The big story of the week is the $1bn-plus bid to buy the online automotive marketplaces Craigslist and auto parts auction site craigslist.
The bidding wars have dominated headlines this week as a number of other online auto sellers battle to be heard on the $500bn+ market for used vehicles.
Some of the most compelling offers have been coming from companies that are not in the auto-parts business, such as the Chinese e-commerce giant Alibaba Group Holding Ltd (BABA.
O), a US-based firm with operations in China and other countries, and the UK-based logistics company Lidl.
Alibaba has raised an additional $500m to acquire the e-tailer, and Lidly is offering to buy about $10m of its stock in the deal.
Both companies have said they will try to keep the bidding low and to use the bidding war to push for price cuts in the future.
It is unclear if these offers will be accepted.
Craigslist’s founder Craig Newmark said last week the site’s stock price has risen about 10 per cent in the past year due to the boom in bidding on used car listings.
In a separate bid, the US-headquartered American Express Group Inc (AXP.
N) has made a $2bn offer to buy rival Craigslist, as it prepares to announce a new acquisition target in the sector.
Last week, the two companies also reached a deal to buy a $500 million stake in auto-repair company AutoZone.
The deal was confirmed last month by the companies.