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WebMotors, Brazil’s No. 1 autos vertical by revenue, saw its net income for FY2018 increase 52.1 percent to BRL 44.2 million ($11.4 million US), according to a company’s document filing. 

The vertical said net income rose from BRL 29 million ($7.5 million US) in FY2017. WebMotors is owned by Santander bank (70 percent) and CarSales (30 percent).

It posted a gross profit of BRL124 million ($32 million U.S.) in FY18 — up from BRL 94.8 million ($24.4 million US) in FY2017.

WebMotors recently named Eduardo Jurcevic as the company’s CEO. It also launched a new site.