Industrial Goods, Automotive & Mobility, EMEA

heycar

Industrial Goods, Automotive & Mobility, EMEA

Automotive & Mobility

heycar

Building trusted used car marketplaces across Europe, heycar revolutionizes how people buy and experience cars with a user-friendly online platform.

heycar

Building a trusted used car marketplace

heycar is the fastest-growing platform for quality used cars in the European automotive industry and offers customers a user-friendly and trustworthy online platform for quality used cars of all well-known brands. There are no private sellers, and all cars are no older than 8 years, with no more than 100,000 miles (150,000 kilometers).

Manufacturer-approved used car standards, plus a warranty, offer further peace of mind for consumers, and financing offerings from partners are deeply integrated into the service. heycar’s fast-paced, highly ambitious and entrepreneurial culture provides its partners and investors a unique strategic advantage. The company goal is to revolutionize the way people buy and experience cars by being data-driven and putting customers at the center of everything it does.

Headquartered in Berlin, the heycar Group (Mobility Trader Holding GmbH) bundles all heycar national companies under one roof with stakeholders like Volkswagen Financial, Volkswagen, Mercedes-Benz, Allianz, and Renault. The active markets are Germany, UK, Spain, France, and an e-commerce pilot in the Netherlands with an ambition to rapidly expand into new markets. The heycar Group was founded in July 2019 and is responsible for the development of heycar’s European platform approach. The heycar Group is headed up by Florian Schlieper as CEO and André Warmuth is CFO.

The Opportunity

BCG Digital Ventures and Volkswagen Financial Services (VWFS) sought to build an online used car marketplace that would access existing and new customer segments, generate deep market insights, and lay the foundation for expansion into new mobility services.

The service needed to address numerous pain points for both buyer and dealer. Customers were bombarded with advertisements, overwhelmed with options, and intimidated by haggling. They didn’t know who to trust and couldn’t be sure the car they were buying was dependable or even safe. At the same time, dealers were hit with large and continuously rising fees for listing used cars online, squeezing their margins without any guarantee of leads or sales.

Approach

Validation and Incubation in Germany

In February 2017, Digital Ventures began validating VWFS’ concept and business case for an online used-car marketplace. Incubation took place between March and October, and the heycar product was then commercialized and defined for the German market.

Learnings and Expansion into the UK

In the second half of 2019, heycar Group launched the platform in the UK. The foundational elements of the venture were replicated within the context of local market leaders, and the distinctive pricing structure of the country’s used-car classifieds was established.

Commercialization and Launch in Spain and Beyond

The heycar Group took insights from Germany and the UK and underwent another incubation and commercialization where an international, singular platform approach was established. The heycar team was deployed in Spain (heycar Spain) for further execution, playbook finalization, and MVP in late 2020. This was then followed up by the launch of heycar France in December of 2021. Ultimately, the heycar Group’s goal is to become the leading pan-European platform partner for all brands.

The Impact Realized

5

Live in five countries (Germany, United Kingdom, Spain, France, and Netherlands)

450

full-time employees

380K

cars

7K+

dealerships now featured on the site