PSA Group is in talks to buy an online used car retailer as it targets 800,000 used car sales by 2021.
The brand behind Peugeot, Citroen and DS Automobiles, has confirmed that it is in talks to buy a 30% stake in French online retailer Aramisauto.
Marc Lechantre, head of the Paris-based company's used cars division, told Reuters that the deal would unlock "strong growth potential in a second-hand market that is twice the size of the new car market, but where we currently have little presence."
Word of the proposed transaction – which would be followed by greater investment from PSA to acquire a controlling stake – follows the Group’s acquisition of repair price comparison website Autobutler earlier this year.
That move will see PSA’s own network of franchised dealers in the UK directly compete with independents for repair work.
Reuters reported that PSA was attempting to pursue new business outside the traditional manufacturing and sale of new cars before car sharing and autonomous vehicles begin to threaten the market’s status quo.
The news agency reported that the group is targeting a five-fold increase in parts sales through Mister Auto, the low-cost online retailer it acquired last year and also plans to launch its own car-sharing services in Los Angeles in partnership with Bollore Group.