Volkswagen AG has been confirmed as a new partner and investor for Mobility Trader Holding, the parent company of used car platform heycar.

As was the case with the financial engagement of Daimler Mobility Services in 2018, the investment is taking place as part of a capital increase. It has been agreed not to disclose the amount of the capital contribution.

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Lars Henner Santelmann, chief executive of Volkswagen Financial Services AG, said: “We are very pleased that our parent company is also convinced by heycar and is investing a significant amount in the venture. heycar has had a successful journey up to now. With the new corporate structure, we are creating the conditions for the further development of the business model and for the further international growth that is intended.”

Christian Dahlheim, head of Volkswagen Group Sales, added: “The marketing of used cars is of great strategic importance for the Volkswagen Group and its trading partners. heycar has established a high-quality service offer in this area that clearly stands out from the competition. Together, we will continue to drive our expansion in Europe.”

heycar was launched in Germany in October 2017 and currently offers more than 450,000 listed vehicles of different brands on its platform. In the United Kingdom, heycar already has a selection of over 160,000 vehicles on offer after only a few months.

Earlier this month, heycar UK announced the acquisition of HonestJohn.co.uk, a month after the motoring review site entered into administration.

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Mat Moakes, chief executive of heycar in the UK, said: “We launched heycar to drive greater trust and transparency for motorists and the industry. That’s exactly what Honest John has been doing for the past two decades. The acquisition of the site will allow us to achieve that mission faster, by bolstering heycar’s growth and industry presence.

“We’re always on the lookout for opportunities to grow and to enhance the experience for car buyers and drive commercial benefits for our dealers, captive and OEM partners, where company values align.”