Cox Automotive has acquired a majority shareholding in Molicar, Brazil's vehicle valuations business.

The company will now have a stake in the second largest used vehicle market, according to a release.

Molicar currently facilitates around 13 million vehicle valuations a year and has a vehicle catalog that contains 22,000 different models and prices that are updated weekly across 12 different regions.

“We expect the deal to complete in early May at which point the addition of Molicar will mean that we have valuation propositions in the world’s top three used vehicle markets. This partnership represents a very exciting development that further enhances the range of products and services that Cox Automotive is able to offer to clients across the globe," said John Bailey, president of Cox Automotive International.

Currently, Cox Automotive owns Kelley Blue Book in the U.S. and JingZhenGu in China.