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.
“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.
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.”