Australia-based Carsales has changed its name to Car Group, to better reflect the “growth and scale” of the business outside Australia.
The company’s classified site in Australia will remain known as Carsales, but the entity listed on the Australian Securities Exchange, which owns and controls marketplaces in Australia, Brazil, Chile, South Korea and the U.S., will now be known as Car Group.
The company voted on the name change at its AGM last week, with 99% of shareholders voting in favor of the motion.
“More than 50% of the company’s revenue is being generated outside of Australia,” the company said in an ASX filing. “It is appropriate to differentiate the listed entity from the Australian marketplace brand.”
“A change of name, which is aligned to the company’s ASX code, clearly delineates the listed parent company from its marketplace brands around the globe.”
In addition to the name change, the company updated its brand identity to include both a car and an RV (recreational vehicle), reflecting its growing presence in the non-automotive segment in Australia and, most especially, in the U.S., where it owns Trader Interactive.
“The company does not intend to change the brands of any of its marketplaces or other businesses in any country,” it added.