Airtours founder Crossland backs Netcars to fly

A NEW online business hoping to change the used car sales market has clinched a funding deal from leisure magnate David Crossland, the founder of holiday giant Airtours.

Manchester-based Netcars.co.uk, a trading name of JLR Digital, an newly-founded Ancoats-based firm, is a portal for buying and selling used cars.

It is run by brothers Reg and Louis Rix, whose father set up the Rix Motor Company in Warrington. David Crossland, who has invested in several online start-up businesses since retiring, is chairman and the major backer of Netcars.

Mr Crossland’s most recent business success came last year with the sale of Manchester-based car hire website Travel Jigsaw to an American group Priceline.com for around £90m.

Kirsti Pinnell and Liz Swann of the corporate and commercial team at Manchester law firm Kuits advised Netcars.co.uk in relation to a combined loan and security funding agreement, involving a substantial investment from Mr Crossland’s investment group to help the expansion of the website.

Netcars.co.uk has taken the Google-inspired ‘payment by results’ model and adapted it for the used car market, offering dealers a real alternative to existing market platforms – meaning that car dealerships and dealer groups can for the first time advertise their entire stock online for free.

Launched to dealers last month the site will be launched to consumers in March.

Kirsti Pinnell, corporate and commercial partner at Kuits commented, “We were delighted to advise JLR Digital Limited in securing this funding to assist Netcars.co.uk in its growth objectives.

“The management team is looking forward to a bright future and we are very excited about the prospect of working with them through the expansion of the business.”

Click here to sign up to receive our new South West business news...
Close