Renault, subsidiary acquires stake in heycar Group

Mubasher: Renault Group and its subsidiary RCI Bank and Services have both acquired equity in Mobility Trader Holding GmbH to be part of developing the heycar platform in Europe and with a view to its launch in France, according to a press release on Tuesday.

heycar is an online used car sales platform that is originally owned by Volkswagen AG and by Daimler. The platform is already operational in the UK and Spain, representing a large number of dealer groups of different brands at some 5,000 destinations with over 380,000 vehicles.

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

Renault meanwhile will bring Carizy to the project, the French leading startup which was acquired in 2018 by Renault.

The acquisition is expected to boost Renaults presence in the used car ecosystem through a high-quality digital experience.

CEO of Renault Group, Luca de Meo, said: 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.