic pricing model that CAR use in their existing markets.
The sell off in more growth orientated companies over the past 12 months provided us with an entry point into CAR that we were comfortable with given its dominant market position and forward looking growth prospects.
We are positive on the long-term outlook for CAR as they continue to develop their products, strengthen their network effect, and provide value to their customers.
If you would like more information please call 1300 ELSTON or contact us.
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