CarTrade buys out arch rival CarWale

Online auto classified platform CarTrade has acquired rival CarWale from leading European digital publisher Axel Springer for an undisclosed amount. This is seen as the largest consolidation in the segment, according to industry experts. While CarTrade has a clear focus on used cars, CarWale’s primary strength in new vehicles. The merged business aims to become a leading player in both new and used cars. The two companies have over 3.2 crore combined visits in a month, work with about 9,000 new and used car dealer.