Carfinance247 owner’s Reg and Louis Rix have acquired the web domain and trade mark of Carcraft for an undisclosed sum, with intent to relaunch the website.

Carcraft, formally a multi-site used car supermarket, ceased trading after it went into administration in April 2015. It was the UK’s sixth largest second hand dealership chain with an annual turnover of over 120m.

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The Rix brothers said that because Carcraft was a strong brand name, the site was still attracting a large amount of natural web traffic. They intend to relaunch the brand as an online used car classified business.

Outlining their plans for the brand, Reg Rix said: "The site will be free to advertise on for dealers nationwide and offer consumers an excellent shopping experience with an abundance of choice.

"It will support our Carfinance247 business that, through our partnerships with some of the UK’s leading lenders, gives customers the best rates of finance to match their personal circumstances and credit rating. Our acquisition follows a phenomenal year of growth for Carfinance247 and is part of our advancement strategy."

Reg Rix added: "In its heyday Carcraft was a highly successful business and the brand name still attracts a large amount of natural web traffic. We will work hard to re-invigorate consumer confidence in the name by creating a reliable, trustworthy car classified website, delivering the same high levels of technology and service that’s helped us build the Carfinance247 name."

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Reg and Louis Rix have experience in running an online classified ads business, having established netcars.com (now RACcars.co.uk) in 2009. This was successfully sold to the RAC in February 2013.