13 Sep 18

Daimler invests in VWFS used-car platform heycar

Volkswagen Financial Services (VWFS) has secured financing from Daimler’s financial division for heycar, its premium used-car platform. 

Daimler will ensure a capital increase for heycar and in return will acquire a 20% stake in Mobility Trader Holding GmbH, which operates the heycar platform in Germany via its subsidiary, Mobility Trader GmbH. 

Daimler will have a seat on the advisory board of that subsidiary and – if and when it expands beyond Germany – on the board of each additional international subsidiary. 

The value of the transaction has not been disclosed. The deal is subject to approval by the relevant antitrust authorities. 

Founded in October 2017, heycar is a premium platform for trading used cars that is both brand-neutral and focused on working with authorised dealers. The platform currently offers more than 300,000 vehicles from over 1,000 dealer groups at around 3,000 locations in Germany. 

“From the outset, we’ve positioned heycar as a cross-brand quality platform for used cars from all brands”, says Dr Christian Dahlheim, Chief Sales and Marketing Officer at VWFS. We’re therefore especially delighted that Daimler is convinced by our concept to become an investor and buy a stake in the venture”.

Authored by: Frank Jacobs