Raycom Media Acquires PureCars
October 27, 2015 – Raycom Media announced today that it has acquired PureCars, the leading digital advertising platform for the automotive industry, for $125 million in a deal that both companies see revolutionizing the way TV and digital advertising work together to serve the automotive industry.
Raycom Media is one of the nation’s largest privately-held broadcasters and operates 51 television stations in 38 markets across 19 states, covering 13.2 percent of U.S. television households. PureCars is one of the largest and fastest growing digital advertising platforms for the automotive industry used by thousands of dealers, dealer groups, local marketing associations and agencies across the country.
“We are excited that PureCars is now part of the Raycom Media team,” said Raycom Media President and CEO Paul McTear. “We are impressed by the leadership, people and technology PureCars brings to the table and are eager to provide our customers with a market-leading advertising solution that crosses the TV and digital divide.”
“Since our first meeting, Raycom Media stood out as a partner that was aligned philosophically and brought real strategic value to the table,” said PureCars CEO and founder Jeremy Anspach. “I’m proud of the deficiencies we have been solving in the automotive business and the direct impact we have made in helping dealers connect with buyers in a more efficient way using digital advertising. With Raycom, we have more data, resources and reach to help our customers market their inventory with smarter, more efficient advertising solutions.”
PureCars will operate as a separate unit within Raycom Media and maintain its development campus in Atlanta and offices in Charleston, S.C. and Milwaukee. The combination will allow for a cohesive platform that unifies traditional and digital advertising across television, desktop, tablet and mobile.
“Shoppers today are not loyal to just one source of media – they bounce from TV to web to social media and often use all mediums at once,” said PureCars COO Sam Mylrea. “It’s time for an advertising platform that understands a fluid approach is one that will win the final sale, and PureCars is excited to be part of that solution with Raycom Media.”
Raycom Media, an employee-owned company, is one of the nation’s largest privately owned broadcasters and owns and/or provides services for 51 television stations in 38 markets and 19 states. Raycom Media stations cover over 13.2% of U.S. television households and employ over 4,200 individuals in full and part-time positions. In addition to television stations, Raycom Media owns Raycom Sports (a marketing, production and events management and distribution company), Tupelo-Honey Productions (a NY-based production company), RTM Productions (a Franklin, TN-based automotive programming production and marketing solutions company), WebStream Sports (an Indianapolis-based, live event production company) and Broadview Media (a post-production/digital signage company based in Montgomery, AL). Raycom Media is headquartered in Montgomery, AL.
Progress Partners, a Boston- and New York-based corporate M&A advisory firm, represented Raycom in the transaction.
PureCars was founded in 2007 and has become the leading digital advertising platform for the automotive industry. PureCars’ platform suite offers various marketing solutions to drive high-probability buyers to a dealer’s site, optimize traffic once on their site, and convert those customers in the showroom. With over 150 employees and three offices, PureCars utilizes its extensive data library and proprietary technology to automatically target the right buyer with the right vehicle in the right location, optimizing ad spend and maximizing ROI.