September 13, 2018 / 9:40 AM / in 2 months

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

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

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.

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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