AutoTrader Group, operator of the largest digital automotive marketplace in the United States, has made a significant international investment by acquiring a 21.8% stake in Bitauto (NYSE: BITA). Bitauto is a leading provider of Internet content and marketing services for China's fast-growing automotive industry. Through its bitauto.com and taoche.com websites, Bitauto provides China's consumers with up-to-date new and used automobile pricing information, specifications, reviews and consumer feedback. 

The PRC new car market is the largest in the world and is expected to grow from 18.5 million in annual sales in 2011 to 27 million in annual new car sales by 2016, according to the Chinese Association of Automotive Manufacturers (CAAM). The Chinese Automotive Dealer Association (CADA) expectsChina's used car market to grow from annual sales of 4.1 million in 2011 to sales of 14 million by 2016.

"AutoTrader Group's investment in China's Bitauto aligns our group of companies with China's leading on-line automotive site. This investment strengthens our portfolio of companies and establishes the foundation for future growth and learning opportunities in emerging markets," said Chip Perry, CEO of AutoTrader Group.  Perry added, "While we are excited about the prospects associated with participating in the China market, we remain committed primarily to our core investments and growth opportunities here in the United States."

"We are delighted that AutoTrader Group will become an important strategic investor in Bitauto," said Mr. William Bin Li, chairman and chief executive officer of Bitauto. "AutoTrader Group's leadership as operator of largest digital automotive marketplace in the United States makes them an ideal partner for Bitauto. By bringing together leaders in the two largest automobile markets in the world, I am confident that this cooperation will create significant cooperative opportunities and drive value for both companies in the long term."