28 Feb 20

VW invests in VWFS used-car platform heycar

Following a similar move by Daimler Mobility Services (DMS) in 2018, Volkswagen Group (VW) is investing in Mobility Trader Holding (MTH), the parent company of used-car platform heycar. The investment is part of a capital increase, meaning VW – like DMS – now is a partner in MTH. The amount of VW’s investment has not been disclosed. 

MTH, a subsidiary of Volkswagen Financial Services (VWFS) – itself a VW subsidiary – launched heycar in Berlin in October 2017, and in London in August 2019. Over the past two years, heycar has established itself as a digitalisation and sales partner for dealerships. At present, it lists more than 450,000 vehicles (multibrand) on its German platform, as well as 160,000 vehicles on its UK platform.

VW’s participation underlines the potential of heycar’s business model. “The marketing of used cars is of great strategic importance for the Volkswagen Group and its trading partners,” says Dr Christian Dahlheim, Head of VW Group sales. “Together with heycar, we will continue to drive our expansion in Europe.”

Authored by: Frank Jacobs