CarNext ends B2C activity in Germany and Norway
CarNext is ending its B2C activities in Germany and Norway. The online used-car portal will no longer sell vehicles to consumers. It will, however, continue its B2B activities (i.e. vehicle sales to companies) in both countries.
Founded in 2018 as LeasePlan’s remarketing subsidiary, the plan for CarNext has always been for it to grow into a major used-vehicle portal, selling not just ex-lease vehicles from LeasePlan, but also high-quality used cars from other sources.
A few years ago, CarNext was valued at €2 billion. However, the company has struggled to achieve profitability. Over the past few years, it has regularly posted quarterly losses in the tens of million euros. Earlier this year, LeasePlan sold the company to the Constellation Group, which also owns the vehicle auction specialist BCA.
CarNext is not commenting on the latest developments. It remains unclear what will happen to its physical outlets in Germany (four) and in Norway (one).
CarNext retains activities in five other European countries (France, Spain, Italy, the Netherlands and Portugal). For 15 other countries, its website redirects people looking for used cars to LeasePlan’s various national websites.
CarNext is not the only large online remarketing specialist experiencing difficult times. Last week, Cazoo announced that it would cease its activities in the EU, and refocus on its home market in the UK.