Renault Acquires Stake in Volkswagen's Used Car Sales Platform Heycar
September 14 2021 - 5:38AM
Dow Jones News
By Kim Richters
Auto maker Renault SA said Tuesday that it acquired a stake in
the company behind online used-car sales platform Heycar created by
peer Volkswagen AG.
Renault, together with its financing subsidiary RCI Bank and
Services, took over an equity stake in the platform's parent
company Mobility Trader Holding GmbH and plans to contribute to
Heycar's development in France. It wants to include French used-car
company Carizy in the team-up, which it bought in 2018.
Renault didn't disclose financial terms of the deal and expects
it to be completed in the fourth quarter.
Heycar was founded by Volkswagen in 2017 and other investors
include German car maker Daimler AG and insurer Allianz SE.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
September 14, 2021 05:23 ET (09:23 GMT)
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