Kelley Blue Book, long regarded as the go-to source of automobile valuations, is being bought by Atlanta-based AutoTrader.com.
Kelley Blue Book will operate as a subsidiary of AutoTrader and will keep its headquarters in Irvine, Calif., with current management remaining in place, the companies said.
AutoTrader did not say how much it will pay, though reports pegged Kelley Blue Book's value at more than $500 million.
In a press release, AutoTrader said it intends to maintain Kelley Blue Book’s “independent and unbiased position in the marketplace.”
AutoTrader’s president and chief executive, Chip Perry, said “we believe together we can bring a host of new technologies and tools to market that will significantly improve the car shopping process for consumers, and help auto dealers and manufacturers better capitalize on the fundamental efficiency advantages of the internet.”
Kelley Blue Book was founded in 1926 and for decades published blue-bound guides to vehicle values. It now has a website, kbb.com, that offers vehicle values, along with reviews, sale listings and other research tools.
AutoTrader.com, created in 1997, acts as an internet middleman for dealers and buyers of both new and used cars. The site draws 15 million unique monthly users, the company said.
AutoTrader also sells software that dealers and manufacturers can use to manage and market inventory. As part of the deal, AutoTrader also will buy Kelley Blue Book sister companies CDMdata and CDM Dealer Services, which also offer inventory-management systems.
AutoTrader.com is a majority-owned subsidiary of Cox Enterprises, an Atlanta-based communications, auto services and media company whose holdings include The Atlanta Journal-Constitution.
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