Used-car platform Heycar expands into the UK
The online used-car platform Heycar is expanding into the United Kingdom, with the aim of bringing greater transparency and trust to the used car market. Heycar already offers over 100,000 used vehicles from nearly 50 automotive brands on the platform. The vehicles come with a warranty, are less than 8 years old and have done less than 100,000 miles.
In the United Kingdom, the Heycar brand operates under Mobility Trader UK Ltd., a wholly-owned subsidiary of Mobility Trader Holding GmbH. The shareholders of Mobility Trader Holding GmbH are Volkswagen Financial Services AG with 80% of the shares and Daimler Mobility AG with 20%.
"We are pleased that Heycar has now taken the first step towards an international expansion. Following the positive reception of Heycar in Germany, we now want to serve dealers and customers in the United Kingdom just as successfully and thus further expand our used car business", says Frank Fiedler, CFO of Volkswagen Financial Services AG.
"The UK used-car market, the second largest in Europe after Germany, works inefficiently for buyers and dealers. heycar will disrupt this industry through a simple, tech-led proposition and will take market share from the incumbents to become the number one site for high quality used cars in the UK",says Mat Moakes CEO of Mobility Trader UK Ltd.
In Germany, Heycar was launched in October 2017. In the meantime, around 400,000 vehicles from different brands are offered on the platform.