Renault Group and its RCI Bank and Services subsidiary have become the latest to take a stake in used car platform Heycar Group.

Heycar launched in Germany in 2017 and expanded into the UK in 2019 and Spain in 2000. The plan now is to expand it to France

Launched in Germany in 2017, Heycar is owned by Mobility Trader Holding GmbH, backed by Volkswagen and Daimler, and expanded into the UK in 2019 and Spain in 2000. The plan now is to expand it to France and potentially further in Europe.

Heycar provides a B2C platform to market used vehicles online from dealer groups across different brands – it has more than 380,000 vehicles listed from some 5,000 locations.

Renault Group and its dealers will help expand the Heycar platform in Europe by putting its used vehicle inventory online along with those from Carizy – a specialist in C2C used vehicles sales in France that was acquired in 2018 by the Renault Group.

RCI Bank and Services will offer financing and used vehicle services to customers for each vehicle put online by Renault Group dealers.

Renault said the acquisition would strengthen the group’s presence in the used car ecosystem through a high-quality digital experience.

Luca de Meo, CEO Renault Group, said: “We are very pleased with this project with Heycar, which in just a few years has become a key player in the online distribution of used vehicles. This agreement is in line with Renault Group’s strategy to increase value creation at each stage of the vehicle life cycle.”

The acquisition of Renault’s stake is expected to be completed in the fourth quarter of 2021.