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Firstmac buys another 'category killer'

Firstmac has acquired car loan broker Carloans.com.au and car-buying service Georgie from ASX-listed Eclipx.

Firstmac will pay A$2 million, with $400,000 up front, with $1.6 million in quarterly instalments beginning in December.

Firstmac managing director Kim Cannon said the acquisition “would support Firstmac’s continued rapid growth and complement our existing brands very well, and will help us expand car loans business over time to match our successful home loan operation.”

“During this time of crisis we are taking a positive approach to business to ensure that we emerge out the other side with an even stronger company,” Cannon said.

“These two businesses complement our existing brands very well and will help us expand car loans business over time to match our successful home loan operation.”

Cannon said Firstmac “now owns a stable of category killer domains” including carloans.com.au, savings.com.au and loans.com.au.

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