Currency in EUR
Last close As at 06/02/2023
▲ −0.01 (−0.85%)
MotorK is a European SaaS provider operating in the automotive retail industry, selling mainly in the EU5 but with a global presence. Its cloud-based platform, SparK, offers OEMs and dealers a suite of digital tools to support the vehicle lifecycle end-to-end.
Automotive retailers are moving away from traditional bricks-and-mortar sales methods and are investing more in their digital capabilities. MotorK estimates its current addressable market of automotive OEMs and franchised dealers in EU5 is worth c €1.4bn; if it chooses to move into the far larger market of all European automotive OEMs and dealers for all vehicle types, this could expand its addressable market to €5.4bn.
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MotorK completed the sale of its B2C e-commerce business unit DriveK to GEDI Gruppo Editoriale on 15 December (first stated on 18 October). Management expects that the transaction will unlock substantial synergies by leveraging their respective relationships with major OEMs, coupled with marketing savings and the sharing of best practices. The sale will enable MotorK to fully focus on its B2B software as a service business, namely its SparK platform, while continuing to benefit from any future value creation via a 20% shareholding in the new combined entity.
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