Renault Group, and its subsidiary RCI Bank and Services, have acquired an equity stake in Mobility Trader Holding GmbH, which owns and runs the online used car sales platform, heycar. The deal will help to contribute to the development of the heycar platform in Europe and with a view to its launch in France.
Originally owned by Volkswagen AG and Daimler, heycar was launched in Germany in 2017, in cooperation with VAPV (Volkswagen und Audi Partnerverband), the German car dealer association.
The platform is already operational in the UK and Spain.
Representing a large number of dealer groups of different brands at some 5,000 locations with more than 380,000 vehicles, it markets quality used vehicles online, sold by professionals to retail customers.
Luca de Meo, CEO Renault Group, says: “We are very pleased with this project with heycar, which in just a few years has become a key player in the online distribution of used vehicles. This agreement is in line with Renault Group’s strategy to increase value creation at each stage of the vehicle life cycle. In line with the Re-Factory – the project to convert the Flins plant into a dedicated site for circular economy of mobility – through this partnership we intend to strengthen the competitiveness of our sales network across the entire used vehicle value chain: from procurement to after-sales, including reconditioning, marketing and sales of financing and services.”
The completion of Renault Group‘s acquisition is subject to the conditions normally applicable to this type of transaction, including the presentation to the respective boards of the involved parties, the employee representative bodies in France in accordance with the applicable French regulations and the possible approval of the relevant competition authorities.
It is expected to be completed in the fourth quarter of 2021.
To read our interview with heycar’s CEO, click on the link.