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)