I was very surprised to find out about a week ago that Edmunds was laying off 130 people immediately. Then I was even more surprised that used car retailer CarMax was heavily investing into Edmunds. It is unclear at this point what affect this will have on Edmunds, if any. We can only hope the cash influx from CarMax will not influence the reporting at Edmunds, a company I have held in high regard, but 50 million dollars is a lot of money.
CarMax, Inc. announced it is partnering with, and investing in, Edmunds, one of the most influential and popular automotive research sites in the world. CarMax is investing $50 million to acquire a minority stake in the company.
Edmunds has been consistently recognized as one of the most trusted online resources for automotive information, and an industry leader in digital car shopping innovations. This strategic relationship further strengthens CarMax's new omni-channel experience, which empowers customers to buy a car on their terms, whether completely from home, in-store, or a seamlessly integrated combination of both.
"Edmunds' proprietary content, comprehensive automotive market insights and streamlined user experience across the car buying and selling journey will allow us to deepen our engagement with customers shopping online," said Bill Nash, CarMax president and CEO. "Consumers trust Edmunds for its in-depth, expert-driven automotive editorial content and unbiased reviews. Edmunds has also made significant investments in digital innovations over the last several years that align with our continued focus on enhancing the customer experience online."
"We're excited for this opportunity to collaborate with another well-respected industry leader that is dedicated toward making car shopping easier for consumers," said Avi Steinlauf, Edmunds' chief executive officer. "With our expanded resources and capabilities, we're confident this will be a mutually beneficial partnership for many years to come."
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