The chief executive of online vehicle classified advertising group Carsales.com expects the sharp rises in interest rates around the world to have little effect on volumes on its online platforms because motorists will simply trade down to a lower price bracket.
Cameron McIntyre said on Wednesday that a $353 million acquisition of an additional 40 per cent stake in Brazilian group Webmotors to push it to 70 per cent ownership is a smart strategic move in its fastest growing market for online vehicles.
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Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
