Santander: buys Spanish online car dealer coches.com

(CercleFinance.com) - Santander Consumer Bank, a unit of Spain's Santander, said on Friday that it has agreed to buy Spanish online car dealer coches.
com.

The division said it has taken a 93.8% stake in Autodescuento, the holding company that owns the Web site.

Coches.com was founded in 2009 by entrepreneurs Inaki Arrola and Ignacio Arrola, who were then joined by Nuno Lopez-Coronado, the current marketing officer who further developed the business.

In 2019, coches.com has managed a volume representing 32% of new car purchases in Spain, Santander said.

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