October 16, 2021

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UK used car platform buys rival to create Europe leader

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“This fusion allows us to take pole position in Europe, with 2.5 million cars sold every year on our different platforms,” CarNext chief executive Sophie Krishnan said.

Paris: British online used car company Constellation Automotive Group has acquired Dutch rival CarNext, creating a European leader in the sector, the companies said Thursday.

The price of the transaction was not disclosed but the combined companies hope it will give them an edge over rivals including Germany’s AutoHero, UK platform Cazoo and French site Aramis Auto.

“This fusion allows us to take pole position in Europe, with 2.5 million cars sold every year on our different platforms,” CarNext chief executive Sophie Krishnan told AFP.

Online marketplaces for used cars have grown during the Covid pandemic.

Constellation raised more than more than £1 billion ($1.4 billion, 1.2 billion euros) in May to develop the Cinch used-car platform.

The UK company also owns BCA, a business-to-business online marketplace for used vehicles.

Some 1.7 million cars are traded between dealers, manufacturers and leasing companies on the platform in 14 European countries every year.

The group also buys used cars from consumers in the UK via its WeBuyAnyCar platform.

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It is the largest ever fundraise by CarDekho and the proceeds will be used to accelerate growth in the used car transactions, financial services and insurance businesses, build robust product and technology functions, increase brand awareness, and expand into new markets, it added.

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CarDekho is in advanced talks to raise $100-150 million in a funding round led by Hong Kong-based insurance giant AIA Group and South Korea’s Mirae Asset Group at a post-money valuation of $1.2-1.4 billion.

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