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Daimler buys 20 percent stake in VW's Heycar used-car platform

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By Reuters
Daimler buys 20 percent stake in VW's Heycar used-car platform
FILE PHOTO: The Daimler logo is seen before the Daimler annual shareholder meeting in Berlin, Germany, April 5, 2018. REUTERS/Hannibal Hanschke   -   Copyright  Hannibal Hanschke(Reuters)

HAMBURG (Reuters) – Germany’s Daimler is buying a 20 percent stake in Heycar, a used-car portal launched last year by its rival Volkswagen <VOWG_p.DE>, VW said on Thursday.

Daimler is acquiring the shares through a capital increase at Mobility Trader Holding company, which operates Heycar through a subsidiary in Germany, Volkswagen added.

The purchase price was not made public.

VW’s financing arm wants the online platform to compete in the used-cars market with German market leader mobile.de and Autoscout.24, which is run by Scout24.

(Reporting by Jan Schwartz; writing by Riham Alkousaa; editing by Thomas Seythal)