New division combining iconic motoring titles, increased staffing and enhanced digital platforms will serve new and used car-buyers, dealers and manufacturers.
27 March 2017, London: Haymarket Media Group, the international online and magazine publisher, today announced a £50 million expansion of its consumer automotive operations by creating a new division, Haymarket Automotive, to capitalise on the success of titles including What Car?, PistonHeads and Autocar.
More than a hundred new jobs are expected to be created as Haymarket Automotive invests in content, data and transaction information to serve the growing market for used and new cars in the UK – a retail market-place worth more than £85 billion a year.
Kevin Costello, Chief Executive of Haymarket Media Group, said: “This new division represents the single largest organic investment in our company’s history, reflecting the exciting growth prospects for media-content and services for new and used cars.
“Since the launch of What Car? in 1974, Haymarket has built some of the most authoritative titles in the industry. We will offer even more valuable content, price-comparison and dealer information in an automotive media segment that Haymarket helped create.”
The formation of Haymarket Automotive follows a steady rise in audience traffic to the What Car?, PistonHeads and Autocar platforms, which attract a total of 5.2 million unique users per month.
Total staffing in the consumer automotive division will rise to 240 in the medium term. Further investment will also be made in digital technology, consumer services and data management.
The enlarged business will operate a single digital platform, enabling car-buyers and sellers to interact, use data and consume content produced by all Haymarket Automotive titles.
Haymarket estimates that revenues at the new division could increase fourfold within a few years as a strengthened management team implements the expansion plan.
Rachael Prasher, currently Automotive Group Brand Director at Haymarket, will become Managing Director of the new division. She will be supported by an executive team including Paul Shoesmith, Commercial Director, Jim Holder, Editorial Director, Richard Harding, Digital Director, and Mark Hodson, Marketing andAudience Director.
Prasher said: “This funding gives us the opportunity to fulfil the untapped potential of the What Car?, PistonHeads and Autocar brands, and sets us free to invest and innovate at a faster rate than ever. We have been working on this plan for more than a year, and Haymarket Group’s decision to meet our ambition with the funding required kick-starts the transformation of our business on every level. I’m incredibly excited to be leading this new Automotive division and working with our teams to deliver this plan.
Haymarket Automotive will be based in new offices close to the group’s west London headquarters.
Tim Burt/Ben Ullmann, Teneo Blue Rubicon 07583 413 254 / 07876 879 908