How's this as a metaphor for the dorm-room Internet mogul hiring his grandpa: 12-year-old auto shopping and research site AutoTrader.com has bought 84-year old competitor Kelley Blue Book.
The deal also gives AutoTrader Kelley Blue Book's sister companies CDMdata and CDM Dealer Services.
The Atlanta-based company won't disclose financial details of the deal that makes Kelley
Blue Book a subsidiary of AutoTrader.com. The acquired company will stay in Irvine, Calif.
Kelley Blue Book President and CEO Paul Johnson was optimistic that the deal would help KBB grow "In
the vehicle valuation and consumer car shopping spaces."
AutoTrader.com is a market for individual buyers and sellers and for auto dealers and manufacturers. For consumers, AutoTrader offers
research-and-compare functions, search tools and inventory. The company offers automakers targeted marketing platforms.
Kelley Blue Book, founded in 1926, and online since 1995 focuses on new
and used vehicle pricing information to the auto industry.
AutoTrader.com said, in a statement that it "Strongly believes in maintaining Kelley Blue Book's independent and unbiased position
in the marketplace as a vehicle-valuation source," and said Johnson and the rest of Kelley Blue Book's leadership team will remain in place.
In the deal, which the parties say will close by
the end of the year, J.P. Morgan acted as Kelley Blue Book's exclusive financial advisor and Goldman, Sachs represented AutoTrader.com.