Carsales has announced a restructure which will cost at least 15 jobs

The nation’s largest online car market, Carsales, will undergo a restructure and cut at least 15 jobs amid a slowdown in demand.

Car Group chief executive Cameron McIntyre. Picture: David Geraghty

Carsales, the nation’s largest online seller of cars, is restructuring parts of its sprawling operations with the loss of at least 15 jobs as the broader car market struggles due to a decline in consumer spending amid cost of living ­pressures.

Car Group, the $12.4bn business that owns Carsales as well as operations in Asia, North America and South America, denied the job losses were as high as 35 – as some claim. It said the restructure was “small” and part of the ordinary course of business.

A Car Group spokeswoman declined to comment further because the ASX-listed company is in a media blackout in the lead-up to the release of its full-year results on August 12.

At its half-year results, Car Group was more optimistic about the market and its own market share.

“The Australian automotive market continues to be resilient despite cost of living and higher interest rate pressures, with traffic and enquiry volumes to car­sales.com.au in December all tracking above the same time last year,” it said.

But the sector has changed gears since Christmas.

In May leading car sales company Peter Warren Automotive issued a profit warning, saying the higher number of cars on offer following the end of the pandemic had led to greater competition between dealerships and lower profit margins. It also said the level of customer demand had fallen.