Plano-based CarOffer sells majority stake in car trading platform for $140 million

Plano-based car trading platform CarOffer is selling a majority stake in the company to a bigger online automotive player for $140 million.

The cash and stock deal gives publicly traded CarGurus a 51{09c3c849cf64d23af04bfef51e68a1f749678453f0f72e4bb3c75fcb14e04d49} stake in the firm founded in 2019 by auto industry entrepreneur Bruce Thompson. CarGurus also can buy the remaining 49{09c3c849cf64d23af04bfef51e68a1f749678453f0f72e4bb3c75fcb14e04d49} over the next three years under terms of the deal.

The acquisition effectively puts a $275 million enterprise value — a measure of a company’s total worth — on CarOffer.

Cambridge, Mass.-based CarGurus boasts the most visited automotive shopping site in the U.S., with more than