September 13, 2018 / 9:40 AM / 10 days ago

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

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

The Daimler logo is seen before the Daimler annual shareholder meeting in Berlin, Germany, April 5, 2018. REUTERS/Hannibal Hanschke/Files

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 and Autoscout.24, which is run by Scout24.

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

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