What Car? Autocar and PistonHeads publisher Haymarket revs up automotive business with £50m expansion

 
William Turvill
Follow William
The New State Of The Art Ford Production Line
Haymarket said the expansion would create more than 100 jobs (Source: Getty)

Magazine publisher Haymarket has announced a £50m expansion of its car business which is expected to create more than 100 new jobs.

The media group has today announced the creation of a new division, Haymarket Automotive, to “capitalise on the success” of titles including Autocar, PistonHeads and What Car?

The division will invest in content, data and transaction information to serve the market for new and used cars, which is estimated to be worth more than £85bn a year.

Read more: Ascential expects more sales soon after discharging £19m health service mag

“This new division represents the single largest organic investment in our company’s history, reflecting the exciting growth prospects for media-content and services for new and used cars,” said Haymarket Media Group chief executive Kevin Costello.

“Since the launch of What Car? in 1974, Haymarket has built some of the most authoritative titles in the industry. We will offer even more valuable content, price-comparison and dealer information in an automotive media segment that Haymarket helped create.”

Haymarket, which said What Car?, PistonHeads and Autocar attract 5.2m unique users per month, will also invest in digital technology, consumer services and data management.

The new division will operate a single digital platform on which buyers and sellers can interact, use data and read magazine content.

Read more: How revenue woes are driving a wave of deals in the print media sector

Haymarket has estimated that the expansion will lead to a fourfold increase in revenues “within a few years”.

Haymarket’s current automotive group brand director Rachael Prasher will become managing director of the new division. She said: “This funding gives us the opportunity to fulfil the untapped potential of the What Car?, PistonHeads and Autocar brands, and sets us free to invest and innovate at a faster rate than ever.

“We have been working on this plan for more than a year, and Haymarket Group’s decision to meet our ambition with the funding required kick-starts the transformation of our business on every level.”

Related articles