Daimler, through its Daimler Financial Services division, will become a partner and investor in used-vehicle platform heycar, which was successfully launched by Volkswagen Financial Services AG in October 2017. Daimler will acquire its stake as part of a capital increase. On completion of the transaction, Daimler will hold 20% of Mobility Trader Holding GmbH, which operates the heycar platform on the German market through its subsidiary Mobility Trader GmbH.
Daimler Financial Services will take a seat on the advisory board of Mobility Trader GmbH and—if heycar expands internationally—a seat on the advisory board of each additionally founded national company. The parties have agreed not to disclose the purchase price. The transaction is still subject to regulatory approval. Once approved, the transaction is expected to be closed in the fourth quarter of 2018.
Used vehicles are increasingly being bought and financed online. With our strategic investment in heycar, we are enabling the further expansion of a cross-brand platform for manufacturers, dealers, automotive banks and customers on which everything is available from a single source, from purchase through to financing and insurance.—Franz Reiner, Member of the Board of Management of Daimler Financial Services AG with responsibility for Europe and Chairman of the Board of Management of Mercedes-Benz Bank AG
heycar was founded in October 2017 as a cross-brand premium used-vehicle platform focused on authorised dealers. The platform now represents more than 1000 dealer groups of different brands at some 3000 locations with over 300,000 vehicles.
heycar is limited to used vehicles no more than eight years old with a maximum mileage of 150,000 km. All vehicles come with a warranty from the dealer, manufacturer or insurer. There are compulsory service standards for the affiliated brand dealers, who must also satisfy defined quality criteria.