Raycom Media announced today that it has acquired PureCars, the leading digital advertising platform for the automotive industry, 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 â€“ 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."
Progress Partners, a Boston- and New York-based corporate M&A advisory firm, represented Raycom in the transaction.