Heycar, an online marketplace for the used car market, has launched in the UK following its launch in Germany in 2017.
Backed by Volkswagen Financial Services and Daimler Mobility, Heycar will launch with an inventory of more than 100,000 listed vehicles from over 50 automotive brands at 1,400 dealerships. Every vehicle listed on the platform comes with a warranty, has less than 100,000 miles on the clock and is less than eight years old.
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The marketplace has been designed to overcome consumer scepticism of used cars. Users can search for and find their used car, complete with a finance quote through the online portal.
Since launching in Berlin in October 2017, Heycar has built up an inventory of around 400,000 used cars from over 4,000 dealerships in Germany, making it one of the top players in the German market. The UK business will look to build on this success in the brand’s second European market.
Mat Moakes, chief executive of Heycar, said: “The UK used car industry is worth £50bn, yet it works inefficiently for consumers and dealers. Buying a used car can be like a lottery, you don’t know what you’ll get. Existing websites are often cluttered with ads, eroding consumer trust. Dealers are burdened with rising fees for listing used cars online, which squeezes their margins without a guarantee of leads or sales being generated.
“We’ve developed Heycar to solve these pain points. We’ll offer a simpler, more effective solution for both used car buyers and dealers. Our site will be ad-free, improving transparency and consumer trust. Heycar won’t charge dealers a listing fee, encouraging them to display all of their best quality stock. After the launch phase we will charge on a lead-generation basis to guarantee a win-win situation for our dealer partners.”
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