The heycar Group, which owns online car marketplace heycar, has gained two new investment backers – Renault Group and its subsidiary RCI Bank and Services. Heycar has not disclosed how much its capital will increase by as a result of its new backers.
“We are very much looking forward to working together with heycar. In the space of just a few years, this platform has become a major player in online vehicle sales,” said Luca de Meo, chief executive of the Renault Group.
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By GlobalData“This agreement fits seamlessly into Renault Group’s strategy of adding value at every single stage of a vehicle’s life cycle. Our aim with this partnership is to increase the competitiveness of our sales network along the entire vehicle value chain – from purchasing to aftersales. This involves services such as maintenance and marketing, as well as the sale of financing and services.”
Heycar is currently active across the UK, Germany and Spain, and the extra capital will allow it to expand across the European market as well as stay active in its existing markets. In addition to the strategic and capital contribution, the transaction will also include French car brokerage platform Carizy, which will allow heycar to capture a new customer base in the French used car market.
“With the Renault Group and RCI Bank and Services, we have gained another large volume manufacturer as a strong strategic partner to support our European growth plans,” said Florian Schlieper, chief executive of the heycar Group.
Schlieper continued: “In addition to Volkswagen Financial Services, Volkswagen AG, Daimler Mobility AG and Allianz SE, we now also have the Renault Group with its associated brands of Renault, Nissan and Dacia together with RCI Bank and Services on board as a strategic core investor. This means that the heycar Group is backed by the combined expertise and financial resources of five large and successful European companies.”
heycar UK chief, Mat Moakes, said: “The backing of such prestigious new partners brings our ambition of becoming the undisputed, market-leading one-stop-shop for quality cars in the UK a step closer. Their support will see us accelerate our journey towards a seamless e-commerce experience for car-buyers, at the same time as increasing the volume of quality stock we can offer – allowing us to provide an ever-more stand-out experience for customers and dealers alike.”
Schlieper said he was hoping the partnership would allow heycar to “generate relevance among customers in new markets” by becoming a one-stop shop for car buyers who need financing options as well.
“This will ensure that a large selection of attractive quality cars are available to buyers from the outset. This has already been key to a very successful market launch in our existing markets of Germany, UK and Spain. The additional services we can offer together with our partners will generate unique added value for our customers,” explains Schlieper.
“Besides an integrated used car warranty, we offer an attractive one-stop-shop for buyers including financing options and an add-on car concierge service. This allows us to optimise the buying process for high-quality used cars for our customers, manufacturers and the dealers alike.”
