Direct financing acquires the Otto website

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The non-bank financing company


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, Which is traded on the Tel Aviv Stock Exchange, acquires control (80%) of the site and “Otto” magazine from its founders, the Frumchenko family, for about NIS 20.4 million.

Direct financing, which provides the public with credit for the purchase of vehicles, thereby expands the complementary services to its activities in this field. The company already operates the Carwiz website that links car dealerships to consumers, as well as a call center that aims to try and characterize the customer for the right vehicle for him. The purchase of a car is added to the basket of services held by the company.

The Otto website, which sees more than 1 million monthly visits on average, includes a system that publishes news and articles about the automotive world, vehicle tests, comparisons between vehicles, price lists and more. These materials are presented to the audience of car buyers in Israel through a printed monthly, an auto website, videos that appear on the website and Channel 12 on television. In addition, the company operates a call center for free advice on purchasing vehicles, and chooses Israel’s Car of the Year.

Completion of the transaction is expected to be within 60 days and is conditional on receipt of various approvals, including approval from the Competition Authority. Otto’s CEO, Tal Hamo, will continue to hold and manage 20% of the company’s shares. For direct financing, an option to purchase Hemo shares within 5 years.

Eran Wolf, CEO of Direct Finance, said: “One of the goals of the acquisition is, among other things, to develop the Auto site similar to sites from around the world that satisfy the entire range of needs of the vehicle buyer under one house and constitute a content and knowledge center, consulting and sales.”

Members of the Frumchenko family said: “In recent years, the (website) car has become the main tool for those interested in buying a car in Israel. We are confident that the synergy between the parties will bring even greater benefit to the Israeli car consumer, who will enjoy a comprehensive package that will march him towards the digital age.”

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