Renault acquires stake in used car sales platform heycar

Renault Group and its subsidiary RCI Bank and Services have acquired an equity stake in Mobility Trader Holding GmbH, to contribute to the development of the heycar platform.

Heycar is an online used car sales platform originally owned by Volkswagen AG and Daimler that was launched in 2017. The platform has been operational in the United Kingdom since 2019 and launched in Spain last year.

Renault intends to support the launch of the platform in France and says the acquisition will strengthen its presence in the used car ecosystem through a ”high-quality digital experience”.

RCI Bank and Services will offer financing and services adapted to the specificities of used vehicles and to customers' needs, for each vehicle put online by Renault Group dealers.

Luca de Meo, CEO of Renault Group, said: “We are very pleased with this project with heycar, which in just a few years has become a key player in the online distribution of used vehicles. This agreement is in line with Renault Group’s strategy to increase value creation at each stage of the vehicle life cycle.

“In line with the Re-Factory - the project to convert the Flins plant into a dedicated site for circular economy of mobility - through this partnership we intend to strengthen the competitiveness of our sales network across the entire used vehicle value chain: from procurement to after-sales, including reconditioning, marketing and sales of financing and services.”

The completion of this acquisition is expected to be completed in the fourth quarter of 2021.