Santander Consumer Finance acquired 93.8% of Autodescuento S.L., the company that owns the portal coches.com, the leader in managing the sale of new vehicles in Spain. Santander Consumer Finance aims to generate value for car dealers and end users by bringing services closer together and improving the experience and transparency in the purchase and financing of cars over the Internet.
Coches.com was launched in 2009 by Iñaki Arrola and Ignacio Arrola, founders of Autodescuento S.L., who were joined by Nuño López-Coronado, the current Product and Marketing Director, to contribute to the development of the portal. It is currently a leader in the purchase and sale of new cars, as well as one of the main players in the used car and rental market. In 2019, coches.com managed a volume of sales opportunities equivalent to 32% of new car purchase transactions for individuals in Spain. It has more than three million unique users per month and works with thousands of both new and used vehicle sales dealers in Spain, different renting companies and other operators in the sector.
For Santander Consumer Finance, this operation is part of its strategy of continuing to invest in the car distribution industry in Spain, investing in future projects that help to continue to provide value to shareholders, dealers, manufacturers and consumers. This acquisition will also enable further progress in the digitalization of processes, provide new communication and marketing channels, and providing consumers with more efficient, transparent and innovative alternatives when it comes to any decision regarding mobility.
Santander Consumer Finance is continuing to follow the path followed so far by coches.com and will keep the current management team at the head of the company.
As Gerardo Cabañas, CEO of coches.com said: “Thanks to this operation, we will be able to expand our business and tackle greater challenges, by complementing the resources of coches.com with those of Santander Consumer. Bringing this type of service closer to dealers and strengthening the financing process is essential for digitizing and evolving the market. We are very proud that Santander Consumer has chosen us for this new stage.